Green Coating Market: Information by Type (Powder Coatings, Radiation Cure Coatings, Waterborne Coatings, High Solids Coating, and Others), End-Use Industry (Industrial, Architectural, Automotive, Packaging, and Others), and Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa) - Global Forecast till 2030
ID: MRFR/CnM/1485-HCR | February 2021 | Region: Global | 140 pages
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Market Overview:
The Green Coating Market was valued at USD 87.46 billion in 2018 and is expected to register a CAGR of around 6.1% during the forecast period, 2019-2025.
Covering the surface of an entity is referred to as coating if a coating doesn’t release any product that is harmful to the environment or any individual, the coating can be identified as a green coating. Because of the presence of ultra-low or zero volatile organic compounds (VOCs), the demand for green coating has increased in the last decade. Furthermore, the growing trend towards the need of reducing the VOCs in the paints and the government regulations being more rigid towards the VOCs laws, on both the regional and the global level. Moreover, being an environment-conscious product the green coating has intrigued the customer's interest in the market which is increasing continuously, as consumers are getting aware about the health risk from the exposure of VOCs, which is fueling the demand for the green coatings in the market. Henceforth, propelling the growth of the global green coating market. For instance, companies such as PPG Industries, Inc. doing green practices for the fabrication of their products by following the government regulations according to Leadership in Energy & Environmental Design (LEED) criteria, driven by the consumer desire for low-odor interior finish and better indoor air qualities.
Market Segmentation
The global green coating market has been segmented based on type, end-use industry, and region.
By type, the global green coating market has been categorized as powder coatings, radiation cure coatings, waterborne coatings, high solids coating, and others. The waterborne coating held the largest market share in 2018.
Based on end-use industry, the global green coating market has been segregated into industrial, architectural, automotive, packaging, and others. The architectural coating segment has the most considerable contribution in the global green coating market due to the growing building & construction industry, along with the policies of environment agencies to keep them eco-friendly.
Key Players
Some of the key players operating in the global green coating market are AkzoNobel NV (Netherlands), Asian Paints (India), BASF SE (Germany), Berger Paints India Limited (India), Jotun (Norway), PPG Industries Inc. (US), The Sherwin-Williams Company (US), Kansai Paint Co. Ltd (Japan), Masco Corporation (US), Valspar (US), RPM International Inc. (US), Tikkurila OYJ (Finland), Nippon Paint Holdings Co., Ltd (Japan), AXALTA (US), Walter Wurdack Inc. (US), GLOBAL Encasement, Inc. (US), and Daw SE (Germany).
Regional Analysis
The global green coating market has been cataloged into five regions, namely North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The Europe region held the largest market share for green coating in 2018. Owing to the government regulations towards limiting the usage of VOCs in the painting segment due to health and environmental risks caused because of the formation of aerosols, produce when VOCs reacts with NOx besides the concern of the consumer to have a better indoor air quality have led to the surging demand of green coating in the region. Moreover, having the most significant automotive and packaging market has driven the overall growth for the green coating in the regional market.
The Asia-Pacific region is the fastest-growing region for the green coating during the forecast period owing to the rapid industrialization and improving the gross domestic product (GDP) per capita has changed the standard of living of individuals, with now people being concerned for their health and hygiene and are spending on better quality of products. Therefore, shifting towards green coating over normal coating hence propelling the growth of green coating in the regional market.
North America has a prominent share in the global green coating market which is attributed to the fact the environment agencies in the region are very meticulous about the VOCs laws which stimulate the manufactures of the paint and coating segment for the adoption of green coating besides this the R&D sector of the region is continuously improvising their products to make it more sustainable. For Instance, a chemist from brock university Canada has developed a green coating that protects the metal from corrosion.
Latin America is expected to witness a positive growth in the green coating market owing to the changing the lifestyle of individuals due to improving GDP per capita of countries such as Bolivia, Chile, and Costa Rica.
The Middle East & Africa region due to its growing industrial and architecture industry is witnessing healthy growth in the global green coating.
Intended Audience:
Green coating manufacturers
R&D sector
Traders and distributors of green coating
Production process industries
Potential investors
Raw material suppliers
Report Scope:
| Report Attribute/Metric | Details |
|---|---|
| Market Size |
|
| CAGR | 6.1%(2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Historical Data | 2019 & 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, End-Use Industry and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | AkzoNobel NV (Netherlands), Asian Paints (India), BASF SE (Germany), Berger Paints India Limited (India), Jotun (Norway), PPG Industries Inc. (US), The Sherwin-Williams Company (US), Kansai Paint Co. Ltd (Japan), Masco Corporation (US), Valspar (US), RPM International Inc. (US), Tikkurila OYJ (Finland), Nippon Paint Holdings Co., Ltd (Japan), AXALTA (US), Walter Wurdack Inc. (US), GLOBAL Encasement, Inc. (US), and Daw SE (Germany). |
| Key Market Opportunities | As consumers are getting aware about the health risk from the exposure of VOCs, which is fueling the demand for the green coatings in the market. |
| Key Market Drivers | The growing trend towards the need of reducing the VOCs in the paints and the government regulations being more rigid towards the VOCs laws |
Frequently Asked Questions (FAQ) :
The global green coatings market was valued at USD 87.46 billion in 2018.
The global green coatings market is expected to exhibit a solid 6.1% CAGR over the forecast period from 2019 to 2025.
The increasing awareness about the environmental damage caused by conventional coatings is the major driver for the global green coatings market.
Waterborne coatings hold the highest share in the global green coatings market.
The global green coatings market is dominated by architectural coatings.
