Water-borne coating composition and method of forming multilayer coating film

The present invention relates to a water-borne coating composition to be applied to automotive bodies and the like and a method of forming a multilayer coating film on automotive bodies and the like, more particularly, to a water-borne coating composition and a method of forming a multilayer coating film both giving coating films excellent in smoothness and appearance. The present invention provides a water-borne coating composition excellent in smoothness and film appearance.A water-borne coating composition comprising:an emulsion resin obtained by emulsion polymerization of an , -ethylenically unsaturated monomer mixtureand a urethane compound represented by the general formula (1) or (2): wherein the content of said urethane compound is 0.01 to 20% by weight on the solid basis relative to the resin solid in the coating composition.A method of forming a multilayer coating film comprising: applying a water-borne base coating to an article to be coated and then applying a clear coating thereonto, followed by curing by heating,wherein said water-borne base coating is the above-mentioned water-borne coating composition.