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The global water-soluble paints market size is estimated to grow at a CAGR of 5.93% and the water-soluble paints market size forecast is set to increase by USD 11,042 million between 2022 and 2027. Our report includes historic market data from 2017 to 2021. The growth of the market depends on several factors, including advantages offered by water-soluble paints, stringent regulations on the use of solvent-based paints, and growth in the real estate and construction industry.
This market research report extensively covers market segmentation by application (architecture, general, automotive, wood, and others), product (polyacrylate-based/acrylic, polyester-based, alkyd-based, epoxy-based, and epoxy ester-based), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
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The architecture segment showed a gradual increase in market share from USD 10,918.32 million in 2017 and continued to grow by 2021. Architectural water-soluble paints provide excellent corrosion and temperature resistance, durability, and low fire-hazard risks. These paints protect buildings from moisture, ultraviolet (UV) radiation, and microbes. Globally, architectural water-soluble paints are increasing in popularity as they contain low concentrations of VOCs. Stringent government regulations on reducing VOCs have led to the development of resins with little or no solvents for producing films. Zero-VOC coalescents have also been developed. Stringent regulations on reducing emission levels have increased the use of water-soluble paints in the architecture industry. Thus, growth in commercial and residential construction, the rising disposable income of the population, particularly in developing economies such as India, and the growing demand for eco-friendly paints due to stringent regulations will foster the growth of the market through the architectural segment during the forecast period.
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Architectural coatings, often known as exterior wall coatings, are paints and other coatings that are used in painting the interior and exterior of buildings. Architectural paints and coatings are mainly used in residential and commercial buildings. These paints are designed mainly for roof coatings, wall paints, or deck finishes. Architectural water-soluble paints protect indoor and outdoor architecture, besides improving their aesthetics. Market growth is influenced by rising investments in the construction sector and growth in demand for interior design services. Also, advancements in building designs will increase the demand for highly technical design development. This will, in turn, increase the sales of architectural water-soluble paints during the forecast period.
APAC is projected to contribute 46% by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The increasing production of automobiles and related components in APAC increases the demand for water-soluble paints, particularly in countries such as India and China. Key players operating in the regional water-soluble paints market are strengthening their geographical presence to utilize business opportunities. The growth in the housing sector, rapid industrialization, and expansion of the architecture industry contribute to the growth of the water-soluble paints market in APAC. For instance, in November 2021, Asian Paints announced the expansion at the Ankleshwar plant in India. Asian Paints and the Government of Gujarat have signed an MoU o start the anticipated expansion of paint, resin, and emulsion manufacturing capacity at its Ankleshwar plant in Gujarat. Such end-user expansions will positively influence the growth of the regional water-soluble paints market during the forecast period.
The initiation of large-scale vaccination drives and the removal of lockdown restrictions revived the growth of the regional water-soluble paints market in APAC in 2021. The regional market in focus is expected to reach its pre-pandemic level in the next two years. The resumption of operations of end-user industries such as automotive and construction is further propelling the growth of the regional market in focus. Also, in March 2021, the Indian government passed a bill to create a $2.5 billion development finance institution known as the National Bank for Financing Infrastructure and Development (NaBFID) to finance infrastructure projects in India. These factors will boost growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Water-Soluble Paints Market Customer Landscape
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The advantages offered by water-soluble paints are the key factor driving the global water-soluble paints market growth. Water-soluble paints are extensively used in automobiles, buildings, construction, and medical and healthcare sectors. These water-soluble paints function as primers due to their excellent resistance to heat and abrasion, besides providing superior adhesion. Owing to their low-VOC content, such paints are environment-friendly and are increasingly used in hospitals. Water-soluble paints are less toxic and flammable due to their low levels of volatile organic chemicals (VOCs) and hazardous air pollutants (HAP) emissions. This is the major factor for driving the market during the forecast period.
The expansion of manufacturing facilities by vendors will fuel the global water-soluble paints market growth. Major vendors are increasingly focusing on expanding their production capacity for water-soluble paints by either expanding their production capacity of existing plants or opening new plants. For instance, in June 2022, Akzo Noble announced an investment in a new production line for water-based texture paints at its Songjiang site in Shanghai, China, to boost its capacity for producing more environment-friendly goods. Such expansions by vendors increase the production and sales of water-soluble paints, thereby accelerating the growth momentum of the market in focus during the forecast period.
The volatility in raw material prices is a major challenge to the global water-soluble paints market growth. The prices of raw materials used to manufacture water-soluble paints are highly unpredictable, mainly due to their high dependence on crude oil prices and natural forest products. Petrochemical feedstock required for manufacturing most coatings includes binders and solvents, such as polyesters, alcohols, and epoxy resins. Crude oil and natural gas are the basic raw materials used for producing binders. Fluctuations in global crude oil prices will have a direct impact on the cost of feedstock which is expected to negatively impact the growth of the market during the forecast period.
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
akzonobel.com - The company offers water-soluble paints such as Dulux Paint Mixing Weathershield Smooth Masonry Paint.
The water-soluble paints market report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The water-soluble paints market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by type, product, distribution channel, and region.
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Water-Soluble Paints Market Scope |
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Report Coverage |
Details |
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Page number |
186 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.93% |
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Market growth 2023-2027 |
USD 11,042 million |
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Market structure |
Fragmented |
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YoY growth (%) |
5.04 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 46% |
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Key countries |
US, China, India, Germany, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Akzo Nobel NV, Asian Paints Ltd., Axalta Coating Systems Ltd., BASF SE, Berger Paints India Ltd., Berkshire Hathaway Inc., Brillux GmbH and Co. KG, Chenyang Group Ltd., DAW SE, Diamond Vogel, Dunn Edwards Corp., Eco Safety Products, Kansai Paint Co. Ltd., Meffert AG Farbwerke, Nippon Paint Holdings Co. Ltd., NIPSEA Group, PPG Industries Inc., RPM International Inc., Sika AG, and The Sherwin Williams Co. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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