International. The global water-based coatings market was valued at US$73.19 billion in 2017 and is anticipated to expand at a CAGR of 5.0% from 2018 to 2026, according to a new report published by Transparency Market Research.
The global water-based coatings market is driven by increasing demand for architectural coatings. Asia Pacific accounts for the largest share of the global market, led by increasing construction and construction activities in the region.
The demand for water-based coatings in architectural applications is driven by growth in urbanization. This has resulted in increased demand for residential, commercial and industrial infrastructure. Low interest rates on home loans are also driving demand for new homes, thus boosting the architectural coatings segment, especially in Asia Pacific. The segment is estimated to expand at a faster rate than the other application segments. It is primarily driven by increased demand for infrastructure requirements in the residential, non-residential and commercial sectors in Asia Pacific. The increase in population is increasing the construction and construction industry in the region. This is driving the water-based coatings market in Asia Pacific.
Asia Pacific leads the global market for this class of coatings, followed by Europe and North America. Latin America, middle east, and Africa are expected to be the next key regions of the global water-based coatings market during the forecast period.
