by The Waterborne Automobile Coatings Market is estimated to be valued at US$ 18,040.5 Mn in 2022 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Report Overview:
This report provides an overview of the key trends expected to shape the Waterborne Automobile Coatings Market over the forecast period. It examines the forces set to have a major influence on the industry and offers insights to help companies navigate these changes. The analysis covers market drivers, restraints and future growth opportunities to 2040.
Market Overview:
Waterborne automobile coatings are solvent-free coatings that primarily use water as the diluent and binder medium. They offer key advantages over solvent-based coatings such as lower volatile organic compound (VOC) emissions, reduced risk of fire and explosion, and compliance with stringent environmental regulations. Waterborne coatings are increasingly being adopted across the automobile industry due to their environment-friendly nature and comparable film performance.
Market key trends:
One of the major trends gaining traction in the Waterborne Automobile Coatings Market Demand is the rapid adoption of waterborne coating solutions by automakers. Growing environmental regulations regarding VOC emissions from automobile coatings are compelling companies to shift towards waterborne technologies. For instance, the European Union has set stringent VOC limits for automobile coatings which is driving automobile manufacturers to invest in waterborne coating innovations. Furthermore, consumer preference for green vehicles is also positively impacting the demand for water-based coating solutions in the industry.
Market Dynamics:
Waterborne coatings are increasingly gaining popularity owing to the stringent environmental regulations regarding VOC emissions implemented by regulatory bodies across the globe. Volatile organic compounds can negatively impact health and environment, causing issues like photochemical smog. Various governments are enforcing low or zero-VOC rules which is driving demand for waterborne automobile coatings. Furthermore, environmental consciousness among consumers is encouraging automobile manufacturers to adopt eco-friendly coating technologies. Waterborne coatings fulfill sustainability goals of OEMs by reducing dependence on hazardous solvents. Growing vehicle production along with R&D investments by manufacturers to improve performance characteristics of waterborne coatings is anticipated to propel the market growth over the forecast period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
