IMARC Group’s latest report, titled “Green Coatings Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global green coatings market size reached US$ 86.0 Billion in 2022. Green coatings are environment-friendly coatings produced using naturally sourced materials, such as vegetable oil, castor oil, soybean, milk, and clay. They emit nearly zero or negligible volatile organic compounds (VOCs) during the manufacturing process. They are widely available in different variants, such as water-based paints, high-solid paints, powder coatings, and radiation-hardened coatings. They help minimize the harmful impact of infrared and ultraviolet (UV) radiation and enhance the overall efficiency of the equipment. Compared to the traditionally used solvent-borne coatings, they are VOC-free, block resistant, non-toxic, and relatively safe for human health. As a result, green coatings have gained immense traction across numerous industries, including construction, automotive, aerospace, marine, oil and gas, mining, and aviation.
Global Green Coatings Market Trends:
The implementation of stringent government regulations regarding VOC emissions represents the primary factor driving the market growth. In addition, the expanding construction industry is acting as another major growth-inducing factor as green coatings are employed as protective and decorative paints on walls, roofs, windows, door frames, interior extrusions, and panels. Besides this, the growing usage of green coatings on consumer products, such as rooftop heating, ventilation and air conditioning (HVAC) units, furniture, fixtures, oven components, dryer drums, and electronic boxes, has augmented the product demand. Furthermore, several key players are extensively investing in research and development (R&D) activities to introduce innovative product variants with low cost, less drying time, superior water and chemical resistance, and antibacterial and anti-odor properties. In line with this, the launch of radiation curable coatings prepared using plant-based sources and processed under low energy electrons (EB) or UV radiation has propelled the market growth. Other factors, including the emerging architectural and automotive applications, surging environmental concerns, rising adoption of waterborne and powder-based coatings, ongoing infrastructural development, and rapid industrialization, are also providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 112.0 Billion by 2028, growing at a CAGR of 4.6% during the forecast period (2023-2028).
- Based on the type, the market has been classified into waterborne, powder, high solid, and UV cured coatings.
- On the basis of the application, the market has been segregated into architectural, industrial, automotive, wood, packaging, and other coatings.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being Akzo Nobel N.V., Asian Paints Limited, Axalta Coating Systems Ltd., BASF SE, Hempel A/S, Jotun A/S, Kansai Paint Co. Ltd., Koninklijke DSM N.V., Nippon Paint Holdings Co. Ltd., PPG Industries Inc., and The Sherwin-Williams Company.
|Base Year of the Analysis
| Historical Period
||Type, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Akzo Nobel N.V., Asian Paints Limited, Axalta Coating Systems Ltd., BASF SE, Hempel A/S, Jotun, Kansai Paint Co. Ltd., Koninklijke DSM N.V., Nippon Paint Holdings Co. Ltd., PPG Industries Inc and The Sherwin-Williams Company
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