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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
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
Europe
Asia Pacific
Latin America
Middle East and Africa
1. Executive Summary
1.1. Global Green Coatings Market Snapshot
1.2. Key Market Trends
1.3. Future Projections
1.4. Analyst Recommendations
2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.1. Drivers
2.2.1.1. Driver A
2.2.1.2. Driver B
2.2.1.3. Driver C
2.2.2. Restraints
2.2.2.1. Restraint 1
2.2.2.2. Restraint 2
2.2.3. Market Opportunities Matrix
2.3. Value Chain Analysis
2.4. Porter’s Five Forces Analysis
2.5. Covid-19 Impact Analysis
2.5.1. Pre-covid and Post-covid Scenario
2.5.2. Supply Impact
2.5.3. Demand Impact
2.6. Government Regulations
2.7. Technology Landscape
2.8. Bio sourced and Renewable Raw Material Analysis
2.9. Suppliers - Bio sourced Green Coatings
2.10. Economic Analysis
2.11. PESTLE
3. Production Output and Trade Statistics, 2018 - 2022
3.1. Regional Production Statistics
3.1.1. North America
3.1.2. Europe
3.1.3. Asia Pacific
3.1.4. Latin America
3.1.5. Middle East & Africa
4. Price Trends Analysis and Future Projects, 2018 - 2030
4.1. Key Highlights
4.2. Prominent Factors Affecting Prices
4.3. By Technology
4.4. By Region
5. Global Green Coatings Market Outlook, 2018 - 2030
5.1. Global Green Coatings Market Outlook, by Technology, Volume (Tons) and Value (US$ Mn), 2018 - 2030
5.1.1. Key Highlights
5.1.1.1. Solvent-borne
5.1.1.2. Water-borne
5.1.1.3. Powder
5.1.1.4. UV/Radiation Cured
5.1.1.5. Misc.
5.2. Global Green Coatings Market Outlook, by End-user, Volume (Tons) and Value (US$ Mn), 2018 - 2030
5.2.1. Key Highlights
5.2.1.1. Architectural
5.2.1.2. Automotive
5.2.1.3. Aerospace
5.2.1.4. Wood Furniture
5.2.1.5. Industrial
5.2.1.6. Medical Devices
5.2.1.7. Marine
5.2.1.8. Misc.
5.3. Global Green Coatings Market Outlook, by Region, Volume (Tons) and Value (US$ Mn), 2018 - 2030
5.3.1. Key Highlights
5.3.1.1. North America
5.3.1.2. Europe
5.3.1.3. Asia Pacific
5.3.1.4. Latin America
5.3.1.5. Middle East & Africa
5.3.2. BPS Analysis/Market Attractiveness Analysis
6. North America Green Coatings Market Outlook, 2018 - 2030
6.1. North America Green Coatings Market Outlook, by Technology, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
6.1.1. Key Highlights
6.1.1.1. Solvent-borne
6.1.1.2. Water-borne
6.1.1.3. Powder
6.1.1.4. UV/Radiation Cured
6.1.1.5. Misc.
6.2. North America Green Coatings Market Outlook, by End-user, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
6.2.1. Key Highlights
6.2.1.1. Architectural
6.2.1.2. Automotive
6.2.1.3. Aerospace
6.2.1.4. Wood Furniture
6.2.1.5. Industrial
6.2.1.6. Medical Devices
6.2.1.7. Marine
6.2.1.8. Misc.
6.3. North America Green Coatings Market Outlook, by Country, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
6.3.1. Key Highlights
6.3.1.1. U.S.
6.3.1.2. Canada
6.3.2. BPS Analysis/Market Attractiveness Analysis
7. Europe Green Coatings Market Outlook, 2018 - 2030
7.1. Europe Green Coatings Market Outlook, by Technology, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
7.1.1. Key Highlights
7.1.1.1. Solvent-borne
7.1.1.2. Water-borne
7.1.1.3. Powder
7.1.1.4. UV/Radiation Cured
7.1.1.5. Misc.
7.2. Europe Green Coatings Market Outlook, by End-user, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
7.2.1. Key Highlights
7.2.1.1. Architectural
7.2.1.2. Automotive
7.2.1.3. Aerospace
7.2.1.4. Wood Furniture
7.2.1.5. Industrial
7.2.1.6. Medical Devices
7.2.1.7. Marine
7.2.1.8. Misc.
7.3. Europe Green Coatings Market Outlook, by Country, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
7.3.1. Key Highlights
7.3.1.1. Germany
7.3.1.2. France
