Increasing adoption of waterborne dispersion systems to replace solvent based paints, especially in decorative applications is anticipated to be the key driver for the market growth. However, these aqueous paints offer low gloss as compared to its counterparts, which is likely to hinder industry growth over the forecast period. Innovations in water-based pigment dispersion technology to reduce drying time, increase durability and improve corrosion resistance is likely to open new avenues for the product growth over the projected period.
The industry has numerous players which are engaged in manufacturing innovative products with high quality and performance. Fluctuating raw materials prices and strong foothold of existing players in the industry is expected to hamper entry of new market entrants. However, the scope for technological innovations related to optimizing performance characteristics of the product and high demand for eco-friendly products in end-use applications is anticipated to drive industry growth.
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Further key findings from the study suggest:
- Paints & coatings were the largest application segment for the industry in 2015, accounting for over 70% of the overall revenue share. Growing demand for eco-friendly paints in architectural, furniture, consumer electronics and automotive applications is expected to have a positive impact on the industry growth.
- Increasing demand for waterborne coatings owing to their excellent adhesion, low VOC content and good resistance to abrasion and heat is expected to open new avenues for the industry growth over the forecast period.
- The demand for aqueous pigment dispersions in inks is expected to grow at a CAGR of over 7% from 2016 to 2024. Initiatives taken by the ink manufacturers to offer products with lower printing cost and better performance as compared to solvent based inks are expected to open new avenues for the industry growth.
- Technological innovations to produce aqua-based packaging inks for gravure printing is likely to drive the industry growth over the next eight years. Aqueous inks cost over 50% higher than solvent-based inks, which is likely to hamper industry growth. However, rising disposable income coupled with growing consumer awareness towards the environment are expected to propel demand.
- Asia Pacific is expected to grow at the highest CAGR of over 8% from 2016 to 2024 owing to rapid growth of end-use including automotive, cosmetics, inks and textile. Changing regulatory scenario and increasing consumer awareness towards the use of environment-friendly products is anticipated to propel the product demand over the next eight years.
- The decision of the Chinese government to levy 4% consumption tax on paints with VOC content of over 420 grams/liter is expected to have significant impacts on the market growth over the projected period.
- Key players in the industry include Northwest Dispersions, Chromatech Incorporated, Proquimac, Huntsman, Clariant, Kao Corporation and LANXESS. In May 2016, Clariant launched new green and red water based pigment preparations to strengthen company presence in non-impact printing.
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