An increase in the demand for waterborne and powder technologies for the replacement of solvent-borne coatings are driving the market demand.
Market Size – USD 138.54 Billion in 2019, Market Growth – CAGR of 6.3%, Market Trends –Increased demand from developing nations.
The global Green Coatings Market is forecast to reach USD 219.24 Billion by 2027, according to a new report by Reports and Data. The market is finding applications in the developed as well as developing nations owing to the increasing environmental regulations. The continuous growth in concern regarding the impact of the volatile organic compounds on the environment has led environment agencies to force manufacturers to reduce their VOC content in their product. Thus, there is an increase in demand for green coatings from end-users.
The increasing application of these types of coatings in architecture is also encouraging demand. Major factors encouraging the growth of the market in developing nations are increasing government support for the extension of urban development and a rise in the standard of living, which in turn increases the demand for safe and comfortable living and rising population. Factors affecting the green coatings are the rising price for raw material, and their volatility is expected to hinder the market growth. Furthermore, the raw material industry of the green coating market is on the verge of consolidation that intensify the bargaining power of suppliers and affects the market growth negatively.
Furthermore, the report is furnished with the latest impact of the COVID-19 pandemic on the market. The pandemic has affected every segment of the market, along with bringing disruption in the supply chain, demands & trends, and financial difficulties. The report covers the initial and future assessment of the COVID-19 impact on the market.
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The report covers the market dynamics analysis, company profiles, production and manufacturing capacity, product specifications, product value, and key players. The report also offers an insight into the growth prospects during the forecast period. The Green Coatings Market report also offers detailed data on the key market players to impart a deeper understanding of the competitive landscape. The report focuses on the key market elements to ensure the readers gain a competitive advantage and maximum benefit of the market data to assist them in achieving substantial growth and an advantageous position in the global market.
Key findings of the report:
- Waterborne coatings are forecasted to hold a market share of 72.9% in the year 2027. These types of coatings are beneficial to the environment. It meets the United States and European regulations regarding volatile organic compound (VOC) emission. Waterborne coatings produce VOC content of fewer than 3.5 pounds per gallon.
- Auto manufacturers, for the past few years, are switching to paints with lower VOCs in an effort to ensure worker safety as well as reduce the environmental effects of the coatings. While the EPA regulates the level of VOC from the automotive manufacturing industries and auto body shops, there are still no federal standards or regulations that can regard the paint product themselves as “low-VOC.”
- A large number of non-profit organizations such as Greenguard and Green Seal, which conduct thorough evaluations and award “green labels” to manufacturers that pass their stringent guidelines.
- In China, the Volatile organic compounds (VOC) legislation for wood coatings is propelling the demand for conversion from solvent-borne Nitrocellulose (N.C.) or P.U. Technology to U.V. technology and waterborne. The Asia Pacific region is anticipated to grow with the highest CAGR of 7.0% in the coming years.
- Key participants include PPG Industries, BASF SE, The Sherwin-Williams Company, AkzoNobel N.V., Kansai Paint Company Limited, The Valspar Corporation, Nippon Paint Company Ltd., Arkema SA, Asian Paints Limited, and Evonik Industries, among others.
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For the purpose of this study, the global Green Coatings market has been segmented on the basis of disease type, application, distribution channel, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
- UV-cured coatings
Application Outlook (Revenue, USD Billion; 2017-2027)
- Industrial Coatings
- Wood Coatings
- Architectural Coatings
- Packaging Coatings
- Automotive Coatings
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
By Region (Revenue, USD Million; 2017-2027)
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
Key Coverage of the Report:
- An in-depth analysis of the historical years and the forecast period has been offered in the report
- Green Coatings Market dynamics, including key drivers, challenges, restraints, threats, and growth opportunities have been analyzed in reports
- SWOT analysis and Porter’s Five Forces analysis with feasibility analysis and investment return analysis
- Competitive landscape benchmarking along with a comprehensive overview of their company profiles, product portfolios, strategic business decisions, and financial standings
- The report covers mergers and acquisitions, product launches and brand promotions, joint ventures, collaborations, and partnerships among few
- Pictorial representation of the key statistical data into graphs, tables, charts, diagrams, and figures
- An in-depth analysis of the current and emerging market trends and developmental patterns
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