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    Green Coatings Market Report

    Green Coatings Market Report
    Report code - SR2542 Delivery - 2 Weeks
    Green Coatings Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Oppor See more...

    Market Insights

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

    Want to know more about the market scope: 

    Environmentally friendly coatings, or "green coatings," release almost no volatile organic compounds (VOCs) during manufacture. Some of the most popular choices for green coatings include water-based paints, high-solid paints, powder coatings, and radiation-hardened coatings.

    These coatings are made with all-natural components like vegetable oil, soybean, castor oil, milk, and clay. They improve the overall efficiency of the equipment while also assisting in reducing the negative impacts of infrared and ultraviolet (UV) radiations. As a result, they are utilized in a variety of industries, including maritime, aviation, oil and gas, mining, aviation, and automotive.

    Key Players

    The following are the major players in the green coatings market:

    • 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)

    There is stiff competition in the green coatings market. The growth of the companies is directly dependent on the 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 adapted 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 would boost Akzo Nobel's position as a leading global manufacturer of aircraft coatings, particularly in the structural and cabin coating sub-segments.

    Market Dynamics

    Growing awareness towards Volatile Organic Compounds (VOC) emissions is major driving factor for growth of 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 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 resultant 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.

    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 the 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.

    Segment Analysis

    Based on Type

    High-solids coatings, powder coatings, radiation cure coatings and waterborne coatings, are the types. Waterborne coatings market hold the largest share in 2021. Southeast Asia is expected to experience the highest growth in demand for waterborne acrylic coatings as a result 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.

    Application Type

    Architectural coatings, automotive coatings, industrial coatings, packaging coatings, wood coatings, and other comprise the application category. Automotive holds the largest market share in the application segment in 2021. The high share is mainly attributed to the widespread adoption of green coatings in automotive ector and increased production activity.

    Regional Analysis

    In terms of regions, 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 include U.K., Spain and others  is one of the key factor that is boosting the growth in the Europe Green Coatings market.

    The region's demand for green coating is on the rise as a result 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 are required across the regions to sustain current level of growth.

    For instance, according to the Asian Development Bank, Asia’s infrastructure market forecasted to raise by 7 to 8% annually, accounting $5.3 trillion by 2025 or 60% of world 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 constructions, there has been 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 is influencing the market growth of green costing in Asia-Pacific in near future.

    Research Methodology

    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 1,000 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 the market dynamics and will enable strategic decision making for the 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, Product Portfolio, New Product Launches, etc.
    • Attractive market segments and associated growth opportunities.
    • Emerging trends.
    • Strategic growth opportunities for the existing and new players.
    • Key success factors.

    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 three players)
    • SWOT analysis of key players (up to three players)

    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 the 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

    Frequently Asked Questions (FAQs)

    The market is expected to grow at a CAGR of 4.9% during 2022-2028.

    The market size was estimated at US$ 120 Bn in 2021 and is projected to reach US$ 158 Bn in 2028.

    The major players in the green coatings market are 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).

    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 include U.K., Spain and others is one of the key factor that is boosting the growth in the Europe Green Coatings market.

    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

    The study period of the market is 2016-2028.

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