An increase in the demand for waterborne and powder technologies for the replacement of solvent-borne coatings are driving the market demand
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.
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Top Companies: 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.
Further key findings from the report suggest
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.
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Market Segmnetation:
Type Outlook (Revenue, USD Billion; 2017-2027)
- Powder
- Water-Borne
- UV-cured coatings
- High-solids
Application Outlook (Revenue, USD Billion; 2017-2027)
- Industrial Coatings
- Wood Coatings
- Architectural Coatings
- Packaging Coatings
- Automotive Coatings
- Others
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
- Online
- Offline
Regional Outlook:
North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
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Key questions covered in the global Green Coatings market report:
- What is the expected market size of the global Green Coatings market during the forecast period?
- What factors are expected to hamper global Green Coatings market growth over the forecast period?
- What key factors are expected to drive global revenue growth between 2021 and 2028?
- Which application segment is expected to dominate other application segments over the forecast period?
- Which region is expected to dominate in terms of revenue during the forecast period?
- What are the key outcomes of Porter’s Five Forces analysis and SWOT analysis?
- Which leading players are operating in the global Green Coatings market?
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