The Green Coating Market is witnessing a great upsurge in respect of sustainable development and the preservation of the environment, as two core issues become a priority in a spectrum of industrial areas. This returning market is noticing to expand demand for the greener coating solutions as reasons to decrease carbon emissions and environment challenges are being taken into account. As for the major volume factors, the growth of the businesses that rely on biochemical paint is attributable to the persisting popularity of water-based coating, which are without harmful solvents and release less volatile organic compounds (VOCs). This substitution of water-based formulations for air pollution-intensive ones is pushed, among others, by adamant rules that are concerned with the well-being of the workers. The penetration of these eco-friendly alternatives is being adopted by diverse industry verticals like construction, automotive, packaging and that is contributing to green painting market size expansion.
An additional major trend is the distinction between bio-based and non-bio-based suppliers that are being used as ingredients. Consumers of cosmetics and personal care products are seeking natural and organic ingredients in their formulations, which are mainly made of renewable resources like plant-based oils and resins. This maneuver does not only eliminate reliance to fossil fuels but also it is in consonance to the worldwide call for a circular economy. The bio-based coating exhibits a performance level comparable to those of non-bio option, that explains the fast grow of the renewable paint market. With the changing consumer preferences focused on the use of environmentally friendly products, in that way companies understand the need for the incorporation of nature-based ingredients in their coating solutions so as not to lose ground in the market.
Another effect of the novel technologies turned customer focus towards technologies that are capable of making green coatings more durable and effective. The case of nanotechnology can be used as an example: this branch studies coatings with higher rival’s properties that was not possible in the old times for example the nano coatings exhibit scratch resistance, durability regarding to the ultraviolet light, and antibacterial effects. By doing this, it overcomes the disadvantages that are weathered with traditional green colors and it creates new areas in the areas of industries to use these new services. Rising up together with this trend, the development of self-healing coatings is very probable which in turn, could lead to extension of the life span of surfaces, decreasing frequency of maintenance, and thus, help to build the environmentally friendly value of green coatings.
Government initiaves and regulations have been shown to be the main drivers of sustainable and eco-friendly trends in the coatings market , which will definitely affect the future of the green coating market . Many countries are setting themselves std’s and rules for ecological development and sustainability which calls for adopting alternative measures by businesses. Subsidies and incentives are given to businesses for having eco-friendly coatings, meaning that these solutions are seen as drivers for the growth of the market. Consumers both more and more care about regulatory compliant products, as a result companies like ourselves are shifting our focus to green coatings.
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.
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.
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)