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Rapid infrastructural development in emerging economies fuels demand for waterborne green coatings, driven by industrial, automotive, and construction sectors.
NEWARK, DELAWARE, UNITED STATES OF AMERICA, November 28, 2023 /EINPresswire / -- According to the research report published by Future
market Insights, the global green coating market is projected to be worth US$ 131.27 billion in 2023. It is likely to reach a valuation of US$ 213.83 billion by 2033. The market is anticipated to showcase an average CAGR of 5% from 2023 to 2033. The increasing awareness and emphasis on adopting sustainable solutions are expected to boost market growth during the forecast period.
Green coatings are environmentally friendly and emit low or no volatile organic compounds during manufacturing. Since green coatings emit only seldom VOCs, they are suitable for a wide range of applications across several industries including construction, automotive, aerospace, oil & gas, mining, maritime, and others. The mushrooming demand for zero VOC coatings across these industries is predicted to significantly contribute to the market's expansion.
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The increasing infrastructural development across developing nations such as India, Brazil, China, Italy, and others is expected to create lucrative growth opportunities. The increasing product demand in industrial and automotive applications across these nations is likely to create high demand for waterborne green coatings. Additionally, the rising construction industry is expected to foster growth in the market. Green coatings are used in construction activities as they uplift indoor air quality and promote healthier living and working environments. They are applied on panels, windows, roofs, interior extrusions, and walls as decorative and protective paints.
The rising innovations and developments in production methods are expected to boost market development in the coming years. The development of green coatings with improved properties, such as increased adhesion, durability, and weather resistance, is predicted to generate higher revenues. Furthermore, the increasing implementation of government regulations in the coatings industry is expected to bode well for the market. Several nations have implemented regulations and certifications, such as Leadership in Energy & Environmental Design (LEED), to limit the use of VOCs and promote environmentally friendly coatings.
Key Takeaways from Green Coatings Market:
The green coatings market expanded at a CAGR of 4.8% from 2018 to 2022.
The global market size stood at nearly US$ 102.85 billion in 2018.
In 2022, the market witnessed significant growth, accounting for US$ 125.02 billion in 2022.
The waterborne technology segment in green coatings is poised to garner a huge market share.
The automotive industry is likely to be a huge contributor to the escalating green coatings demand.
The green coatings market in Asia Pacific is expected to expand swiftly during the forecast period. India is likely to be the frontrunner in the Asia Pacific region.
"Green Coatings, characterized by environmentally friendly formulations, have emerged as a sustainable alternative in the coatings industry. These coatings, often composed of low or zero volatile organic compounds (VOCs), prioritize eco-conscious practices without compromising performance. They contribute to a healthier planet by reducing air pollution and minimizing the ecological footprint associated with traditional coating applications." opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Top 10 Key Players in the Green Coatings Market
The Sherwin-Williams Company
Nippon Paint Holdings Co. Ltd.
Koninklijke DSM N.V.
Kansai Paint Co. Ltd.
BASF SE
Jotun
Akzo Nobel N.V.
Asian Paints Limited
Axalta Coating Systems Ltd.
Hempel A/S
Recent Developments Observed by FMI:
Nippon Paint China and BASF partnered in August 2022 to launch Joncryl HPB. It is the first water-based barrier coating that BASF has introduced for use in industrial packaging in China.
In August 2021, Dulux, a brand of AkzoNobel, introduced a USDA-certified super-premium interior emulsion in India. It is India's first paint made from biomaterials that purify indoor air.
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Market Segmentation
Market by Technology:
Radiation-cure Green Coatings
High-solids Green Coatings
Powder Green Coatings
Waterborne Green Coatings
Market by Application:
Green Coatings in Product Finishes
Green Coatings in Packaging
Green Coatings in Wood
High-performance Green Coatings
Industrial Green Coatings
Automotive Green Coatings
Architectural Green Coatings
Market by Region:
Green Coatings in North America Market
Green Coatings in Europe Market
Green Coatings in Asia Pacific Market
Green Coatings in Latin America Market
Green Coatings in the Middle East & Africa Market
Authors by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in the Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Ankush Nikam
Future Market Insights, Inc.
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