Global water based enamel market is expected to witness substantial growth over the forecast period owing to rising demand from various end-user industries including construction, furniture and automobile industries. Water based enamel is used as a coating for external environment to improve wear resistance, thermal protection and glazing. This product utilizes water as the solvent medium which can be water borne or solvent borne depending upon the formulation requirements. The product offers certain advantages over oil or solvent based enamel which includes quicker low volatile organic compounds (VOC) emissions, quicker drying time and ease of use in its application. Stringent regulations against the use of products containing VOC is expected to have a positive impact towards market growth. Growing adoption of water based enamel particularly by Europe and North America is likely to drive market demand over the next few years. Complexity related to water based enamel application in dry and humid conditions act as a major restraint towards water based enamel market growth. Furthermore, it does not offer superior surface hardness and glossy finish which can be achieved by oil based enamel. As a result, these factors are estimated to slower adoption of the product over the forecast period.
Water based enamels can be made using a series of chemistries including polyurethane, styrene butadiene and acrylic. The product dries in air into the glossy coating. Some of the major consumer industries include automotive, construction, ancillaries and furniture. Growth of construction industry which utilizes water based enamel for exterior applications such as railings, windows, and doors as well as interior applications floor board, which require hard surface, opaque and glossy finish, good weather is projected to positively elevate the market growth over the next six years. Water based enamel provides a variety of benefits which includes electrical resistivity and insulation, low friction, toughness, abrasion resistance, corrosion resistance, increased life span of the substrate and thermal protection. Water based enamel can be customized depending upon the environment it is being utilized by the end user industries. Water based enamel find its application in the furniture industry for various applications such as cabinets and wooden furniture due to their low volatile compound (VOC) emission and to provide glossy finish with quick drying application that can be simply cleaned with water. The shift of the trend from oil bases enamel to water based enamel due to the strict regulations against chemicals that emits volatile organic compound (VOC) is expected to accentuate the water based enamel market growth over the next six years. Enhanced production performance in extreme conditions with less coating is expected to provide lucrative opportunities for market growth over the forecast period. However, the product requires higher number of coats as compared to oil based enamel coats and its quality during application depends on the surrounding environment which can act as a challenge for the water based enamel industry growth.
Increasing infrastructural spending and construction industry in emerging markets is expected to drive the demand over the forecast period. Asia Pacific is the prime consumers of the product and accounted for the largest market share owing to rising water based enamel industrydemand of end use industries such as furniture and construction. Increasing infrastructure along with favorable government the countries in that region has become more open to foreign investment and the economy has expanded. Asia-Pacific as a market for water based enamel have been increasing rapidly as the countries in that region have become more open to foreign investment and the economy has expanded. China and India are expected to drive industrial coatings demand in Asia Pacific due to which increasing construction activities is expected to foresee growth in next six years. Moreover, growing automotive industry coupled with rising disposable income in the region is likely to propel water based enamel market growth over the forecast period. North America is expected to force demand for water based enamels due to increasing application in furniture and paints & coatings. Demand for water based enamel is expected to increase from U.S., Spain, Brazil, India, France and South Africa owing to the high infrastructural development. Growing infrastructure development in the Middle East is likely to increase demand for the product over the forecast period.
Major players in the water based enamelmarket include Asian Paints, Nippon Paint, AkzoNobel, BASF, PPG Industries Inc., the Dow Chemical Company, Taubmans, Dulux, NOROO Paints & Coatings, Sherwin-Williams and Valspar. Mergers & acquisitions, new product launches and investment in R&D are some of the key strategies adopted by major market players to excel in the market. Asian paints provide varied range of paints for industrial and decorative use across the globe. It provides exterior and interior wall finishes, enamels along with acrylic sealants and glass adhesives. Increasing R&D to develop bio-based and superior quality products which comply with environmental regulations is expected to yield opportunities for industries over the forecast period.
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The prevailing pandemic situation has led to weakened demand for paints and coatings in automotive, construction, electronics, and white goods. The path to recovery of growth for the industry is highly dependent on the duration of restrictions imposed and their influence on economic activity across the globe. Contrary to the trend prevalent in the industry in general, certain segments of the market such as antimicrobial coatings are witnessing a surge in demand in healthcare and food industries. The report will account for Covid19 as a key market contributor.