New York, United States , July 24, 2023 (GLOBE NEWSWIRE) -- The Global Green Coatings Market Size to grow from USD 135.20 Billion in 2022 to USD 209.80 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.9% during the forecast period. Due to the availability of zero volatile organic compounds (VOCs) and extremely low volatile organic compounds, the demand for green coatings has increased significantly during the past 10 years. In addition, there is a growing consensus that VOC levels in paints should be reduced. In addition to this, both locally and worldwide, government regulations are tightening.
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A specific type of finish known as "green coatings," sometimes known as "eco-friendly coatings" or "sustainable coatings," is designed to have a minimally harmful impact on the environment throughout the course of its whole life. These coatings are produced using environmentally friendly materials and manufacturing processes with the goal of reducing or eliminating the use of hazardous substances and maximising energy consumption. Green coatings aim to lessen toxic or harmful elements such as heavy metals, lead, mercury, formaldehyde, and other dangerous compounds. They are therefore better for both the environment and humans. Green coatings frequently lack volatile organic compounds (VOCs), or substances that might evaporate and lead to air pollution and health problems.
Due to the availability of zero volatile organic compounds (VOCs) and extremely low volatile organic compounds, the demand for green coatings has increased significantly during the past 10 years. In addition, there is a growing consensus that VOC levels in paints should be reduced. In addition to this, both locally and worldwide, government regulations are tightening. Being an eco-friendly product, green coatings have boosted consumer interest in the market, which is expanding steadily as consumers become more aware of the health hazards associated with VOC exposure, which is driving the need for green coatings in the international market. This element is assisting in the segment's expansion. Additionally, due to growing awareness of the harmful effects of VOC emissions and the effects of climate change, demand for solvent-borne coatings has shifted in favour of environmentally friendly products like high solids, UV curable coatings, waterborne, and powder coatings. These products also have less solvents that evaporate during this phase. The market is also growing rapidly as a result of the development of innovative products, formulations, and advancements in the application procedures.
To create environmentally friendly coatings, green coatings are used to create ecologically synthetic processes. In order to significantly minimise toxicity, which can be quite difficult, industrial procedures have been used a variety of green solvents as well as industrial reactions.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on "Global Green Coatings Market Size, Share, and COVID-19 Impact Analysis, By Technology: Radiation-Cure, High-Solids, Powder, Waterborne; By Application: Product finishes, Packaging, Wood, High-Performance, Industrial, Automotive, Architectural, by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here:
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COVID 19 Impact
Due to the countrywide lockdown in some nations, including China, the United States, India, Japan, and Germany, the worldwide market for green coatings has seen a full or partial shutdown of production facilities that do not fall under critical products. In the majority of industrial units across the world, it led to the suspension or cessation of their production activity. Construction and infrastructure were two of the industries that were severely impacted by the worldwide shutdown. Due to the interruption in the supply chain and the lack of labour, this lockout has had a substantial impact on several infrastructure and building projects. The COVID 19 epidemic has caused a significant reduction in the industrial coatings, architectural coatings, wood coatings, automotive coatings, and packaging coatings industries. This has caused the demand for green coatings in the construction industry to decline, which has had an impact on the expansion of the global green coatings market.
Technology Insights
Waterborne segment is dominating the market with the largest market share over the forecast period.
On the basis of technology, the global green coatings market is segmented into radiation cure, high solids, powder, and waterborne. Among these, waterborne segment is dominating the market with the largest market share over the forecast period. The technology will advance significantly as a result of the development in demand for the product in automotive and industrial applications in developing nations like Brazil and India. The market will grow over the future years as a result of rising infrastructure investment and emerging economies in the Asia Pacific and Middle East. Additionally, the need for technology to produce consumer products will rise significantly throughout the projection period as a result of the OEM preference shifting from liquid coatings to powder coatings.
Application Insights
Automotive segment holds the highest market share over the forecast period.
On the basis of application, the global green coatings market is segmented into product finishes, packaging, wood, high performance, industrial, automotive, and architectural. Among these, automotive segment holds the highest market share over the forecast period. The use of automotive OEM coatings is crucial in the production of automobiles. These coatings are of a very high calibre and strength. They have outstanding mechanical features that shield automobiles against adverse weather conditions, scratches, and chemical exposure. In actuality, interior automobile coatings aid in boosting a vehicle's surface area. Because of this, the production of trucks and other vehicles is increasing, spurring segmental expansion.
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Regional Insights
Europe is dominating the market with the largest market share over the forecast period.
Europe is dominating the market with the largest market share over the forecast period. Over the next eight years, a number of initiatives are expected to fuel market demand. The local building industry is anticipated to benefit from rising consumer disposable income and changing consumer lifestyles in Brazil, which will also favourably affect the market for green coatings. Growth is anticipated to be stimulated by government initiatives to address the country's housing shortage, cheap interest rates, and growing middle-class population.
Asia Pacific, on the other hand is anticipated to witness the fastest market growth over the forecast period. India is predicted to be the largest market for green coatings and would grow at a significant CAGR. Due to the Indian government's 'Make in India' campaign, it is projected that the nation's manufacturing sector would grow rapidly throughout the anticipated period, creating new market possibilities.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Green Coatings Market include Akzo Nobel N.V., Asian Paints, Axalta Coating Systems LLC, BASF SE, Berger Paints India Limited, DAW SE, HEMPEL A/S, Jotun, Kansai Paint Co.Ltd., Masco Corporation, Nippon Paint Holdings Co. Ltd., PPG Industries Inc., RPM International Inc., The Sherwin-Williams Company, TIKKURILA OYJ, Walter Wurdack Inc., GLOBAL Encasement Inc., DSM, Henkel AG & Co. KGaA, Sika AG, ALLNEX NETHERLANDS B.V., Momentive, OMNOVA Solutions Inc., and Covestro AG.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global UV Stabilizers Market based on the below-mentioned segments:
Green Coatings Market, Technology Analysis
- Radiation Cure
- High Solids
- Powder
- Waterborne
Green Coatings Market, Application Analysis
- Product finishes
- Packaging
- High Performance
- Industrial
- Automotive
- Architectural
Green Coatings Market, Application Analysis
- Metal
- Plastic
Green Coatings Market, End Use
- Furniture
- Automotive
- Electronics
- Medical
- Retail
- Appliances
- Consumer Goods
- Others
Green Coatings Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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