New York, NY, April 18, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Green Coatings Market Share, Size, Trends, Industry Analysis Report, By Technology (Waterborne, Powder, High-solids, and Radiation-cure); By Application; By Region; Segment Forecast, 2023 - 2032” in its research database.
“According to the latest research analysis, the global green coatings market size/share is anticipated to be valued at approximately USD 121.27 Billion in 2022 and is projected to hit a revenue of around USD 186.17 Billion by 2032, at a CAGR of around 4.4% between 2023 and 2032.”
What are Green Coatings? How Big is Green Coatings Market Size & Share?
- Overview
Green coatings are eco-friendly coatings designed to reduce the emission of volatile organic compounds (VOCs) during production. Compared to conventional coatings, green coatings emit zero to very little VOC and are constructed from recyclable, biodegradable materials. Some of the most common options for green coatings include water-based paints, powder coatings, radiation-hardened coatings, and high-solid paints.
These environmentally friendly coatings are used in architecture, automotive, aerospace, and industrial. Several green coatings also include antibacterial characteristics that help the coating stay fresher for longer. These coatings are more stain-resistant than commercial ceramic coatings. The rising demand for water-borne and powder coatings to change solvent-borne coatings, primarily in automotive and industrial applications, is one of the prominent factors driving the green coatings market size.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report Covers:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 115+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Some of the Top Market Players Are:
- AkzoNobel N.V.
- PPG Industries
- Axalta Coating Systems
- BASF SE
- The Sherwin-Williams
- Valspar Corporation
- Royal DSM
- Kansai Paint
- Nippon Paint
- Koninklijke DSM N.V.
- Hempel A/S
- Chimar Hellas S.A.
- Eastman Chemical Company
- Berger Paints India Limited
- Sika AG
- Masco Corporation
- RPM International Inc.
- Water Wurdack Inc.
- Henkel AG & Co.
- KGaA
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Market Dynamics/ Growth Driving Factors:
- Focus on the environment: Increasing the emphasis of government on the environment is anticipated to accelerate the demand for eco-friendly products, which is propelling green coatings market growth.
- Increasing demand for architecture: Rising growth in the architectural industry across nations such as China, Japan, and India where the demand for green coatings continues to grow, is boosting the industry growth throughout the forecast period.
- Stringent regulations: A number of strict restrictions have been implemented by governments from both developed and emerging nations to the awareness of the adverse effects of VOC emissions, and the global warming market is further projected to see new growth prospects.
- Expansion of the construction industry: significant growth in the global building industry is also anticipated to have a favorable impact on green coatings industries as these coatings are widely utilized on walls, roofing, windows, door frames, internal extrusion, and panels.
- Demand for eco-friendly products: Rising fluctuation in demand from solvent-borne coatings to eco-friendly items such as waterborne, high-solids, and UV-curable coatings is another key factor supporting the market expansion. These types of products contain easy-to-evaporate solvents for the curing process, thus supporting the green coatings industry growth.
Top Report Findings
- Key Drivers: A combination of regulatory requirements and increasing consumer demand for sustainable products has led the government to focus on environmental protection.
- Key Segmentation: The market is primarily segmented based on technology, application, and region.
- Leading Region: Asia Pacific is expected to hold the fastest growth in the market.
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Top Trends Influencing the Market:
- High demand from end-use industries: A surge in developments in coating technology and rising demand for green solvents from various end-user sectors are expected to create new growth opportunities for the green coatings market in the coming years. For instance, in May 2022, The British Coatings Federations announced the introduction of Trace VOC Globe, which enables decorative paint producers to enhance consumer communication by emphasizing the lowest levels of VOCs.
- Product development: Several green coatings market key players are focusing on the development of high-performance coatings with minimal or no VOC and non-solvent-borne technologies that have good durability, which positively affects the green coatings market sales.
- Initiatives for the use of renewable resources: Favorable government initiatives for the acceptance and utilization of renewable resources are likely to dominate the market during the anticipated period. For instance, in China, BASF introduced its first and most recent biomass-balanced car paints in December 2022.
Segmental Analysis
- Waterborne segment held the largest green coatings market share in 2022
The major drivers driving the segment growth are the rising demand for the product in automotive and industrial applications in developing nations like Brazil and India and the early adoption of innovative technology in the manufacturing process in the region of North America and Europe. Additionally, the widespread use and prevalence of waterborne coatings in the architectural sector and infrastructure spending, and global economic expansion are some of the key green coatings market trends propelling the segment growth.
- Automotive segment witnessed the highest revenue share in 2022
The segment growth can be attributed to a surge in the usage of OEM coatings in automobile manufacturing due to their high durability and superb quality. OEM coatings also contain a number of mechanical qualities that shield autos against dents, chemicals, and the environment. Rise in demand for sustainable coatings product development, and the lowering of volatile organic compounds for effective resource and energy conservation as a result of strong environmental guidelines are contributing to the segment’s growth in the market.
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Green Coatings Market: Report Scope & Coverage
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 186.17 Billion |
| Market size value in 2023 | USD 126.36 Billion |
| Expected CAGR Growth | 4.4% from 2023 – 2032 |
| Base Year | 2022 |
| Forecast Year | 2023 – 2032 |
| Top Market Players | AkzoNobel N.V., PPG Industries, Axalta Coating Systems, BASF SE, The Sherwin-Williams, Valspar Corporation, Royal DSM, Kansai Paint, Nippon Paint, Koninklijke DSM N.V., Hempel A/S, Chimar Hellas S.A., Eastman Chemical Company, Berger Paints India Limited, Sika AG, Masco Corporation, RPM International Inc., Water Wurdack Inc., and Henkel AG & Co., KGaA. |
| Segments Covered | By Technology, By Application, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographic Overview:
Asia Pacific: The green coatings market demand in Asia Pacific is predicted to be fastest over the study period owing to the rapid economic growth, high consumer discretionary income, and sizable populations in nations like China and India, as well as a significant number of coating producers in China.
North America: In 2022, the region accounted for the highest market share. Due to the growing environmental concerns in nations like the US and Canada, there is a significant increase in the number of industrial operations and a strong presence of rigorous government restrictions governing VOC emissions. In addition, the development of manufacturing resources, expansion of sales & operations planning, rising customer base, and launch of new products by major manufacturers are supporting the regional market growth.
Browse the Detail Report “Green Coatings Market Share, Size, Trends, Industry Analysis Report, By Technology (Waterborne, Powder, High-solids, and Radiation-cure); By Application; By Region; Segment Forecast, 2023 - 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/green-coatings-market
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Recent Developments
- In June 2022, PPG Industries launched PPG ENVIROCRON LUM, a retroreflective powder coating for commercial use. It improves visibility in low-light settings, comes in various colors, and provides abrasion and chip resistance along with corrosion protection.
- Allnex announced its participation in Paint India 2022 in May 2022, showcasing its eco-friendly coating technologies and advancements for customers in the automotive, wood, metal, and transportation industries at JIO World Convention Center in India.
Some of The Important Questions Answered in the Market
- Which region offers the most rewarding open doors for the market?
- What are the business threats and variable scenarios concerning the market?
- Who are the significant players confronting and developing in the market?
- What is the projected size of the market?
- What are the opportunities and threats to which players are exposed in the market?
Polaris Market Research has segmented the green coatings market report based on technology, application, and region:
By Technology Outlook
- Waterborne
- Powder
- High-solids
- Radiation-cure
By Application Outlook
- Architectural
- Automotive
- Industrial
- High-Performance
- Wood
- Packaging
- Product Finishes
- Others
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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