LONDON, Feb. 1, 2023 /PRNewswire/ -- The Global Green Coatings Market is expected to reach a valuation of USD 96.36 billion by 2028 from USD 71.52 billion in 2021, registering a CAGR of 4.35% over the assessment timeline of 2022-2029.
Green coatings are sustainable entities that are made using natural ingredients. Therefore, they do not emit toxic compounds during the manufacturing process and are considered to be eco-friendly in nature. Castor oil, clay, vegetable oil, milk, and soybean, just to name a few are some of the prime ingredients used to make green coatings. Apart from that, they are also known to contain antimicrobial properties and are equipped with the ability to protect the substrate from ultraviolet and UV radiations.
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Global Green Coatings Market Outlook (2022-2029)
The growing environmental cognizance among the masses, increasing pollution levels, and stringent emission regulations across various nations are the primary factors aiding the expansion of this business vertical.
Furthermore, rising awareness about the health hazards caused by synthetic coatings and widespread urbanization are creating lucrative opportunities for this market vertical to prosper.
Alongside, increasing advancements in coatings technologies, rise in the number of infrastructural projects, and surging disposable income level of the masses are adding momentum to the progression of the Global Green Coatings Market.
On the contrary, volatility in raw material costs is hindering the remuneration scope of this business vertical.
Also, the outbreak of the COVID-19 pandemic hampered the development of this marketplace. Due to lockdown impositions, the mobility of masses was restricted. Commercial activities were halted for an indefinite period. Green coatings are generally adopted by a wide array of industries including automotive, consumer electronics, and construction, among others. But, in the wake of the strict lockdowns most of these industries stalled their manufacturing activities. This in turn decreased the demand of green coatings across the globe.
Competitive Hierarchy
The prominent players characterizing the competitive terrain of the Global Green Coatings Market are Akzo Nobel N.V., Arkema Group, Asian Paints Limited, Axalta Coating Systems Ltd., BASF SE, Berger Paints India Limited, Jotun A/S, Lifetime Green Coatings, PPG Industries, and The Sherwin-Williams Company.
These companies are aimed at strengthening their position in the global market. Therefore, they are adopting robust business centred strategies solidify their footprint in this industry and enhance their profit trajectory.
Segmental Outlook
By Type
- Waterborne Coatings
- Powder Coatings
- High-Solids Coatings
- Radiation Cure Coatings
By Application
- Architectural Coatings
- Industrial Coatings
- Automotive Coatings
- Wood Coatings
- Packaging Coatings
- Other
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Region-Wise Outlook
Asia Pacific is reckoned to lead the industry in terms of volume share. This is attributable to the rising concerns about global warming, widespread industrialization, and presence of prominent players pertaining to this industry.
North America is slated to account for a significant revenue share over the estimated timeframe. This is credited to the increasing environmental awareness among the masses, technological advancements in the field, and stringent emission regulations.
Category-Wise Insights
The waterborne coatings segment has emerged as one of the fastest growing type segments in this marketplace. This is ascribed to the rising adoption of waterborne coatings in the architectural sector.
The automotive coatings segment is projected to showcase remarkable growth trends over the analysis timeline owing to the booming automotive industry, growing per capita income levels, widespread economic developments, and prompt urbanization.
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Comparing the historical outlook and ongoing trends of this market
The growth of this market vertical is being propelled by a wide array of expansion propellants which have emerged over time.
Due to rising concerns about global warming and other environmental hazards, there has been a shifting inclination of the masses towards the adoption of eco-friendly products pertaining to numerous verticals. Traditional coatings emit VOC gases during the manufacturing process which is quite harmful for the environment. These emissions when inhaled by people or animals lead to the occurrence of cardiovascular and respiratory diseases. This has necessitated the adoption of eco-friendly coating options across the globe. These factors together are stimulating the overall dynamics of this business sphere.
Green coatings are being used across a wide range of applications. Entities like cars, electronic devices, furniture, ceilings, doors, airplanes, and marine vehicles, just to name a few are coated with paints and other forms of coatings to enhance their aesthetic appeal while protecting them from external environmental contaminants. With growing environmental concerns, the related industries are opting for green coating options for their products with an aim to minimize environmental pollution as well as health hazards. This in turn is adding traction to the development of this industry vertical.
On Special Requirement Green Coatings Market Report is also available for below region:
- U.S, Canada
- Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe
- South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
- Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
Major Developments
In August 2021, Akzo Nobel India announced the launch of its USDA certified bio-based paint named 'Dulux Better Living Air Clean Biobased'. This paint is known to have been equipped with the ability to purify indoor air.
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