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Waterborne PVDF Resins Market Size Forecast to Reach $447.2 Million by 2026

admin by admin
February 5, 2022
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(EMAILWIRE.COM, January 31, 2022 ) Waterborne PVDF resins market size is forecast to reach US$447.2 million by 2026, after growing at a CAGR of 7.9% during 2021-2026. Waterborne PVDF resins have gained significant traction and recognition globally predominantly due to the low environmental impact of these resins when compared with other resins such as acrylic urethane, thermoplastic fluoropolymer, polytetrafluoroethylenex, polyvinylidene chloride, and epoxy, which helps in attaining improved environmental condition. The waterborne PVDF resins market is anticipated to grow significantly over the forecast period owing to increasing demand from end-use industries such as construction, automotive, marine, aerospace, and more. These coatings are widely preferred in these end-use industries owing to properties such as 80% water content and low VOC emissions. The waterborne PVDF resins market is primarily driven by an increase in demand for waterborne PVDF resins in the construction sector around the world. Furthermore, the rapid growth of the automotive and aerospace industry has also increased its demand; thereby, fueling the waterborne PVDF resins industry growth during the forecast period.

COVID-19 Impact

All the building and construction activities were largely affected due to the Covid-19 pandemic. As lockdown was imposed across the world due to the covid-19 outbreak, noticeably there was a reduction in investment in the construction of buildings, which led to an overall reduction in the waterborne PVDF resins demand. For instance, according to Statistics Canada, the total investment in building construction declined for a third consecutive month, edging down 0.1% to US$15.3 billion in November. In the United States, the privately-owned housing starts in June 2020 were at a seasonally adjusted annual rate of 1,186,000, which is 4.0 percent below the June 2019 rate of 1,235,000, according to the US Census Bureau. The new orders as well as the existing construction projects faced issues such as late delivery of raw materials, increase in import-export tariff, and more, which heavily affected the market growth during the pandemic. However, the market outlook for the future is in a better scenario as governments are taking initiatives to build more buildings to spur the economic condition of countries. For instance, the Government of Canada will also provide US$236.7 million through Reaching Home: Canada’s Homelessness Strategy to help extend and expand the emergency response to the COVID-19 outbreak. Thus, the market outlook for the waterborne PVDF in long term is set to gain its momentum back.

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Waterborne PVDF Resins Market Segment Analysis – By Application

The paints & coatings segment held a significant share in the waterborne PVDF resins market in 2020 and is growing at a CAGR of 8.9% during 2021-2026. The primary features of waterborne PVDF resin-based paints and coatings are its ability to offer an extremely high solar reflectance, which is retained longer than conventional paints & coatings. Whereas other coatings based on resins such as acrylic urethane, thermoplastic fluoropolymer, polytetrafluoroethylenex, polyvinylidene chloride, and epoxy are relegated to factory application on metal due to the high cure temperatures, water-based PVDF coatings can be factory or field applied to a wide variety of substrates, such as metal, thermoplastic polyolefin (TPO), polyvinyl chloride (PVC), ethylene propylene diene monomer (EPDM), spray polyurethane foam (SPF), fiber cement and more, to enhance the performance or extend their useful lives. Paints & coatings made with waterborne PVDF resins offer advantages such as superior long-term color and gloss retention, superior resistance to chalking, outstanding resistance to dirt pick-up and stain, and more. All these advantages associated with waterborne PVDF resins are the major factor driving its demand for manufacturing paints and coatings.

Waterborne PVDF Resins Market Segment Analysis – By End-Use Industry

The building and construction segment held the largest share in the waterborne PVDF resins market in 2020 and is growing at a CAGR of 7.1% during 2021-2026. An excellent application for water-based PVDF paints and coatings are metal restoration, in particular, metal roofing and walls. Paints & coatings made with waterborne PVDF resins offer advantages such as excellent resistance to algae and fungal growth, excellent resistance to abrasion, superior retention of high solar reflectance and thermal emittance, and more. In addition to the above attributes, waterborne PVDF paints and coatings have excellent color stability and diversity in vibrant colors that make the product the main choice for architects and building owners in the roof and wall restoration market. Moreover, coating application of waterborne PVDF paints and coatings is practical, sustainable, and economical when compared to other coating types of metal roofing such as acrylic urethane, thermoplastic fluoropolymer, polytetrafluoroethylenex, polyvinylidene chloride, and epoxy, which makes it a sustainable product as part of green building practice. Thus, owing to these extensive advantages of waterborne PVDF resins are being extensively utilized in the building and construction sector.

Waterborne PVDF Resins Market Segment Analysis – By Geography

North America region held the largest share in the waterborne PVDF resins market in 2020 up to 29.1%, owing to the flourishing building and construction activities, which is accelerating the demand for waterborne PVDF resins in the region. The North American construction sector is flourishing for instance, in April 2021, spending on private construction in the United States was at a seasonally adjusted annual rate of US$1,180.7 billion, 0.4 percent above the revised March estimate of US$1,175.4 billion. Residential construction was at a seasonally adjusted annual rate of US$729.2 billion in April, 1.0 percent above the revised March estimate of US$721.8 billion. North American governments are also striving to expand their construction sector. For instance, in November 2017, the National Housing Strategy (NHS), an ambitious 10-year was launched with an investment of US$40 billion to remove 530,000 families from housing need and reduce chronic homelessness by 50%, which will boost the residential sector in Canada till 2027. In September 2020, the Minister of Families, Children and Social Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), announced a $1 billion Rapid Housing Initiative (RHI) to help address urgent housing needs in Canada. And it is anticipated that the flourishing construction sector in the region is propelling the demand for waterborne PVDF resins in the North American region.

