According to the latest report by IMARC Group, titled “Green Coatings Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027″ The global green coatings market reached a value of US$ 81.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 107.5 Billion by 2027, exhibiting a CAGR of 4.76% during 2022-2027.
Green Coatings Market Industry Definition and Application:
Green coatings are eco-friendly coatings that emit almost negligible volatile organic compounds (VOCs) during the production process. These glazes are manufactured using naturally obtained materials, such as soybean, milk, vegetable oil, castor oil, clay, etc. Some common product variants include high solid paints, radiation-hardened coatings, water-based paints, powder coatings, etc. Green coatings aid in improving the overall efficiency of the equipment and minimize the adverse effects of infrared and ultraviolet (UV) radiations. As a result, they find wide applications across several industries, including automotive, mining, aerospace, construction, oil and gas, aviation, marine, etc.
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Green Coatings Market Trends and Drivers:
The expanding construction industry and elevating levels of industrialization are primarily driving the green coatings market. They are extensively used as protective and decorative paints on walls, panels, door frames, roofs, windows, interior extrusions, etc. Furthermore, the growing environmental awareness and the increasing demand for powder-based and waterborne coatings are catalyzing the market growth. As compared to the conventionally used solvent-borne coatings, these variants are block resistant, VOC-free, not harmful for human health, etc. Moreover, numerous product innovations, including the introduction of radiation curable coatings, are contributing to the market growth. They are produced using plant-based sources and are processed under ultraviolet (UV) radiations or low energy electrons (EB). Besides this, the implementation of favorable government policies to promote sustainability is expected to bolster the market growth in the coming years.
Green Coatings Market Segmentation:
The report has segmented the market on the basis on region, type and application.
Breakup by Type:
- High Solid
- UV Cured
Breakup by Application:
- Architectural Coatings
- Industrial Coatings
- Automotive Coatings
- Wood Coatings
- Packaging Coatings
Breakup by Region:
- North America:( United States, Canada)
- Asia-Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the Major Green Coatings Market Key players?
The report provides a detailed analysis of the market leaders, including.
- Akzo Nobel N.V.
- Asian Paints Limited
- Axalta Coating Systems Ltd.
- BASF SE
- Hempel A/S
- Kansai Paint Co. Ltd.
- Koninklijke DSM N.V.
- Nippon Paint Holdings Co. Ltd.
- PPG Industries Inc
- The Sherwin-Williams Company.
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