International.
Transparency Market Research has estimated that the global water-based coatings market, which offered an opportunity worth US$46.1 billion in 2015, will increase by a CAGR of 6.40% over the period from 2016 to 2024 and reach US$80.3 billion by the end of the year.
With a share of nearly 58%, the construction and building industry emerged as the key consumer of water-based coatings worldwide. TMR researchers expect this scenario to remain more or less the same during the forecast period.
The water-based coatings markets in Latin America and the Middle East and Africa are also expected to experience strong growth during the forecast period. The increased economic diversification of the GCC (Gulf) countries and the increasing focus on trade sectors such as hospitality, healthcare and tourism are likely to increase these markets in the near future.
On the other hand, North America and Europe are likely to record moderate growth in their respective water-based coatings markets in the coming years. Although the resurgence of the economy in the European Union will likely boost the European aqueous coatings market, it will present less lucrative prospects than Asia Pacific in the coming years.
In the future, the increasing application of strict government regulations regarding VOC contents and their negative impact on the environment is anticipated to significantly drive this market during the forecast period. However, volatile commodity prices may limit demand for these coatings to some extent in the near future, the study notes.
