Rising demand for Water-based Coatings in the construction industry and inclining demand for long-lasting mirror glass are some key factors driving market revenue growth
Water-based Coatings Market Size – USD 602.0 Million in 2020, Growth – at a CAGR of 6.3%, Trends – Increasing adoption of silver Water-based Coatings
The global Water-based Coatings Market size is expected to reach USD 979.6 Million in 2028 and register a revenue CAGR of 6.3% over the forecast period, according to a latest report by Reports and Data. Rising demand for for long-lasting mirror glass in the contruction industry is expected to drive market revenue growth during the forecast period. In addition, inclining adoption of silver Water-based Coatings is expected to boost revenue growth of the market going ahead. Silver Water-based Coatings are made according to different wavelengths of the spectrum. Mirror glasses are extremely fragile without a protective covering, requiring extra care and attention while handling and cleaning. Mirror glasses with silver coatings enables proper handling, increases durability, and protects against oxidation without affecting performance. Additionally, silver coatings can be designed to increase reflectance of the mirror in particular wavelength of the sunlight. Reflecting properties of silver Water-based Coatings make these ideal for applications covering various spectral ranges including visible and infrared applications. In addition, silver coatings are used as plasma-enhanced barriers, preventing high reflection and absorbency. These factors are expected to boost revenue growth of the global Water-based Coatings market during the forecast period.
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Top Companies: The Sherwin-Williams Company, Arkema S.A, Vitro Architectural Glass, Ferro Corporation, CASIX Inc., FENZI S.p.A, Guardian Glass LLC, PearlNano LLC, Diamon-Fusion International, Inc. (DFI), and Tianjin Xin Lihua Color Materials Co. Ltd.
Further Key Finding from the Report Suggestion:
- Polyurethane segment is expected to account for largest revenue share in the global Water-based Coatings market between 2021 and 2028, owing to rising awareness regarding benefits offered such as long-lasting and easy-to-clean functionalities resulting in higher demand for polyurethane Water-based Coatings, and increasing use of polyurethane Water-based Coatings to achieve long-term protective layers.
- Nanotechnology-based coatings segment is expected to register significantly steady revenue growth over the forecast period, due to rising demand for concentrated solar panels.
- The Asia Pacific Water-based Coatings market is expected to account for largest revenue share in the global market over the forecast period. Strong presence of major mirror glass manufacturers in countries in the region, increasing adopting nanotechnology-based coatings, and rapidly growing end-use industries are factors expected to drive revenue growth of the market in Asia Pacific.
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global Water-based Coatings market is segmented into:
Resin Type Outlook (Revenue, USD Million, Kiloton; 2018-2028)
Technology Outlook (Revenue, USD Million, Kiloton; 2018-2028)
- Nanotechnology-based Coatings
- Water-based Coatings
Substrate Outlook (Revenue, USD Million, Kiloton; 2018-2028)
Application Outlook (Revenue, USD Million, Kiloton; 2018-2028)
- Building and Construction
- Automotive and Transportation
- Solar Power
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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