The Green Coatings Market is expected to grow at a CAGR of over 4% during the forecast period. Green coatings are the type of coatings that are environmentally friendly and produce almost no volatile organic compounds during the manufacturing process. They do not require solvents for their use and are used individually in a number of applicable industries. These are sustainable eco-friendly products that are made in many different types.
The main reason manufacturers switch from solvent-based coatings to water-based coatings is the VOCs released by solvent-based coatings. In addition, other properties, such as low odor, greater durability, and resistance to blocking, make water-based coating a preferable option. There are many regulations from various governments that support the use of water-based coatings. REACH, a government initiative in Europe has been adopted to improve human health and the environment and avoid the risks caused by chemicals, as well as stimulate competition in Europe. The promotion of alternative methods for the hazard assessment of substances to reduce animal testing increases the demand for low-VOC coatings, such as green water-based coatings.
The increased environmental awareness in developing regions with higher infrastructure spending is the vital factor that intensifies the market growth and also increases the demand for powder and water-based coatings to replace coatings. water-based. In developing countries such as China and Japan, increased demand for radiation hardening coatings and plant-based wood coatings, increased awareness of volatile organic compound (VOC) emissions, increased use of coatings Radiation Curing UV radiation and plant sources for the production of wood coatings and increased awareness of the health and environmental impacts due to volatile organic compounds are the key factors, among others, which are driving the market for green coverings. The goal of the manufacturer behind the green coating is to bring environmentally friendly coatings to the market, such as water-based coatings, and powder coatings. Manufacturers focus on producing high-performance coatings that contain VOCs (volatile organic compounds) without solvent or minimal technology with good durability. VOCs are the harmful components found in solvent-based coatings that form ground-level ozone and urban smog, causing various health risks such as dizziness, headache, and kidney damage. The increase in stringent government regulations related to VOCs is expected to boost demand. The growing demand for water-based and powder coatings to replace solvent-based coatings, especially in industrial and automotive applications, is expected to drive the growth of the eco-friendly coatings market.
Rising commodity price fluctuations are a vital factor, among others, acting as a constraint, and will further test the growth of the green coatings market during the forecast period mentioned above.
The increasing demand for UV-curable coatings is likely to present an opportunity. The increasing advancements in coatings technology, the increased use of radiation curing coatings, the increase in research and development activities, and the growing demand for the product by many end-user industries will create new opportunities for the market.
Rising commodity price fluctuations are a vital factor, among others, acting as a constraint, and will further test the growth of the green coatings market during the forecast period mentioned above.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022-2028 |
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Base Year |
2022 |
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Forecast Period |
2023-2028 |
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CAGR |
4.0% |
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Segments Covered |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
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Market Leaders Profiled |
AkzoNobel NV (Netherlands), Asian Paints (India), BASF SE (Germany), Berger Paints India Limited (India), Jotun (Norway), PPG Industries Inc. (US), The Sherwin-Williams Company (US), Kansai Paint Co. Ltd (Japan), Masco Corporation (US), Valspar (US) |
Waterborne
Powder
High-Solids
Radiation Cure
The green coatings market is segmented by different types of coatings including water-based coatings, powder coatings, high solids coatings, and radiation curing coatings. These eco-friendly coatings with eco-friendly properties, innovative technology, and modern chemistry offer low or low VOCs and are available in different qualities depending on applications such as architecture, automotive, industry, high performance, wood, packaging, and product finishes.
Architectural Coatings
Automotive Coatings
Industrial Coatings
High-Performance Coatings
Wood Coatings
Packaging Coatings
Product Finishes
Automotive, architectural, and decorative coatings are the main drivers of the current growth in the application segment for the green coatings market, as well as growth in certain countries and rights-of-way.
Europe
Asia Pacific
Latin America
Middle East & Africa
The Asia-Pacific region is the fastest growing region for the green layer during the forecast period due to rapid industrialization and improving the gross domestic product (GDP) per capita changed the level of people's lives, and now people are concerned about their health and hygiene and are spending on better quality products. Therefore, the switch to green coating over normal coating is boosting the growth of green coating in the regional market. Asia-Pacific dominance is expected to continue over the next five years due to the expansion of major players in these developing countries. In terms of revenue, the application of architectural coatings is expected to show the strongest growth, followed by automotive and packaging coatings over the next five years. Green coatings applications are expected to increase their market in the Asia Pacific.
China has a market share of over 50% of the demand for coatings in the region. Converting paint and coating manufacturers to service providers makes this a very productive option. This is done with the help of trained professionals or entrepreneurs as partners. The demand for green coatings is growing at a faster rate in the region due to the growing awareness of green coatings and government initiatives. India will grow faster than China, which will provide new opportunities for the green coatings market.
The Europe region held the largest share of the green coatings market in 2020. Government regulations to limit the use of VOCs in the paints segment due to the health and environmental risks caused by the formation of 'aerosols, which produce VOCs that react with NOx besides the concern of the consumer to have better indoor air quality have led to the growing demand for green coatings in the region. In addition, having the largest automotive and packaging market has boosted the overall growth of green coating in the regional market.
North America holds a significant share of the global green coatings market, which is attributed to environmental agencies in the region being very meticulous about VOC laws that encourage manufacturers in the paints and coatings segment to adopt. Green Coatings in addition to the R&D. sector in the region continually improvises its products to make them more sustainable. For example, a chemist at Brock University in Canada has developed a green coating that protects the metal from corrosion.
Latin America is expected to experience positive growth in the green coatings market due to the change in people's lifestyles due to improved GDP per capita in countries such as Bolivia, Chile, and Costa Rica.
The Middle East and Africa region, due to its growing industrial and architectural industry, is experiencing healthy growth in the global green coating.
The growing COVID-19 pandemic has decreased the command for coatings in electronics, automobiles, construction, and home appliances. The market has the capacity to recover, but that depends entirely on the length of the lockdown and also the impact of the virus on the economy. Although the overall market demand is declining, the demand for green coatings is expected to increase in the coming years.
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