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. Green coatings, simply put, are paint coatings that are eco-friendly and have low VOC (volatile organic compound) content. Its manufacture includes eco-friendly base materials such as clay, milk, castor oil, soybean, and vegetable oil, among others. They do not emit any harmful chemicals. The key industries for such coatings include product finishes, packaging, wood, automotive, and architectural, to name a few.
Various factors are propelling the Green coating market. These factors, as stated by the latest Market Research Future (MRFR) report, include increasing use of radiation cure coatings, innovations in coating technology, increase in awareness about sustainable products, increasing awareness about VOC emissions, and increasing use in various end use industries especially automotive and architectural application. Additional factors propelling market growth include burgeoning demand for powder and waterborne technology for replacing solvent-borne coatings, strict government regulations related to VOC, and increasing popularity of green building standards.
On the flip side, the availability of several substitutes and volatility in the cost and availability of raw materials are some factors that are likely to hamper the Green coating market growth over the forecast period.
Market Segmentation
The Market Research Future report provides an all-inclusive segmental analysis of the Green coating market on the basis of end use industry and type.
Based on type, the Green coating market is segmented into high solids coating, waterborne coatings, radiation cure coatings, powder coatings, and others. Of these, the waterborne coating segment will lead the market over the forecast period.
Based on end use industry, the Green coating market is segmented into packaging, automotive, architectural, industrial, and others. Of these, the architectural coating segment will dominate the market over the forecast period on account of the policies laid down by the environment agencies for keeping them eco-friendly and the booming building and construction industry.
Regional Analysis
The Green coating market is geographically distributed across Europe, Latin America, North America, the Middle East and Africa, and the Asia Pacific. Of these, Europe will lead the Green coating market during the forecast period. Factors pushing the growth of the Green coating market in the region include government regulations to limit the use of VOCs owing to environmental and health risks, consumers' concern for better air quality, and the booming packaging and automotive market in the region.
The Green coating market in the APAC region is predicted to be the fastest-growing during the forecast period. Factors pushing the growth of the Green coating market in the region include a shift towards green coating, increasing spending on superior quality products owing to growing concerns for health and hygiene, rapid industrialization, and improved standards of living.
The Green coating market in North America is predicted to have a notable growth over the forecast period. Factors pushing the growth of the Green coating market in the region include the research and development sector constantly improving their products for making it sustainable and the environment agencies being highly meticulous regarding VOCs laws.
The Green coating market in Latin America is predicted to have a positive growth over the forecast period due to changing lifestyles coupled with improving GDP per capita of Costa Rica, Chile, and Bolivia.
The Green coating market in the MEA is predicted to have a healthy growth over the forecast period for its booming architecture and industrial industry.
Key Players
Prominent players profiled in the Green coating market report include Daw SE (Germany), GLOBAL Encasement, Inc. (US), Walter Wurdack Inc. (US), AXALTA (US), Nippon Paint Holdings Co., Ltd (Japan), Tikkurila OYJ (Finland), RPM International Inc. (US), Valspar (US), Masco Corporation (US), Kansai Paint Co. Ltd (Japan), The Sherwin-Williams Company (US), PPG Industries Inc. (US), Jotun (Norway), Berger Paints India Limited (India), BASF SE (Germany), Asian Paints (India), and AkzoNobel NV (Netherlands).
Industry News
August 2019: Material Kitchen has recently expanded its product line with the 29-collection comprising of pans that have been made for day to day use and built to last long. These pans are oven-safe, dishwasher safe, lead-free, have a beautiful green coating, and above all offer a lifetime warranty.
Browse the Complete Report: https://www.marketresearchfuture.com/reports/green-coating-market-2017
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