Green Coatings Market is valued at USD 71.52 Billion in 2021 and is expected to reach USD 96.36 Billion by 2028 with a CAGR of 4.35% over the forecast period.
Global Green Coatings Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2028- Increasing awareness of health and environmental impacts due to volatile organic compounds and growing adoption in architectural & decorative sectors are some of the major factors driving the growth of the Global Green Coatings Market.
Green coatings are eco-friendly coatings that release almost no volatile organic compounds (VOCs) during production. Green coatings are protective coatings are often known for protecting surfaces from corrosion. In addition, green coatings protect roof and siding surfaces from ultraviolet degradation and typical weathering. Green coatings are eco-friendly coatings that release nearly no volatile organic compounds (VOCs) during production. Natural ingredients like vegetable oil, castor oil, soybean, milk, and clay are utilized to make these coatings. It also creates a perfect monolithic membrane giving the building better protection against high-wind events, such as typhoons, hurricanes, etc. There are many types of coatings with various uses. Some coatings may serve to offer waterproofing and concrete surface protection, while others are solar reflective.
The Covid-19 outbreak has also affected the green coatings market. The Covid-19 pandemic provided a way to closure of most of a large portion of the construction units and most of the exercises in the construction business were postponed or delayed, particularly during the early phase. Thus, this has prompted a sudden decrease in demand for green coatings which are utilized as decorative and protective paints on walls, rooftops, windows, panels, door frames, and interior expulsions.
The global green coatings market is segmented based on type, application, and region & country level. Based on product, the global green coatings market is segmented into waterborne, powder, high-solids, and radiation cure. Based on application, the global green coatings market is segmented into architectural coatings, industrial coatings, automotive coatings, wood coatings, packaging coatings, and others.
The regions covered in these global green coatings market report are Asia-Pacific, North America, Europe, and the Rest of the World. Based on a country level, green coatings market is subdivided into the U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, Southeast Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Key Players for Global Green Coatings Market Report–
Some of the key players for green coatings are Akzo Nobel N.V., Arkema Group, Asian Paints Limited, Axalta Coating Systems Ltd., BASF SE, Berger Paints India Limited, Jotun A/S, Lifetime Green Coatings, PPG Industries, The Sherwin-Williams Company, and others.
On May 25th, 2022; allnex had brought a broad portfolio of green coating technologies and innovative developments for automotive and transportation, industrial metal and wood, packaging and ink, and other specialty coatings to the customers. An Allnex chemist has been available for any discussions or questions about the allnex product line. Sustainability was a key part of continued success; allnex also took it a step further to create lower environmental impact solutions.
The growing adoption in architectural & decorative sectors is one of the major factors driving the growth of the green coatings market. Decorative green coatings are applied to the interior and exterior surfaces of residential, commercial, institutional, and industrial buildings. Thus, green coatings are used for aesthetic and protective purposes which are non-toxic and biodegradable. In addition, decorative green coatings can be used in surface preparatory products such as putty and primer, and paints. Thus, the strength of the green coating depends on the quality of its appearance. Due to its antifungal, resistance, and anti-dampening properties to the surface increases the demand of green coatings in architectural & decorative application. For example; according to the British Coating Federation, there are around 703 million liters of paint and coatings are used.
Furthermore, the increasing demand for waterborne based coatings is contributing to the green coatings market growth. Waterborne, powder and radiation cure technologies are the significant low-VOC coating innovations, and are hence acquiring in popularity. Numerous cleaner innovations additionally reduce paint waste by further developing the transfer proficiency of the coating to the substrate. The shift from solvent borne to waterborne coatings has been a trend that is generally found in the decorative/architectural coatings fragment. The rising demand for green products has additionally supplement the requirement for demand for green products for coatings, most remarkably, waterborne resins like alkyd, acrylic and epoxy. For example; according to the Paint Quality Institute, water-based paints make up around 80% of household paints sold in U.S.
Moreover, its growing uses in various industries like automotive, construction, oil and gas, aviation, mining, aerospace, and marine. Advancements done by the automotive manufacturers to involve powder and UV relieved coatings in vehicle producing are different reasons which is also supplementing the demand for green coating. However, fluctuating prices of raw material may hamper the global green coatings market growth. In spite of that, increasing research and development activities can provide various opportunities for the further growth of the market.
The Asia-Pacific is expected to show a fastest growth in the global green coatings market due to increasing consumer awareness and growing automotive industry in this region. Green coatings have zero to low VOCs & zero ODS. They are manufactured to be clean, environmentally progressed, non-harmful and biodegradable. These coatings protect rooftop and siding surfaces from ultraviolet corruption and normal weathering. It likewise makes a consistent monolithic membrane giving the structure better protection against high-wind occasions, like storms, typhoons, and so on. Hence, rising consumer awareness drives the green coating market in the region. Also, increasing use in automotive industry drive the market in this region. For example; according to the India Brand Equity Foundation (IBEF), India's yearly production of automobiles in FY21 was 22.65 million vehicles, and 13 million vehicles were delivered between April-October 2021.
North America is expected to show a significant growth in the owing to the global green coatings market high awareness regarding the benefits of using green coatings and early adoption of technologically advanced coatings in this region. Health and environmental impacts due to volatile organic compounds is contributed to market growth. Environmental awareness is important because it has positive effects on health and sustainable development. Other coatings contain VOC and can cause a variety of health effects, including irritation to the eyes, nose, and throat; headaches; nausea; and damage to the liver, kidneys, or central nervous system. Thus, increasing the awareness of health and environmental impact drive the green coating market in this region.
|2018 - 2021
|2022 - 2028
|Market Size in 2021:
|USD 71.52 Billion
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2028:
|USD 96.36 Billion
|Tables, Charts & Figures:
|Green Coatings Companies
|Akzo Nobel N.V., Arkema Group, Asian Paints Limited, Axalta Coating Systems Ltd., BASF SE, Berger Paints India Limited, Jotun A/S, Lifetime Green Coatings, PPG Industries, The Sherwin-Williams Company, and others.
|By Type, By Application
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
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