The Green Coating Market is influenced by a panoply of market facets that impact its expansion to multidimensions. The main incentive behind the growth is a generally rising level of global cognizance and eco-concern which leads to a steady demand increase. As natural resource depletion is being seen as a problem with global significance, consumers and industries now search out sustainable solutions with green coating products, this pushing the demand for such products to climb. An important external factor in driving market is public policies and government regulations. Concomitantly to the recently launched policy plans of many countries is vigorous environmental regulation imposing the green manufacturing technology and production. This pressure for the regulations not merely does compliance with standards but also it results in a market environment which is quite friendly for green coatings.
In addition, businesses have been tending to favor corporate social responsibility (CSR), which has been driving this market growth. Companies are getting aware of the fact that they have to eventually align their resonsibly environment practices with the change in the customers’ preferences and society expectations. Due to this fact, it is obvious that organic paints are gaining more popularity with a wide range of companies from construction to automotive adopting the environmental friendly coating in order to be in line with sustainability targets. This is made even worse due to the increase of consumer knowledge where they now deliberately explore those products that have a positive environmental effect.
Technological progression in the equipment area is of great importance while developing the Green Coating Market. Valuable experiences from prior investments allow the development team to build on class-leading environmentally-friendly coatings. The industry has been in the dynamics of creating recoats of painting and they do a good job at meeting environmental standards but also with optical and structural qualities like durability, protection and much more. The development of eco-friendly alternative raw materials and associated weapons such as nanotechnology allows the emergence of new sustainable coatings with modified features. This innovative approach not only improves environmental conditions but also fulfills the design features and operating characteristics demanded by numerous downstream industries.
Economic factors are also important in the play of the market. When the laundry industry booms, its growth and success are dependent on the overall economy. Economies tend to grow, which in turn leads to a stronger infrastructure development and more construction activities in order to satisfy the trend for a bigger demand of green coatings. On another note, an economic slump can also have the result of stalling the market, while sectors are struggling to decide whether to expend limited funds or to prioritize cost-cutting.
Furthermore, the behavior and preferences of consumers give transitions to the market. The eco-wise trend is becoming among consumers as they choose more carefully what they will spend money. With the single principle that makes consumers more knowledgeable about the environmental aspects of products, they are approximately to decide to purchase the type of paint that subsequently fits their values.
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.
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Market Segmentation
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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. Â
Key Players
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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).
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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.
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Intended Audience:
Green coating manufacturersR&D sectorTraders and distributors of green coatingProduction process industriesPotential investorsRaw material suppliers
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