Green Coatings Market Growth Analysis | 2022-2028

Market Insights

The green coatings market was estimated at USD 120 billion in 2021 and is likely to grow at a CAGR of 4.9% during 2022-2028 to reach USD 158 billion in 2028.

Want to know more about the market scope? Register Here

Market Dynamics

Introduction

Green coatings refer to environmentally friendly and sustainable coating solutions used in various industries, such as automotive, construction, and manufacturing. These coatings prioritize the reduction of harmful environmental impacts by minimizing volatile organic compounds (VOCs), hazardous air pollutants, and other toxic substances. They often utilize water-based or low-solvent formulations, promoting healthier air quality and reducing the overall carbon footprint.

Green coatings aim to enhance performance while minimizing the use of harmful chemicals, contributing to sustainable practices, and meeting eco-friendly standards. This approach aligns with the global effort to reduce environmental harm and create a more sustainable future in the field of coatings and surface treatments.

Market Drivers

Growing awareness of Volatile Organic Compounds (VOC) emissions is a major driving factor for the growth of the green coatings market worldwide. Increasing health hazards and environmental concerns led to regulations such as ‘National Volatile Organic Compound Emission Standards for Architectural Coatings’ by the U.S. EPA.

Similar regulations related to VOC emissions such as Volatile Organic Compound (VOC) Control Regulations have been imposed by REACH and other regional regulatory bodies of New England, Canada, China, and Japan. Furthermore, powder coatings are solvent-free resulting in negligible volatile organic compounds emissions which in turn makes these products environment friendly.

One of the main reasons contributing to the market's optimistic outlook is the global construction industry's rapid rise. As protective and aesthetic paints, green coatings are frequently used on walls, roofs, panels, windows, door frames, and interior extrusions. Additionally, they are employed on a variety of consumer goods, including parts for ovens, dryer drums, rooftop HVAC systems, electronic boxes, furniture, and fittings.

Want to have a closer look at this report? Register Here

The construction industry has seen tremendous growth worldwide, which is one of the main factors supporting the market's optimistic outlook. Green coatings are painted on walls, roofs, panels, windows, door frames, and interior extrusions as protective and decorative paints. Additionally, they are employed on a variety of consumer goods, including parts for ovens, dryer drums, rooftop HVAC systems, electronic boxes, furniture, and fittings.

Additionally, the general public's growing environmental consciousness and the surge in demand for aqueous and powder-based coatings are driving the industry ahead. These versions are safer for human health than conventional solvent-borne coatings because they don't contain any VOCs and are also block-resistant. Other elements that promote expansion include a variety of product developments, such as the creation of radiation-curable coatings.

Segments Analysis

By Type

“The waterborne coatings segment dominates the market.”

The green coatings market is segmented into high-solids coatings, powder coatings, radiation cure coatings, and waterborne coatings, are the types. The waterborne coatings market holds the largest share during the forecast period. Southeast Asia is expected to experience the highest growth in demand for waterborne acrylic coatings because of this region's growing need for acrylic resins in the building and automotive industries.

Waterborne acrylic-based coatings are in great demand in the region due to the building industry's rapid growth. Both in terms of volume and value, the market for waterborne coatings was greatest in the Asia-Pacific region, followed by North America and Western Europe.

By Application Type

“Automotive segment dominates the market during the forecast period.”

The market is segmented into architectural coatings, automotive coatings, industrial coatings, packaging coatings, wood coatings, and others comprise the application category. Automotive holds the largest market share in the application segment during the forecast period. The high share is mainly attributed to the widespread adoption of green coatings in the automotive sector and increased production activity.

Regional Insights

“Europe is likely to maintain its supremacy in the green coatings market throughout the forecast period.” 

Economic development and increasing various infrastructure projects including seaports and airports in European countries including the U.K., Spain, and others is one of the key factors that is boosting the growth in the Europe Green Coatings market.

The region's demand for green coating is on the rise because of government regulations that limit the use of VOCs in the painting industry due to the health and environmental risks associated with the formation of aerosols when VOCs react with NOx as well as consumer concerns about having better indoor air quality.

Concurrently, the Green Coatings market in the Asia-Pacific is anticipated to expand at the highest CAGR during the forecast period. Asia-Pacific is showing the most substantial growth due to increasing infrastructural development and government initiatives for green building which are anticipated to surge the growth of green coatings in this region. High investment in automation, industrial, wood, and airport infrastructure is required across the regions to sustain the current level of growth.

For instance, according to the Asian Development Bank, Asia’s infrastructure market is forecasted to rise by 7 to 8% annually, accounting for $5.3 trillion by 2025 or 60% of the world's total infrastructure market. Furthermore, as per The Chinese national “New-Type Urbanization Plan” {The National New-type Urbanization Plan (2014-2020)}, one of the key projects has planned to focus on green building, building with green energy, innovation in industrial parks, green traffic, and the urban environment.

On the other hand, in India, as builders, architects, and owners are becoming more aware of the benefits of green construction, there has been an increased effort to follow through with plans to allow owners to adopt green coating in the long run while becoming passionate about the idea of helping the environment. Therefore, infrastructural development and government initiatives for green building are influencing the market growth of green costing in Asia-Pacific soon.

Know the high-growth countries in this report? Register Here

Key Players

The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc.

The following are the key players in the green coatings market (arranged alphabetically).

• Akzonobel N.V. (Netherlands)
• Asian Paints Limited (India)
• Axalta Coating Systems LLC (USA)
• BASF Se (Germany)
• Berger Paints India Limited (India)
• Deutsche Amphibolin Works Se (Daw) (Germany)
• Hempel A/S (Denmark)
• Jotun A/S (Norway)
• Masco Corporation (USA)
• Nippon Paint Company Ltd. (Japan)
• Ppg Industries Inc. (USA)
• Rpm International Inc. (USA)
• The Sherwin-Williams Company (USA)
• The Valspar Corporation (USA)
• Tikkurila OVJ (Finland)

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s green coatings market realities and future market possibilities for the forecast period of 2022 to 2028. After a continuous interest in our green coatings market report from the industry stakeholders, we have tried to further accentuate our research scope to the green coatings market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The green coatings market is segmented into the following categories:

By Type

• High-Solids Coatings
• Powder Coatings
• Radiation Cure Coatings
• Waterborne Coatings 

By Application Type

• Architectural Coatings
• Automotive Coatings
• Industrial Coatings
• Packaging Coatings
• Wood Coatings
• Others 

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Click here to learn the market segmentation details.

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players).
• SWOT analysis of key players (up to 3 players).

Market Segmentation

• Current market segmentation of any one of the types by application type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

Recent Market News

There is stiff competition in the green coatings market. The growth of the companies is directly dependent on industry conditions and government support. These companies differentiate their Green Coatings based on their quality and penetration in the target and emerging markets. Also, some major mergers and acquisitions in the industry recently have significantly influenced the competitive dynamics. For example:

• August 2022, The Nippon Paint dry-mixed mortar series products have adopted the environmentally friendly industrial packaging that BASF and Nippon Paint China jointly launched. The innovative packaging material is marketed for Nippon Paint's construction dry mortar products using BASF's water-based acrylic dispersion Joncryl High-Performance Barrier (HPB) as the barrier material. In China, industrial packaging will use water-based barrier coatings from BASF for the first time.
• In July 2019, the maker of aerospace coatings Mapaero in France, Akzo Nobel N.V., declared its intention to buy the company. In the coming years, it is anticipated that this acquisition will boost Akzo Nobel's position as a leading global manufacturer of aircraft coatings, particularly in the structural and cabin coating sub-segments.