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Water Based Enamel Market Size
Water-Based Enamel Market is anticipated to witness substantial growth during 2024 and 2032 due to its positive attributes including high flexibility, robust moisture and humidity absorption, and faster process. Since these contain less VOC, the smell is not as pungent to be used in residential spaces. Water-based enamel paints boast non-flammable property and are a good fit for external walls as they are highly resistant to UV light.
In September 2023, Kamdhenu Paints, a renowned division of the Kamdhenu Group specializing in top-tier paints and emulsions, revitalized its range of Dual Emulsions Paints with the introduction of the latest addition, 'Kamodual Platinum' Emulsion. This innovative product boasts a water-based formulation, featuring 100% pure acrylic, suitable for both exterior and interior applications.
The industry growth is being largely propelled by the increasing product use across diverse end-user industries including construction, automobile, furniture, and more. The product offers significant advantages over solvent or oil-based enamel such as faster drying time, quick low-volatile organic compound emissions, and ease of use in its applications.
Water Based Enamel Market Trends
The technological advancements in water-based enamel formulations have led to improved performance characteristics such as durability, adhesion, and color vibrancy, enhancing their competitiveness compared to solvent-based counterparts. Additionally, the growing demand for eco-friendly products and the rising awareness of health hazards associated with solvent-based coatings are driving consumer preferences towards water-based options. The focus among manufacturers for investing in R&D to innovate new formulations and expand product portfolios will shape the industry outlook.
Water Based Enamel Market Analysis
Based on the type, the polyurethane enamels segment is expected to witness substantial growth through 2032 as they are exclusively designed for concrete and wood floors. They offer superior resistance to scuffing, scratching, fading, flaking, and more. The product is generally used in protective coating or in industrial painting in petrochemical and chemical industries for anti-corrosion purposes and in construction and building spaces to offer an aesthetic appeal to the structures.
The construction sector is predicted to generate strong demand in the market through 2032. Water-based enamels, across the residential and commercial spaces, have emerged as an optimum choice for painting exterior and interior wall surfaces due to their quick drying features, easy application, and low odor. The product is also used in floor coatings. The rapid urbanization and thriving construction sector would further prompt the growth of overall market through the forecast period.
Regionally, Europe water based enamel market, led by the United Kingdom, is speculated to account for notable gains through 2032 owing to the stringent regulations pertaining to the use of low-VOC paints and coatings. Besides, booming construction and automotive sectors in the region would promote the market growth in the ensuing years. According to recent estimates from the Society of Motor Manufacturers and Traders (SMMT), the automotive sector in the UK has garnered around £20 billion in private investments during the year 2023. The increasing sales & production of vehicles will bolster the regional market growth.
Water Based Enamel Market Share
Some of the key companies operating in the global market space are:
- Sherwin-Williams
- BASF SE
- Nippon Paint
- Dutch Boy Paint (Sherwin-Williams)
- AkzoNobel N.V.
- Asian Paints
- Dulux
- The Dow Chemical Company (Dow Inc.)
These players have been engaged in diverse organic marketing strategies like product launches, mergers and acquisitions, and partnerships to consolidate their position in the overall market.
Water Based Enamel Industry News
- In August 2023, AkzoNobel finalized the purchase of Sherwin-Williams' decorative paints business in China, which includes the popular Chinese Huarun brand. This acquisition, according to AkzoNobel, will enhance the company's presence in China, facilitate market segmentation, and bolster its position beyond the premium segment.