Water soluble paints contain water as a solvent and around 10%-15% of other solvents such as glycol ethers and alcohols. In water soluble paints, resin binders are dispersed in the solvent in molecular form.
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The water soluble paints are majorly used in building & construction activities due to their ease of application, anti-corrosive nature, and glossy finish. The increasing population along with the growing need for housing is likely to fuel the demand for the product. The trend for renovation of houses for interiors and better appearance supported by the increasing disposable income is another factor propelling the market growth. Furthermore, they are less toxic and have low VOC content which makes them eco-friendly. They are majorly used in automotive due to the above mentioned reason. The various resins used for manufacturing water soluble paints are acrylic, polyester, alkyd, and others. Among these, the acrylic based water soluble paints are the leading segment due to their comparatively fast drying rate and enhancing the appearance, hardness, and texture of the surface. However, the high cost of these paints and their low drying rate may challenge the market growth during the years to follow.
Some of the prominent manufacturers in the global water-soluble paints market are AkzoNobel N.V. (Netherlands), Axalta Coating Systems (U.S.), BASF SE (Germany), Berger Paints India Limited (India), Kansai Paint Co.,Ltd. (Japan), Nippon Paint Company Limited (Japan), PPG Industries Inc. (U.S.), Rpm International Inc. (U.S.), The Sherwin-Williams Company (U.S.), asian paints (India), The Valspar Corporation (U.S.), Tikkurila Oyj (Finland), Chenyang Waterborne Paint (China), Jotun (Norway), and Sika AG (Switzerland).
The global water soluble paints market is segmented on the basis of the product type, end-use industries, and region.
By the product type, the global water soluble paints are segmented into acrylic, polyester, alkyd, epoxy, and epoxy esters.
On the basis of the end-use industries, the global water soluble paints market is segregated into building & construction, automotive, furniture making industry, and others.
The global water soluble paints market is segmented into five regions Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
The Asia Pacific is likely to to lead the global water-soluble paints market due to the growing demand from construction and automotive sector. The growing industrialization is the driving the market growth in this region.
North America and Europe are expected to witness a significant market growth due to the high demand from infrastructure and automotive sectors.
The growing demand from automotive manufacturers in Mexico is the major driver of the North American market.
The Middle East & Africa is likely to experience robust growth due to high demand for infrastructural activities over the forecast period.
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