Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The market dynamics of the Green Coating market are changing rapidly, the driving force being the high rate of environmental awareness and the wide demand for sustainable products. Green coatings, also known as “eco-friendly” coatings, have low volatile organic compounds (VOCs), which means that they do less harm to the environment than the usual coatings. A critical factor for market growth is the environmental regulation by customs worldwide, forcing industries to undergo their processes in an environmentally sustainable manner. Thus they are experimenting with new green coating technologies that are both adherent to regulations and gratify customers' expectations.
The consumer understanding and preferences have a core influence on the environment of the Green Coating sector. Consumer awareness about the environmental cost of products is driving consumers to choose eco-friendly coatings over traditional material. In such a transition of the consumer behavior to become eco conscious, there is a tendency by manufacturers to integrate sustainable practices along the supply chain. Organizations that put transparency first and convey its strong pro-nature products would probably outstrip their competitors in the market. Given the fact that consumers are increasingly buying products which are relatively environmentally friendly, the green coatings industry is expected to grow substantially.
Factors like innovation and technology keep coming up as contributors to the market dynamics. Manufacturers are researching into green coatings that not only comply with the environmental standards but at the same time they have excellent durability and performance. Nanotechnological developments, bio-based materials, and water-borne formulations serve to make complete green coatings high performing. These innovations have sought to address the trade off between sustainability and performance which has, in turn, been making the green coatings more enticing to a number of industries, including automotive, construction and industrial.
The world is increasingly emphasizing on efficient development which is leading to collaborations and partnerships within the Green Coating industry. Companies are now collaborating with each other to develop a strategic alliance in research, production, and distribution. These partnerships allow for exchange of knowledge and resources, thus leading into the creation of more advanced and eco-friendly green coating technologies. Moreover, connections with academic institutions and environmental groups make it easier for the industry to produce environmentally-friendly and sustainable goods/products.
Green Coating Market Highlights:
Green Coating Market Overview
The Green Coating Market was valued at USD 87.46 billion in 2018 and is expected to register a CAGR of around 8.1% during the forecast period, 2022-2030. Covering the surface of an entity is referred to as coating if a coating doesn’t release any product that is harmful to the environment or any individual, the coating can be identified as a green coating. Because of the presence of ultra-low or zero volatile organic compounds (VOCs), the demand for green coating has increased in the last decade. Furthermore, 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. Moreover, being an environment-conscious product the green coating has intrigued the customer's interest in the market which is increasing continuously, as consumers are getting aware about the health risk from the exposure of VOCs, which is fueling the demand for the green coatings in the market. Henceforth, propelling the growth of the global green coating market. For instance, companies such as PPG Industries, Inc. doing green practices for the fabrication of their products by following the government regulations according to Leadership in Energy & Environmental Design (LEED) criteria, driven by the consumer desire for low-odor interior finish and better indoor air qualities.
Market Segmentation
The global green coating market has been segmented based on type, end-use industry, and region.By type, the global green coating market has been categorized as powder coatings, radiation cure coatings, waterborne coatings, high solids coating, and others. The waterborne coating held the largest market share in 2018.Based on end-use industry, the global green coating market has been segregated into industrial, architectural, automotive, packaging, and others. The architectural coating segment has the most considerable contribution in the global green coating market due to the growing building & construction industry, along with the policies of environment agencies to keep them eco-friendly.
Key Players
Some of the key players operating in the global green coating market are 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), RPM International Inc. (US), Tikkurila OYJ (Finland), Nippon Paint Holdings Co., Ltd (Japan), AXALTA (US), Walter Wurdack Inc. (US), GLOBAL Encasement, Inc. (US), and Daw SE (Germany).
PPG Industries introduced its latest product, PPG ENVIROCRON LUM coating, in June 2022, which is the industry’s foremost retroreflective powder coating. The new coating is mainly developed to improve visibility at night and even during low-light conditions, that is available in several colors and has excellent abrasion and chip resistance and also one-cat corrosion protection.
Trace VOC Globe was launched by the British Coatings Federations in May 2022, which enables decorative paint manufacturers to communicate better with their customers by indicating the lowest levels of volatile organic compounds (VOCs). It is part of an industry drive to raise awareness among consumers about VOC levels in paint products.
Axalta Coating Systems Ltd completed the expansion of its Jiading, Shanghai, China waterborne coatings facility in May 2021. The location has been expanded to cater to the increasing demands for green coating systems in China and the Asia Pacific region for industrial, commercial and automotive applications.
Regional Analysis
The global green coating market has been cataloged into five regions, namely North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.The Europe region held the largest market share for green coating in 2018. Owing to the government regulations towards limiting the usage of VOCs in the painting segment due to health and environmental risks caused because of the formation of aerosols, produce when VOCs reacts with NOx besides the concern of the consumer to have a better indoor air quality have led to the surging demand of green coating in the region. Moreover, having the most significant automotive and packaging market has driven the overall growth for the green coating in the regional market.The Asia-Pacific region is the fastest-growing region for the green coating during the forecast period owing to the rapid industrialization and improving the gross domestic product (GDP) per capita has changed the standard of living of individuals, with now people being concerned for their health and hygiene and are spending on better quality of products. Therefore, shifting towards green coating over normal coating hence propelling the growth of green coating in the regional market.North America has a prominent share in the global green coating market which is attributed to the fact the environment agencies in the region are very meticulous about the VOCs laws which stimulate the manufactures of the paint and coating segment for the adoption of green coating besides this the R&D sector of the region is continuously improvising their products to make it more sustainable. For Instance, a chemist from brock university Canada has developed a green coating that protects the metal from corrosion.Latin America is expected to witness a positive growth in the green coating market owing to the changing the lifestyle of individuals due to improving GDP per capita of countries such as Bolivia, Chile, and Costa Rica.The Middle East & Africa region due to its growing industrial and architecture industry is witnessing healthy growth in the global green coating.
Recent News
December 2022 saw BASF, in China, announce its first automotive biomass balance coatings, whereas the new ColorBrite Airspace Blue is ReSource basecoat that can reduce CO2 foot print up to 20 percent. This includes obtaining biomass certification for its Caojing-based resin plants.
In October 2022, Asian Paints Limited signed a legally binding contract with Aapex Power and Industries Private Limited for the acquisition of Harind Chemicals and Pharmaceuticals Private Limited shares.
In August 2022, Nippon Paint China and BASF jointly introduced Joncryl HPB. So far, it has been the first water-based barrier coating launched by BASF for use in industrial packaging in China.
In May 2022, Allnex announced that the company will participate in Paint India 2022 taking place at JIO World Convention Center situated In India. Allnex plans to bring a wide portfolio of green coating technologies as well as other innovative developments for various industries, including transportation, the wood sector metal industry as well as automotive.
In August 2021, AkzoNobel’s Dulux launched a USDA-certified super-premium interior emulsion in India. It was also India’s first biobased paint.
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
