Green Coatings Market Outlook - 2021–2030
The global green coatings market size was valued at $67.3 billion in 2020, and is projected to reach $104.0 billion by 2030, growing at a CAGR of 4.3% from 2021 to 2030.
Green coatings are environmentally friendly coatings that emit nearly no volatile organic compounds (VOCs) during production. Water-based paints, high-solid paints, powder coatings, and radiation-hardened coatings are some of the most common options of green coatings. Natural ingredients, such as vegetable oil, soybean, castor oil, milk, and clay are used to make these coatings. They help to reduce the harmful effects of infrared and ultraviolet (UV) radiations while also increasing the equipment's overall efficiency. As a result, they have a wide range of uses in industries, such as construction, automotive, oil and gas, mining, aviation, aerospace, and marine.
One of the primary reasons contributing to the market's favorable outlook is significant growth in the construction industry globally. Green coatings are used as protective and decorative paints on walls, roofs, panels, windows, door frames, and interior extrusions. They are also used on various consumer products, such as oven components, dryer drums, rooftop heating, ventilation and air conditioning (HVAC) units, electronic boxes, furniture, and fixtures. Furthermore, rise in environmental awareness among the general public and surge in demand for waterborne and powder-based coatings propel the market forward. In comparison to the traditionally used solvent-borne coatings, these variants are VOC-free, block resistant, and not harmful for human health. In addition, various product innovations, such as development of radiation curable coatings, act as other growth-inducing factors. They are manufactured using plant-based sources and are processed under low energy electrons (EB) or ultraviolet (UV) radiations. Other factors, including rapid industrialization, along with the implementation of favorable government policies to promote sustainability, are anticipated to drive the green coatings market growth.
The green coatings market is segmented into type, application, and region. By type, the market is segregated into waterborne coatings, powder coatings, high-solids coatings, and radiation cure coatings. On the basis of application, it is fragmented into architectural coatings, industrial coatings, automotive coatings, wood coatings, packaging coatings, and other. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in this report include Akzo Nobel NV, Arkema Group, Asian Paints Limited, Axalta Coating Systems Ltd., BASF SE, Berger Paints India Limited, Jotun A/S, Lifetime Green Coatings, PPG Industries, and The Sherwin-Williams Company. The global green coatings market report provides in-depth competitive analysis as well as profiles of these major players.
Global Green Coatings Market, by Type
By type, the waterborne coatings segment accounted for around 75.9% of the green coatings market share in 2020 and dominated the industry owing to the early adoption of the technology, especially in architectural applications across Europe and North America.
By Type
Waterborne Coatings is projected as the most lucrative segment.
Global Green Coatings Market, by Application
On the basis of application, the architectural coatings segment is projected to grow at the highest rate during the forecast period. The architectural coating segment has the most considerable contribution in the global green coatings market due to the growing building & construction industry, along with policies of environment agencies to keep them eco-friendly.
By Application
Architectural Coatings is projected as the most lucrative segment.
Green coatings market, by region
Region-wise, Asia-Pacific is the fastest growing region during the forecast period. Asia-Pacific has the largest construction market, which is led by India, China, and various South-east Asian countries. Asia-Pacific is expected to register the highest CAGR of 5.2% during the forecast period.
By Region
Europe holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
Key Benefits For Stakeholders
- Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- It outlines the current trends and future estimations from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets.
- The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
- The key drivers, restraints, & green coatings market opportunities and their detailed impact analysis are explained in the study.
- The profiles of key players and their key strategic developments are enlisted in the report.
Impact of COVID-19 on Global Green Coatings Market
- The outbreak of COVID-19 led to partial or complete shutdown of production facilities that do not come under essential goods, owing to prolonged lockdown in major countries, such as the U.S., China, Japan, India, and Germany. It led to either closure or suspension of their production activities in most of the industrial units globally.
- Construction & infrastructure was one of the most affected sectors, owing to lockdown announced in several countries. Lockdown has affected several construction and infrastructure projects due to supply chain disruptions and unavailability of workers.
- Since the advent of the COVID-19 pandemic, the architectural coatings, industrial coatings, automotive coatings, wood coatings, and packaging coatings sectors witnessed a severe decline. As a result, demand for green coatings in the construction sector decreased, thereby affecting the market growth.
Green Coatings Market, by Type Report Highlights
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Analyst Review
The green coatings market moves toward growth stabilization phase in its industry life cycle. Coating refers to the process of covering an entity's surface with a material, which does not release any product that is harmful to the environment or to any human being. A green coating does not release any product that is harmful to the environment or to any individual. The demand for green coating has surged in the previous decade due to the existence of ultra-low or zero volatile organic compounds (VOCs). Moreover, being an environment-conscious product, green coatings intrigue the customer's interest in the market, which is increasing continuously, with rise in awareness from consumers about the health risk from the exposure of VOCs, which fuels the demand for the green coatings in the global market.
The increasing awareness about the environmental damage caused by conventional coatings is the major driver for the global green coatings market.
The market players are adopting various growth strategies and also investing in R&D extensively to develop technically advanced unique products which are expected to drive the market size.
Asia-Pacific region will provide more business opportunities for green coatings market in coming years
Akzo Nobel N.V., Arkema Group, Asian Paints Limited, Axalta Coatings System, BASF SE, Berger Paints India Limited, PPG Industries, and The Sherwin-Williams Company are the top players in green coatings market.
By type segment holds the maximum share of the green coatings market
Architectural coatings, industrial coatings, automotive coatings, and wood coatings application are the potential customers of green coatings industry
Rise in architectural sector in developing countries such as China, Japan and so on have also made the market strong enough in Asia-Pacific.
The growing trend towards the need of reducing the VOCs in the paints and the government regulations being more rigid towards the VOCs laws, on both the regional and the global level will influence the green coatings market
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