According to the latest research report “Green Coatings Market: By Type of Formulation (Water-Borne, Powder, High Solids and Ultra-Violet ); By Application (Architectural, Automotive, Industrial, Aerospace and Others) & Geography -Forecast (2017-2021)” published by IndustryARC, estimates the market to reach $50.71 billion by 2021.
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Green coatings usage has been increasing rapidly in architectural as well as automotive sectors owing to rising number of rules and regulations across the globe more precisely in European and American region. EU’s economy of paints and coatings had been influenced largely due to the VOC emission laws and regulations. Its use in architectural industry as low VOC coatings has been increasing tremendously as its leaves less environmental footprint and is relatively harmless towards human health.
Based on types of formulations upon which green coatings are prepared commercially, the market of green coatings is segmented into water-base, powder, high solids and ultra-violet. High percentage of high solids and powder coatings are into green products as they don’t have any or very less volatile compounds which are emitted after curing. However the use of water-borne coatings as green coatings is more owing to its compatibility to be used as architectural paints and coatings for both interior as well as exterior coatings. Automotive industry is also using powder based green coatings to some specific auto parts such as rear-view and side mirrors which have propelled the market in automotive sector. Moreover major players are making significant investment in R&D, followed by new product launches. The companies that deal with architectural green coatings are consistently focusing to develop new waterborne coatings with different formulations that have antibacterial and anti-odor properties with them and that follows the regulatory environmental standards defined by EPA, REACH and many more.
Growing trend of low VOC coatings in architectural as well as automotive sectors along with stringent VOC emission regulations is propelling the market of green coatings across the globe.
The global green coatings market is forecasted to reach $50.7 billion with a CAGR of 8.17% across the globe out of which APAC is estimated as the highest growing region. Solvent based systems are a course of potentially hazardous emissions called VOCs which react with oxygen and damage the ozone layer. The prevailing environmental concerns are propelling a switch from solvent-based to water-based low VOC coatings. Although solvent based coatings are less susceptible to environmental conditions such as temperature and humidity during the curing phase but green coatings are more researched upon so that it can also withstand extreme conditions.
The market of green coatings has been segmented into Americas, Asia-Pacific, Europe and Rest of the World (RoW) on basis of regions. In 2016, Europe has proved to be the most prominent region for green coatings market and is estimated to grow with CAGR of 8.09% during the forecast period. The growth in Europe is firstly due to the stringent regulations that mandated the VOC emission limits and also because of the rising awareness among common people due to the various environmental organizations that effectively showcased the bad impact of solvent based high VOC coatings on environment and ultimately on human health. However, considerable green coatings demand in Americas along with European countries is boosting the overall market.
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The Prominent Players in this Market Include
- PPG Industries
- The Sherwin Williams Company
- Akzonobel N.V.
- The Valspar Corporation
- Jotun
Companies manufacturing green coatings although don’t have quite a broad range of products as because the market is in its expanding phase but it is highly hopeful that these companies will have quite a broader product portfolio owing to the recent innovations and huge R&D. Acquisition of the Valspar Corporation by the Sherwin Williams Company made Sherwin Williams as one of the major players in these industry. As the market is quite recent major players are mainly focusing upon product launches and new innovations to have a good grip of the market that will help them in the future run of this market which will be much more competitive than the present market scenario.
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