Chicago, Feb. 17, 2023 (GLOBE NEWSWIRE) -- The global Green Coatings Market is projected to grow from USD 123.6 Billion in 2022 to USD 155.9 Billion by 2027, at a CAGR of 4.8% between 2022 and 2027, as per the recent study by MarketsandMarkets™. Asia Pacific is the largest and fastest growing green coatings market in the world. Increasing focus on health and sustainability is one of its driving factors.
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Browse In-Depth TOC On "Green Coatings Market”
189 - Market Data Tables
56 - Figures
246 - Pages
List of Key Players in Green Coatings Market:
- AkzoNobel N.V. (Netherlands)
- PPG Industries (US)
- Axalta Coating Systems (US)
- BASF SE (Germany)
- The Sherwin-Williams Company (US)
Drivers, Restraints, Opportunities and Challenges in Green Coatings Market:
- Driver: Increasing focus on health and sustainability brings “going green” idea into greater limelight
- Restraint: Availability and cost of specialized raw materials needed for green coatings
- Opportunity: Rising demand for renewable raw materials
- Challenge: To develop synthetic technologies that possess little or no toxicity to human health and environment
Key Findings of the Study:
- Wood coatings is the second fastest-growing segment of the overall Green coatings market.
- China is the largest Green coatings market in Asia Pacific during the forecast period.
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Asia Pacific accounted for 49.6%, in terms of value, of the global Green coatings market in 2021. The strong growth in the region is highly attributed by increasing economic growth rate, followed by heavy investment across different application areas, such as automotive, consumer goods & appliances, building & construction, and furniture. Asia Pacific region is witnessing an increased demand for high-end cars due to increasing purchasing power of consumers and large-scale investments in the automobile sector in the region.
With the growing population and increasing migration of population to the developed nations, the construction industry is estimated to develop substantially in the near future. It allows the architectural application to have the largest market share of Green coatings market. Architectural green coatings possess various favorable properties, such as high corrosion and temperature resistance, increased durability of end-products, and low fire-hazards risk; and thus, are preferred for use in various commercial and industrial applications.
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AkzoNobel N.V. (Netherlands), PPG Industries (US), Axalta Coating Systems (US), BASF SE (Germany), and The Sherwin-Williams Company (US) are the key players in the global Green coatings market. These top 5 players together accounted for a share of 45-50% of the total Green coatings market, while the rest was secured by small and medium-sized enterprises in 2021.
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