7.3.1.3. U.K.
7.3.1.4. Italy
7.3.1.5. Spain
7.3.1.6. Russia
7.3.1.7. Rest of Europe
7.3.2. BPS Analysis/Market Attractiveness Analysis
8. Asia Pacific Green Coatings Market Outlook, 2018 - 2030
8.1. Asia Pacific Green Coatings Market Outlook, by Technology, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
8.1.1. Key Highlights
8.1.1.1. Solvent-borne
8.1.1.2. Water-borne
8.1.1.3. Powder
8.1.1.4. UV/Radiation Cured
8.1.1.5. Misc.
8.2. Asia Pacific Green Coatings Market Outlook, by End-user, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
8.2.1. Key Highlights
8.2.1.1. Architectural
8.2.1.2. Automotive
8.2.1.3. Aerospace
8.2.1.4. Wood Furniture
8.2.1.5. Industrial
8.2.1.6. Medical Devices
8.2.1.7. Marine
8.2.1.8. Misc.
8.3. Asia Pacific Green Coatings Market Outlook, by Country, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
8.3.1. Key Highlights
8.3.1.1. China
8.3.1.2. Japan
8.3.1.3. South Korea
8.3.1.4. India
8.3.1.5. Southeast Asia
8.3.1.6. Rest of Asia Pacific
8.3.2. BPS Analysis/Market Attractiveness Analysis
9. Latin America Green Coatings Market Outlook, 2018 - 2030
9.1. Latin America Green Coatings Market Outlook, by Technology, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
9.1.1. Key Highlights
9.1.1.1. Solvent-borne
9.1.1.2. Water-borne
9.1.1.3. Powder
9.1.1.4. UV/Radiation Cured
9.1.1.5. Misc.
9.2. Latin America Green Coatings Market Outlook, by End-user, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
9.2.1. Key Highlights
9.2.1.1. Architectural
9.2.1.2. Automotive
9.2.1.3. Aerospace
9.2.1.4. Wood Furniture
9.2.1.5. Industrial
9.2.1.6. Medical Devices
9.2.1.7. Marine
9.2.1.8. Misc.
9.3. Latin America Green Coatings Market Outlook, by Country, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
9.3.1. Key Highlights
9.3.1.1. Brazil
9.3.1.2. Mexico
9.3.1.3. Rest of Latin America
9.3.2. BPS Analysis/Market Attractiveness Analysis
10. Middle East & Africa Green Coatings Market Outlook, 2018 - 2030
10.1. Middle East & Africa Green Coatings Market Outlook, by Technology, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
10.1.1. Key Highlights
10.1.1.1. Solvent-borne
10.1.1.2. Water-borne
10.1.1.3. Powder
10.1.1.4. UV/Radiation Cured
10.1.1.5. Misc.
10.2. Middle East & Africa Green Coatings Market Outlook, by End-user, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
10.2.1. Key Highlights
10.2.1.1. Architectural
10.2.1.2. Automotive
10.2.1.3. Aerospace
10.2.1.4. Wood Furniture
10.2.1.5. Industrial
10.2.1.6. Medical Devices
10.2.1.7. Marine
10.2.1.8. Misc.
10.3. Middle East & Africa Green Coatings Market Outlook, by Country, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
10.3.1. Key Highlights
10.3.1.1. GCC
10.3.1.2. South Africa
10.3.1.3. Rest of Middle East & Africa
10.3.2. BPS Analysis/Market Attractiveness Analysis
11. Competitive Landscape
11.1. Company Market Share Analysis, 2021
11.2. Competitive Dashboard
11.3. Company Profiles
11.3.1. The Sherwin-Williams Co.
11.3.1.1. Company Overview
11.3.1.2. Product Portfolio
11.3.1.3. Financial Overview
11.3.1.4. Business Strategies and Development
(*Note: Above details would be available for below list of companies based on availability)
11.3.2. Akzo Nobel N.V.
11.3.3. PPG Industries
11.3.4. Nippon Paint Holdings Co.
11.3.5. RPM International Inc.
11.3.6. Axalta Coating Systems
11.3.7. Kansai Paint Co. Ltd.
11.3.8. Jotun
11.3.9. Hempel
11.3.10. Asian Paints
11.3.11. Berger Paints
11.3.12. Benjamin Moore & Co.
11.3.13. Dunn-Edwards
12. Appendix
12.1. Research Methodology
12.2. Report Assumptions
12.3. Acronyms and Abbreviations
Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.
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