Green Coatings Market

The progression of the global green coatings market has been noteworthy recently. The report would closely examine the key growth influencers that are likely to determine the growth prospects of the market in the near future.

Market Analysis in Brief

This study intends to analyse diverse aspects of the global green coatings market. The insights offered in this report are expected to aid in market growth examination over the forecast timeline. In 2022, the green coatings industry reflected modest growth and per industry figures, it stood at around US$120 Bn in terms of value. According to preliminary study carried out by Fairfield Market Research, the market will maintain a stable growth outlook in the near-term period.

Key Report Findings

• Rising awareness regarding volatile organic compounds (VOCs) emissions to fuel the demand for green coatings
• Functional advantages of green coatings to trigger adoption in different applications
• High costs, and availability of sustainable material alternatives on the market will hinder the growth of green coatings industry
• Water borne coatings to capture a major share of the green coatings market valuation
• Asia Pacific to remain an optimistic revenue pocket for green coatings manufacturers

Growth Drivers

Environment and Health Concerns, and Strict Anti-VOC Regulations

The popularity of green coatings is increasing as environmental regulations become more stringent across the globe. Awareness regarding harmful effects of emissions from volatile organic compounds and rising global warming has resulted in a shift towards environment friendly coatings from solvent borne coatings. This has fuelled the adoption of different green coatings such as water borne coatings, powder coatings, UV curable coatings and high solids as they contain less or no amount of solvents which evaporate during curing phase.

In addition, government authorities are promoting use of environment friendly products and implementing strict regulations against VOCs. In this backdrop, coating manufacturers are carrying out green manufacturing practices to develop green coatings. This factor remains instrumental in bolstering the growth of the green coatings market worldwide.

Perceived Benefits of Green Coatings

Apart from environment friendly properties and low VOC emissions, green coatings have been gaining traction owing to few other functional advantages. Benefits such as high service life, increased protection against high wind events, improved fire resistance and high chemical resistance have pushed the use of green coatings in several end-use applications. These factors continue to influence the growth of the global green coatings industry.

Growth Challenges

Cost Factor to Emboss a Negative Impact

Albeit a rise in demand for green coatings owing in awareness about issues such as global warming, impact of hazardous gases on individual health and climate change, their market has been undergoing few challenges. From an economical standpoint, the cost of sustainable or renewable material is significantly high as compared to their conventional counterparts such as petrochemical products.

Moreover, the accessibility of specialty raw material used in sustainable coatings is another factor undermining the growth of the green coatings market. Also, manufacturing of green coatings involves several complex processes that also pitch-in to the overall cost of manufacturing of these products. That said, questionable availability of sustainable raw material and high overall costs continue to challenge the growth of the market.

Overview of Key Segments

Water Borne Type Segment to Account for a Significant Value Share

The demand and sale of water borne green coatings is expected to increase at a considerable pace in the following years. End users are switching from solvent borne green coatings to their water borne counterparts in a bid to reduce or eliminate the VOCs released from the former. Water borne green coatings could be used across multiple applications and can be applied on a variety of substrates such as concrete, wood, plastics, and metal. This attribute of green coatings has made them an apt choice for architectural applications including adhesives, sealants, and interior and exterior coatings among others.

In addition, other properties of green coatings such as high durability, high block resistance and low odour have made them the most sought after alternative in the coatings space. This is expected to augur well for the water-borne segment, which consecutively is poised to largely contribute towards the revenue growth of the green coatings market on the global front.

Growth Opportunities Across Regions

Asia Pacific to Prevail as a Lucrative Hotbed

Emerging economies in Asia Pacific region are poised to showcase high growth potential in the green coatings market. The demand for green coatings across a multitude of applications including automotive coatings, wood coatings, architectural coatings and industrial coatings among others has been on an upswing since past few years. The growth of the green coatings market across countries such as India, and China has been rampant and is expected to maintain status quo going forward. Stringent regulations apropos to environment health and VOC emissions coupled with increasing awareness among individuals regarding hazardous impact of VOC on environment is expected to drive the market growth. In addition, the growing construction industry is likely to give an impetus to the sales of green building materials such as green coatings owing to their functional benefits such as anti-rust and climate-friendly properties. They are widely used as they offer protection to sliding surfaces and roof from typical weathering and ultraviolet degradation.

In addition, they also provide protection against natural calamities like hurricanes, and typhoons by creating a seamless monolithic membrane on the surface. This has pushed their use in the construction industry to a significant extent. Furthermore, Asia Pacific is considered as the hub of manufacturing and has attracted several industries owing to various aspects such as cheap land and labour, favorable business and legal environment, and large customer pool. This has paved potential pathways of growth for different sectors and coating industry is no exception. In this backdrop, high lucrativeness of Asia Pacific and presence of major players across industries is expected to bode well for the green coatings market in the forthcoming years.

Green Coatings Market: Competitive Scenario

A few of the major players in the green coatings market include AkzoNobel N.V., PPG Industries, Arkema Group, BASF SE, The Sherwin Williams Company, Axalta Coating Systems, Asian Paints Limited, Berger Paints India Limited, Lifetime Green Coatings, Kansai Paint Co. Ltd., Jotun, Valspar Corporation, and Royal DSM.

Regional Classification of the Global Green Coatings Market is Described Below:

North America

• U.S.
• Canada

Europe

• Germany
• France
• Spain
• U.K.
• Italy
• Russia
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East and Africa

• GCC
• South Africa
• Rest of Middle East and Africa

*Regions and countries are subject to change based on data availability

Key Elements Included In The Study: Global Green Coatings Market

• Green Coatings Market by Product/Technology/Grade, Application/End-user, and Region
• Executive Summary (Opportunity Analysis and Key Trends)
• Historical Market Size and Estimates, Value and Volume, 2018 - 2022
• Volume Consumption at Regional and Country Level, 2023 - 2030
• Market Dynamics and Economic Overview
• Market Size in Value and Volume, Growth Rates, and Forecast Figures, 2023 - 2030
• Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
• Regional and Product/Grade/Application/End-user Price Trends Analysis
• Production Output Analysis (Major Producing Regions)
• Value Chain and Five Force’s Analysis
• Regional/Sub-region/Country Market Size and Trend Analysis
• Company Market Share Analysis and Key Player Profiles

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