Green Coatings Market Overview:
Global Green Coatings Market was valued at $80,010 million in 2016, and is projected to reach at $118,990 million by 2023, growing at a CAGR of 5.8% from 2017 to 2023. Coating industry witnesses an increase in the use of ecofriendly materials as a part of green or sustainable chemistry in last few years owing to increasingly strict environmental regulations, growth in popularity of green building standards, and rise in consumer awareness for sustainable products. Green coatings are environment friendly materials, which consist of non-solvent borne technology and low or zero volatile organic compound (VOC) emissions. VOCs are the harmful components present in conventional solvent borne coatings reported to form ground-level ozone and urban smog resulting in various health hazards. Thus, coatings manufacturers shift their focus to create formulations with less solvent content, such as waterborne coatings, powder coatings, high-solids coatings, and radiation cured coatings. The aforementioned types are covered under green coatings category, and are mainly employed in architectural, industrial, automotive, and wood applications.
Stringent regulations imposed by government and certain other environment & health care agencies such as REACH and EPA drive the global green coatings market. Moreover, growth in number of end-user industries and increase in awareness toward VOC emissions are some other factors that boost the market growth. However, volatility in availability of raw materials and its cost increases the price of green coatings, which in turn restricts the market growth.
Furthermore, key industry players and research institutes invest more for green coatings product development as per the demand from consumers & governments for sustainable and eco-friendly products. Thus, technological advancements and growth in use of radiation cure coatings provide opportunities for the market growth.
The global green coatings market is segmented on the basis of type, application, and geography. By type, the market is categorized into waterborne coatings, powder coatings, high-solids coatings, and radiation cure coatings. Various applications market include architectural coatings, industrial coatings, automotive coatings, wood coatings, packaging coatings, and others (aerospace coatings & product finishes). By geography, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA as well as among its major countries.
Top Investment Pocket, by Application
The architectural or decorative coatings application is the most prevalent and attractive segment owing to increase in global infrastructure spending for residential & commercial sectors. These mainly employ waterborne type coatings, which occupy huge share of global green coatings market. This application is anticipated to grow at the highest CAGR of 5.6% during the forecast period.
Global Green Coatings Market, by Geography
Europe dominated the global green coatings market occupying nearly one-third share in 2016, registering a CAGR of around 4.9% during the forecast period. Asia-Pacific witnessed the highest CAGR of 6.7% and the second highest share in the global market, owing to growth in infrastructural activities and economy.
The India green coatings market was valued at $2,204 million in 2016, and is expected to grow at a CAGR of 7.0% during the forecast period.
India Green Coatings Market, 2016-2023 ($Million)
The key players operating in the green coatings industry are AkzoNobel NV, Asian Paints Limited, Axalta Coating System, BASF SE, Berger Paints India Limited, Deutsche Amphibolin Works Se (Daw), Hempel A/S, Jotun A/S, PPG Industries, and The Sherwin-Williams Company.
Other players in the value chain include Kansai Paint Company Limited, Masco Corporation, Valspar Corporation, Rpm International Inc., Tikkurila OYJ, Nippon Paint, Chimar Hellas S.A., Walter Wurdack Inc., and GLOBAL Encasement, Inc.
- This report provides an extensive analysis of the current trends, emerging estimations, and dynamics of the global green coatings market from 2015 to 2023.
- Comprehensive analysis of factors that drive and restrict the growth of the market is provided.
- Detailed analysis of the industry based on the type and application explains the trending product type and potential applications.
- Porters Five Forces analysis highlights the potency of buyers & suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- Extensive analysis of the market is conducted by following key product positioning and monitoring of the top players within the market framework.
Green Coatings Market Key Segments:
- Waterborne Coatings
- Powder Coatings
- High-Solids Coatings
- Radiation Cure Coatings
- Architectural Coatings
- Industrial Coatings
- Automotive Coatings
- Wood Coatings
- Packaging Coatings
- Other Coatings
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South Africa
- Rest of LAMEA