The market dynamics of the Green Coating market are changing rapidly, the driving force being the high rate of environmental awareness and the wide demand for sustainable products. Green coatings, also known as “eco-friendly” coatings, have low volatile organic compounds (VOCs), which means that they do less harm to the environment than the usual coatings. A critical factor for market growth is the environmental regulation by customs worldwide, forcing industries to undergo their processes in an environmentally sustainable manner. Thus they are experimenting with new green coating technologies that are both adherent to regulations and gratify customers' expectations.
The consumer understanding and preferences have a core influence on the environment of the Green Coating sector. Consumer awareness about the environmental cost of products is driving consumers to choose eco-friendly coatings over traditional material. In such a transition of the consumer behavior to become eco conscious, there is a tendency by manufacturers to integrate sustainable practices along the supply chain. Organizations that put transparency first and convey its strong pro-nature products would probably outstrip their competitors in the market. Given the fact that consumers are increasingly buying products which are relatively environmentally friendly, the green coatings industry is expected to grow substantially.
Factors like innovation and technology keep coming up as contributors to the market dynamics. Manufacturers are researching into green coatings that not only comply with the environmental standards but at the same time they have excellent durability and performance. Nanotechnological developments, bio-based materials, and water-borne formulations serve to make complete green coatings high performing. These innovations have sought to address the trade off between sustainability and performance which has, in turn, been making the green coatings more enticing to a number of industries, including automotive, construction and industrial.
The world is increasingly emphasizing on efficient development which is leading to collaborations and partnerships within the Green Coating industry. Companies are now collaborating with each other to develop a strategic alliance in research, production, and distribution. These partnerships allow for exchange of knowledge and resources, thus leading into the creation of more advanced and eco-friendly green coating technologies. Moreover, connections with academic institutions and environmental groups make it easier for the industry to produce environmentally-friendly and sustainable goods/products.
Green Coating Market Highlights:
Green Coating Market Overview
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.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 manufacturersR&D sectorTraders and distributors of green coatingProduction process industriesPotential investorsRaw material suppliers
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