Waterborne Coatings Market Size, Share & Trends Analysis Report By Resin (Acrylic, PU, Epoxy, Polyester), By Application (Architectural, General Industrial, Marine), By Region, And Segment Forecasts, 2023 - 2030

Research Methodology

A three-pronged approach was followed for deducing the waterborne coatings market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for waterborne coatings market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of waterborne coatings market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Waterborne Coatings Market Categorization:

The waterborne coatings market was categorized into three segments, namely resin (Acrylic, Polyurethane, Epoxy, Alkyd, Polyester, Polytetrafluoroethylene, Polyvinylidene Chloride, Polyvinylidene Fluoride), application (Architectural, General Industrial, Automotive OEM, Metal Packaging, Protective Coatings, Automotive Refinish, Industrial Wood, Marine, Coil), and region (North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa).

Segment Market Methodology:

The waterborne coatings market was segmented into resin, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The waterborne coatings market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into sixteen countries, namely, the U.S.; Canada; Mexico; Germany; the UK; France; Italy; Spain; China; India; Japan; South Korea; Brazil; Colombia; Saudi Arabia; South Africa.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Waterborne coatings market companies & financials:

The waterborne coatings market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• AkzoNobel N.V., established in 1994 through a merger of Akzo and Nobel Industries, is a paint and coatings manufacturer headquartered in Amsterdam, Netherlands. The company operates through three business segments, namely performance coatings, specialty chemicals, and decorative paints. Performance coatings segment of the company manufactures industrial coatings, automotive finishes, packaging coatings, marine coatings, and protective coatings. The company’s paints, coatings & inks segment primarily manufactures dispersants, additives, wetting agents, and dispersing agents. It operates in more than 80 countries with major markets in Asia Pacific, Western Europe, and North America.

• Headquartered in Ludwigshafen, Germany, BASF SE is a chemical manufacturing company established in 1865. The company and is traded on the London Stock Exchange plc, Swiss Exchange Ltd, and Deutsche Börse. It specializes in five segments, namely Performance Products, Chemicals, Agricultural Solutions, Functional Materials & Solutions, and Oil & Gas. The company’s operations are spread across 80 countries with production units in the countries of Asia Pacific, Europe, North America, and Africa. The product offered by the company find use in various industries such as agriculture, construction, pharmaceuticals, energy & power, home care & nutrition, automotive & transportation, rubber & plastics, leather & textiles, and personal care & hygiene among a few others.

• Axalta Coating Systems LLC, founded in 1866 and headquartered in the U.S., is a high-performance coatings manufacturer. The company’s business segments include performance coatings and transportation coatings. Performance coatings segment offers waterborne & solventborne products, liquid & powder coatings, automotive coatings, job coaters, and electrical insulation coatings. Transportation coatings segment develops and supplies specialty products including electrocoat, primer, basecoat, and clearcoat. The company caters its products to end-use industries such as automotive, construction, and packaging. It has a regional presence in the U.S., Canada, Brazil, Mexico, Belgium, Germany, France, and the UK.

• Berger Paints India Ltd. was founded in 1923 and is headquartered in India. It is a manufacturer of various types of paints. The company’s product portfolio offers designer finishes, interior emulsions, interior wall distempers, exterior wall coating, and undercoats. Its protective coatings include chloro rubber, epoxies, inorganic zincs, polyurethane, poly-siloxanes, concrete coatings, green coatings, anticarbonation coatings, and road & airfield marking products. The company caters to various end-use industries including construction, industrial, and automotive.

• Kansai Paint Company Ltd., founded in 1918, and headquartered in Osaka, Japan, is a paint and coatings manufacturer. The company offers automotive, protective, industrial, marine and decorative coatings. In addition, the company produces marine coatings for offshore structures, ships, and marine containers; and protective coatings for bridges and tanks. Furthermore, the company has diversified its business in the biotechnology and electronics field. Kansai Paint Company has manufacturing sites in 43 countries across the globe.

• Nippon Paint Holdings Company Ltd was founded in 1881 and is headquartered in Osaka, Japan. The company manufactures and sells paints and coatings. The company was formerly known as Nippon Paint Company Ltd. And later changed its name to Nippon Paint Holdings Company Ltd. in 2014. The company specializes in manufacturing automobile, polarized, repair, plastic, general construction, plastic, industrial and road paints The company offers paints and coatings for end-use industries such as automobiles, construction, architecture, steel structures, ships, metals, electrical equipment and household industries.

• PPG Industries Inc., founded in 1883 and headquartered in Pennsylvania, U.S. The company is listed on the New York Stock Exchange and is a coating, specialty materials, and glass products manufacturer. The company’s performance coatings segment offers automotive, specialty, aerospace, protective, marine and architectural coatings. PPG’s products are used industrial, automotive & aeronautics, building & construction and electrical & electronics. The company also provides adhesives and sealants for end-use industries such as automotive and industrial. The company has its offices and manufacturing units in over 70 countries including the U.S., Canada, India, Italy, Germany, China, Japan, and Australia.

• RPM International, Inc. was founded in 1947 and is headquartered in Ohio, U.S. It is listed on the New York Stock Exchange and is a specialty chemicals manufacturer. The company operates through industrial and consumer business segments. Its industrial business segment offers waterproofing, coatings, sealants, air barriers, foams, tapes, polymer flooring systems, corrosion control coatings, and protective & shellac-based coatings. The company caters its products to end-use industries such as automotive, industrial, packaging, and construction. It has manufacturing facilities in countries such as Belgium, Canada, Australia, Argentina, Germany, India, the Netherlands, and the UK.

• The Sherwin-Williams Company was founded in 1866 and is headquartered in Ohio, U.S. The company is listed on the New York Stock Exchange and is a manufacturer and distributor of paints and coatings. It has segmented its business operations into paint stores group, global finishes group, consumer group, and Latin America coatings group. The company offers architectural paint & coatings, protective & marine products, original equipment manufacturer (OEM) products, and automotive finishes & refinishes. It caters its products to end-use industries such as automotive, industrial, construction, and packaging.

• The Valspar Corporation, founded in 1806 and headquartered in Minnesota, U.S., is a paints and coatings manufacturer. As of March 2016, the company operated as a wholly owned subsidiary of The Sherwin-Williams Company. Valspar’s coating business segment offers decorative, protective, solvent-based, electrodeposition, powder, waterborne, and UV cured coatings. The company also produces coatings for end-use applications such as aerosol & paint cans, plastic packaging, and bottle closures. It offers its products to end-use industries such as automotive, industrial, packaging, and construction. The company has manufacturing facilities in countries such as Brazil, Canada, Australia, France, Germany, India, Indonesia, and Switzerland. 

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Waterborne Coatings Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2020, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Waterborne Coatings Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.