Overview and Scope
Green coatings refer to coatings that are beneficial to the environment and produce essentially no volatile organic compounds (VOCs), and are derived from natural sources such as vegetable oil, soybean, castor oil, milk, and clay to reduce chemical content in paints. The green coatings are used to protect the surfaces of the roof and siding from UV deterioration and normal weathering and improve the efficiency of equipment employed in various industries, such as construction, automotive, oil and gas, mining, aviation, aerospace, and marine.
Sizing and Forecast
The green coatings market size has grown strongly in recent years. It will grow from $94.07 billion in 2023 to $102.28 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to environmental regulations, consumer awareness, government initiatives, shift toward sustainable practices, corporate sustainability goals, renewable resources in coating formulations..
The green coatings market size is expected to see strong growth in the next few years. It will grow to $138.72 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to economic incentives for green products, growing eco-friendly construction, demand from automotive sector, bio-based resins and polymers, shift to water-based coatings, climate change mitigation strategies.. Major trends in the forecast period include demand for low voc and voc-free formulations, adoption of uv-curable coatings, r&d in nanotechnology for coatings, collaboration between industry stakeholders, shift towards powder coatings..
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Segmentation & Regional Insights
The green coatings market covered in this report is segmented –
1) By Type: Waterborne Coatings, Powder Coatings, High-Solids Coatings, Radiation Cure Coatings
2) By Source: Vegetable Oil, Soy Bean, Castor Oil, Clay, Other Sources
3) By End-Use Industry: Industrial, Architectural, Automotive, Packaging, Other End-Use Industries
Europe was the largest region in the green coatings market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the green coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Significant growth in the construction industry is expected to propel the green coating market. The construction industry refers to the commercial sector of manufacturing and trade that deals with creating, maintaining, and repairing infrastructures. The construction industry is growing with the demand for green buildings that require bio-based paints and coatings to protect the environment and reduce pollution. For instance, according to data published by the United States Census Bureau, a US-based Federal Statistical agency, the total spending on industrial construction in the US was $1,762.3 billion in June 2022. According to PolicyAdvice, a United Kingdom-based company that provides insurance information, the total average annual spending on industrial construction in the US is $1.23 billion. Therefore, significant growth in the construction industry is anticipated to fuel the market in the upcoming years.
Key Industry Players
Major companies operating in the green coatings market report are Akzo Nobel NV, Axalta Coating Systems Ltd., BASF SE, PPG Industries Inc., The Sherwin Williams Company, Arkema Group, Asian Paints Limited, Berger Paints India Limited, Jotun A/S, Hempel A/S, Nippon Paint Holdings Co. Ltd., RPM International Inc., Kansai Paint Co. Ltd., Tikkurila Oyj, Sika AG, Valspar Corporation, The Dow Chemical Company, KCC Corporation, DAW SE, Eastman Chemical Company, BioShield Technologies Inc., Green Planet Paints, ECOS Paints, AFM Safecoat, Mythic Paint, Old Fashioned Milk Paint Co., Livos, Earthborn Paints, Auro Naturfarben, Lanxess AG
The green coatings market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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