Waterborne PVDF Resins Market Drivers

Expanding Automotive and Aerospace Sector

Waterborne PVDF resins are used to manufacture paints & coatings, films, lithium-ion batteries are extensively utilized in the automotive and aerospace industry. The production of automobiles and aircraft is increasing globally. For instance, according to the Organisation Internationale des Constructeurs d’Automobiles (OICA), the production of light commercial vehicles increased from 55,896 in 2019 to 57,362 in 2020 in Taiwan, an increase of 2.6%. The production of passenger cars in Africa was 776,967 in 2018, which then rose to 787,287 in 2019, an increase of 1.3%. According to the Japan Automobile Manufacturers Association (JAMA), in 2019, the production of cars increased from 6,67,462 in October to 6,90,311 in November in Japan. According to Boeing’s current business forecast, the Middle East would need 2,520 new aircraft by 2030. Also, according to Boeing India is expected to drive the demand for 2,300 aircrafts worth US$320 billion over the next 20 years. With the rise in automotive and aircraft production, demand for waterborne PVDF resins is expected to rise significantly, propelling the industry growth in various regions.

Rising Investments in the Green Building Projects

Replacing the existing solvent paints and coatings based on acrylic urethane, thermoplastic fluoropolymer, polytetrafluoroethylenex, polyvinylidene chloride, and epoxy with waterborne PVDF resins can improve the energy efficiency of the building, reduce the monthly bills and decrease the size of the carbon footprint, owing to its low VOC content. According to the European Bank for Reconstruction and Development, to reach minimum targets defined in the Paris Agreement, rates of basic green renovations of existing buildings globally must reach 6 to 8 percent by 2040. However, these countries are far behind renovation targets: only 1 percent of existing buildings have been renovated to meet minimum standards which means that in the coming year there will be an increase in the construction of energy-efficient buildings. Furthermore, according to the Indian Green Building Council (IGBC), India will have one lakh green buildings by 2025. According to the Canada Green Building Council (CaGBC), the green building sector in Canada can contribute USD150 billion to GDP by 2030 thus reducing greenhouse gas emissions (GHG) by 53 megatons compared to 2018. Thus, it is evident that there is an upsurge in the green building projects investment in various regions, owing to which there is an increasing demand for sustainable paint and coating options, which is driving the market growth of waterborne PVDF resins.

Inquiry Before Buying @ https://www.industryarc.com/reports/request-quote?id=11729

Waterborne PVDF Resins Market Challenges

High Cost and Low Performance of Water-based PVDF Resins

Solvent-based PVDF resins have one major advantage over water-based PVDF resins i.e. during the curing phase; they are less vulnerable to environmental conditions, such as temperature and humidity. Humidity can prevent the evaporation of water in a water-based PVDF coating, making it impractical in some climates. Hence, solvent-based PVDF resins are preferred for applications in humid environments that don’t allow water-based PVDF resins to cure properly. Also, solvent-based PVDF resins are typically more resilient than water-based resins during the curing of the coating. Besides, the capital cost and fixed cost associated with changing the technology from solvent-based to water-based are high. Hence, many small-scale manufacturers in emerging regions are still using solvent-based PVDF resins. All these factors are restraining the water-based PVDF resins market growth during the forecast period.

Waterborne PVDF Resins Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the waterborne PVDF resins market. Waterborne PVDF resins market top companies are Kureha Corporation, Koninklijke DSM NV, The Valspar Corporation, PPG Industries Inc., AkzoNobel N.V., Arkema Inc., Solvay S.A., BASF SE, Hammond Group Inc., Sherwin Williams Company, AGC Chemicals Americas, Inc., and Kansai Paint Company Limited.

Key Takeaways

North America dominates the waterborne PVDF resins market, owing to the expanding construction industry in the region. For instance, according to the US Census Bureau, privately-owned housing starts in November 2020 were at a seasonally adjusted annual rate of 1,547,000. This is 1.2 percent above the revised October estimate of 1,528,000.

The rising demand for waterborne paints and coatings, as well as its growing use in the building and construction industry, will most certainly provide waterborne PVDF resins manufacturers with several opportunities in the future.

The developing industrial and municipal water treatment industry, along with the rising water demand, is likely to provide profitable prospects for waterborne PVDF resins market players.

Furthermore, energy-efficient green buildings have gained huge adoption in the building and construction industry, which is further increasing the demand for waterborne PVDF resins due to their low VOC content.

Related Reports:

A. Waterborne Epoxy Resin Market

https://www.industryarc.com/Research/Waterborne-Epoxy-Resin-Market-Research-500242

B. Waterborne Coatings Market

https://www.industryarc.com/Report/16410/waterborne-coatings-market.html

For more Chemicals and Materials Market related reports, please click here

About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.



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