International. The global water-based coatings market is expected to reach $146.11 billion by 2022, according to a new study by Grand View Research, Inc.
Increasing construction and remodeling activities in the emerging economies of Asia Pacific and the Middle East are expected to drive the growth of the water-based coatings market over the next seven years.
The stringent government regulations made in order to reduce the volatile organic compounds (VOCs) associated with solvent-based coatings are projected to drive the growth of the market. Increased car production in countries such as India, China, Thailand, Indonesia and Mexico has also boosted demand for this class of coatings.
Global demand for water-based coatings was 20,540,000 tonnes in 2014 and is expected to reach 32,710,000 tonnes in 2022, growing at a CAGR of 6.0% from 2015 to 2022.
Architectural was the largest application segment and accounted for 86.5% of the total market volume in 2014. Automotive OEM is anticipated to be the fastest growing application segment at a CAGR of 8.1% from 2015 to 2022.
