Governments across developing countries are aiming at regulating the volatile organic compounds by reducing the level companies emit at a certain time period. This is compelling companies to use water-based coating technology to lower VOC level because of water-based coating has no or fewer solvents, there fueling growth of the water-based coating binders market. The water-based coatings are widely used for direct-to-metal (DTM) applications. Moreover, they are low-cost and have a self-charring capacity which is again driving its demand across various end-user industries. Advancement in coating technology is again anticipated to augment the growth of the market. For instance, Archroma, a global provider of color and specialty chemicals towards sustainable solutions, has launched Appretan® NTR, a break-through water-based textile coating binder based on renewable natural ingredients.
The Asia Pacific is expected to hold the dominant position in the global water-based coating binders market due to expanding automotive industry in the region. Due to the increasing production of the vehicle. According to the India Brand Equity Foundation, domestic automobile production increased at 2.36% CAGR between FY16-20 with 26.36 million vehicles being manufactured in the country in FY20. Overall, domestic automobile sales increased at 1.29% CAGR between FY16-FY20 with 21.55 million vehicles being sold in FY20.
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