Global Water-based Lamination Market

Water-based Lamination Market Overview

The global Water-based Lamination market is estimated to reach USD 5.2 billion by 2030, expected to grow at a compound annual growth rate (CAGR) of 8.49% from 2022 to 2028. It was valued at USD 3.15 billion in 2022. Water-based laminations have gained much traction and recognition worldwide, owing to their minimal environmental effect and increasing economic conditions. Water-borne formulations account for more than half of the worldwide market, accounting for more than half of the total amount used. Furthermore, the expansion of the water-based laminations market is expected to be aided by increased development in end-use industries. Mismatched enforcement, accessibility of alternatives, and susceptibility to humidity, on the other hand, are expected to hinder the expansion of the water-based lamination market throughout the forecast period by 2028. The product and related raw materials may be carried, used, and stored as long as the safety rules are strictly observed. Furthermore, government measures to boost water use as a solvent are projected to assist the industry.

What is Water-based Lamination?

Surface coatings that comprise 80% water and a tiny number of additional solvents like polyvinyl ether and glycol are water-based Laminations. These eco-friendly coatings are utilized in various applications such as automobile refinishing, coils, protective coatings, marine and industrial wood. Water-based lamination has high water content. As a result, these coatings are both ecologically friendly and simple to use. Surface qualities such as anti-sealing, high gloss, and rub resistance are advantages of water-based lamination. They also make color mixing and alterations simple. Water-based lamination can be used both inside and outside of a container. These coatings give the excellent gloss, wetting, and stability while also protecting the surface from corrosion.

Growth Drivers

Rising environmental regulations

For the last several years, one of the most important developments in the coatings business has been the growing demand for environmentally friendly qualities, which has been impacted by rigorous E.U. rules regulating the reduction of volatile organic compound (VOC) emissions from coatings. The European Commission and other federal government organizations create new laws and regulations, such as the Eco-product Certification Scheme (ECS). Furthermore, government restrictions in the United States and Western Europe, particularly those relating to air pollution, are projected to encourage the use of innovative, low-polluting coating technologies. As consumers become more conscious of the hazardous consequences of VOC emissions, demand for solvent-borne lamination is gradually shifting to more environmentally friendly solutions like Water-based Lamination, which contain fewer solvents that evaporate during the curing step. This is due to the region’s fast-expanding automobile and construction sectors. The market is also growing due to less rigorous regulations in the region.

Restraints

Water-based laminating necessitates a longer drying time

Water-based lamination necessitates a longer drying and curing time than solvent-borne coatings. The flow characteristics of water-based laminations fluctuate with humidity, impacting the coating application. Water does not easily evaporate in high humidity, resulting in poor cure and performance. Water-based laminations are likewise susceptible to freezing, and many are rendered useless after being frozen. Therefore, the Water-based laminating necessitates a longer drying time, which is anticipated to hinder the market growth across the globe over the forecasted period by 2028.

Pre Covid-19 Impact on Global Water-based Lamination Market

Before the Covid-19 pandemic, the market for water-based lamination was driven by rising construction investment and the need for enhanced infrastructure. Increased manufacturing capacity and the launch of new car models are expected to drive the water-based lamination market in automotive applications. Another key driver driving the water-based lamination market is the growing automotive sector in emerging areas such as the Asia Pacific, Central and South America, and the Middle East and Africa.

Covid-19 Impact on Global Water-based Lamination Market

The impact of COVID-19 is predicted to last for a short time; the pandemic’s influence is expected to last at least through the first quarter of 2022. Companies rearranging their operations and recovering from the impact of COVID-19, which had previously resulted in restrictive containment measures such as remote working, social distancing, and the closure of commercial activities, resulting in operational challenges, are credited with the market’s growth.

Post Covid-19 Impact on Global Water-based Lamination Market

Due to the pandemic, residential and commercial construction has come to a standstill. During this crisis era, demand for water-based lamination is likely low to medium. Delays in order delivery, supply chain constraints, staffing and equipment shortages, and material shortages are serious concerns. Following the resolution of this crisis, the market is predicted to rebound, and demand for Water-based Lamination is expected to rise.

By Resin Type Segment Analysis

Based on the Resin Type segment, the market is categorized into Acrylic, Polyvinylidene Chloride, Epoxy, Polyurethane, Polyester, Alkyd, and Others. The acrylic category held the biggest market share and is likely to maintain its dominance during the projection period. Acrylic laminations are likely to see increased demand from the automotive and infrastructure industries due to improved color and gloss retention in outdoor exposure. Because of their excellent external durability, acrylic-modified polyurethane coatings are commonly utilized in automotive restoration. Additionally, Acrylic resins are used in solvent-based paints. Water-borne acrylic dispersions and powder coatings can also be created with solution polymerization products for architectural applications.

By Application Segment Analysis

The market is classified into Architectural and Industrial. The Architectural segment is estimated to have a significant rate in the market over the forecast period by 2028. Demand for this application area is likely to be driven by rising infrastructure investment in the Asia Pacific and the Middle East. Water-based laminations are utilized in architectural applications such as doors, trimmings, window frames, interior and external walls, and wood varnishes as decorative coverings.

By Region Segment Analysis

Based on region segment, the market is bifurcated into North America, Europe, Asia-Pacific, South America and The Middle East & Africa. Asia-Pacific is likely to lead the Global Water-based Lamination Market over the forecasted period of 2022-2030. The Asia Pacific area includes a wide range of economies with varying levels of economic development and a diversified range of sectors. The strong growth rate and considerable investments across businesses in the automobile, consumer goods and appliances, building and construction, and furniture industries are largely responsible for the country’s economic success. China’s architectural development is well-known across the world. Its rapid expansion can be attributed to the desire for low-cost homes and commercial real estate. The region’s growth is predicted to be increased by the rise of new sectors in the Asia Pacific due to low labor costs and government tax incentives.

Competitors Analysis

The Companies include AkzoNobel N.V., The Sherwin-Williams Company, Jotun Group, BASF SE, Axalta Coating Systems LLC, Berger Paints India Ltd., RPM International Inc., Kansai Paint Co. Ltd, Nippon Paint Holdings Company Ltd, PPG Industries Inc, and Other Prominent Players in the Water-based Lamination market. Key Stakeholders

• Market research and consulting firms
• Industry Associations
• Local Governments
• Regulatory bodies
• Water-based Lamination providers
• Suppliers
• Retailers
• Service Providers

Recent Developments

• In June 2021, PPG announced an increase in coatings manufacturing capacity for packaging applications in Europe. The investment aims to address increased regional client demand for the next generation of coatings for aluminum & steel cans used in food, beverage, and personal care packaging.

Scope of the Report

Report Attribute	Details
Market Size Value in 2021	USD 79.6 Billion
The revenue forecast in 2028	USD 101.2 Billion
Growth Rate	CAGR of 3.49% from 2022 to 2028.
Historical data	2017 – 2020
Base Year	2021
Forecast period	2022 – 2028
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	The Companies include AkzoNobel N.V., The Sherwin-Williams Company, Jotun Group, BASF SE, Axalta Coating Systems LLC, Berger Paints India Ltd., RPM International Inc., Kansai Paint Co. Ltd, Nippon Paint Holdings Company Ltd, PPG Industries Inc, and Other Prominent Players in the Water-based Lamination market.

Market Modelling

By Resin Type

• Acrylic
• Polyvinylidene Chloride
• Epoxy
• Polyurethane
• Polyester
• Alkyd
• Others

By Application

• Architectural
• Industrial

By Region

• North America
• Europe
• Asia-Pacific
• South America
• The Middle East & Africa

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