According to a new report published by Allied Market Research, titled, Green Coatings Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global green coatings market was valued at $80,010 million in 2016, and is projected to reach $118,990 million by 2023, growing at a CAGR of 5.8% from 2017 to 2023. The waterborne coatings type accounted for more than three-fourths of the global market in 2016.
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Green coatings are the ones which consist of low or no harmful volatile organic compounds (VOCs) emissions as compared to conventional solvent-based coatings. These mainly include waterborne coatings other than powder coatings, high-solids coatings, and radiation-cured coatings.
The factors that drive the growth of global green coatings market include strict environmental regulations imposed by government as well as certain agencies such as EPA & REACH, growth in popularity of green building standards, and rise in consumer awareness for sustainable products. In addition, growth in end-user industries of green coatings also fuels the global market. However, fluctuations in raw material availability and prices are expected to hamper the growth of this market in the near future. The major factors offering great growth opportunities for the market are the technological advancements in green coatings products and increase in the use of radiation cure coatings.
Based on type, the market is segmented into waterborne coatings, powder coatings, high-solids coatings, and radiation cure coatings. Waterborne coatings accounted for more than three-fourths share of the global green coatings market in 2016. Powder coatings and radiation cure coatings segments are anticipated to be the fastest growing types during the forecast period.
Architectural coating is the leading application with highest growth rate and occupy nearly two-fifths of the share in global green coatings market due to global increase in infrastructure spending especially in certain countries of Asia-Pacific. Automotive coatings is projected to be the second fastest growing application owing to the rapid growth witnessed in the industry over the last few years.
Key Findings of the Green Coatings Market:
- In terms of value, radiation cure coatings are expected to expand at highest CAGR of 8.3% globally during the forecast period.
- Europe is the dominant region of the market with around one-third market share and decent CAGR of 4.9% during the forecast period.
- Architectural coatings is the leading application with nearly half of the market share and highest CAGR of 6.2% till 2023.
- Asia-Pacific occupied more than one-fourth of the global market and is the fastest growing region with 6.7% CAGR in the analysis period.
- China is one of the major country in the market and is expected to grow at the highest CAGR of 7.1% in terms of value.
In 2016, Asia-Pacific and North America collectively accounted for more than half share of the global green coatings market, and is expected to grow at the highest CAGRs during the forecast period. China, India, and other developing countries are expected to witness various infrastructural developments as well as rearrangements in Asia-Pacific, thus, the green coatings market of that region is anticipated to experience an increase in growth rate during the analysis period.
The major companies profiled in the report include 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.