The Global Green Coating Market Size accounted for USD 73,852 Million in 2021 and is expected to reach the market value of USD 110,633 Million by 2030 at a CAGR of 4.7% during the forecast period from 2022 to 2030.
Growing environmental awareness in emerging economies, as well as significant growth in the construction industry, are crucial factors driving green coating market growth. Furthermore, rising coatings technological advancements, rising use of radiation cure coating materials, rising R&D activities, and rapidly increasing consumption rates from a variety of end-user industries, including automotive and architecture, will open new opportunities for the green coatings market throughout the forecast period.
Green coatings are environmentally friendly coatings that are used in a variety of industries including automotive, heavy equipment, aviation, and construction. Green coatings are created using effective and environmentally friendly base materials such as castor oil, soybean oil, milk, clay, vegetable oil, and others. Vegetable oil acts as a corrosion inhibitor, making it more acceptable for applications involving exposure to extreme weather conditions, excessive heat, solvents, and strong oxidizing agents. Coatings are used in the construction sector to protect roofing and exterior surfaces against Ultraviolet rays and weathering. It also produces a continuous monolithic membrane that shields the building from high-wind events like typhoons and hurricanes. Moreover, Green coatings contribute to the overall effectiveness of the machinery to which they are applied by reducing solar ultraviolet infrared and UV radiations, so reducing radioactive thermal performance within a facility, and helping it to remain cool.
Green Coating Market Drivers
Green Coating Market Restraints
Green Coating Market Opportunity
|Green Coating Market
|Market Size 2021
|USD 73,852 Million
|Market Forecast 2030
|USD 110,633 Million
|CAGR During 2022 - 2030
|2018 - 2030
|2022 - 2030
|By Type, By Application, And By Geography
|North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
|Key Companies Profiled
|BASF SE, Akzo Nobel N.V., Jotun A/S, Lifetime Green Coatings, Axalta Coating Systems Ltd., PPG Industries, Berger Paints India Limited, Asian Paints Limited, The Sherwin-Williams Company, and Arkema Group.
|Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
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Green Coating Market Dynamics
Significant expansion in the global building and construction industry is one of the major reasons contributing to the market's positive outlook. Green coatings are used as protective and cosmetic paints on ceilings, roofing, frames, door frames, windows, and exterior extrusions in the building and construction industry. They're also found in dryer drums, oven components, rooftop heating, ventilation, and air conditioning (HVAC) systems, furniture, electronic boxes, and fittings. Additionally, rising customer environmental consciousness and demand for aqueous and powder-based coatings propel the market trend. When compared to traditional solvent-borne coatings, these variations are blockage resistant, VOC-free, and not harmful to human health. The growing application of these coatings in the automotive and aviation sectors is driving demand and green coating market size. Growing government support for urban growth and a rise in the standard of living, which leads to increasing the need for comfortable and safe living, are major factors driving the expansion of market value in emerging economies. Other reasons, such as increased industrialization and the adoption of green cities and construction projects to promote sustainability are projected to propel the green coatings market value.
Besides this, fluctuating prices of raw materials and the availability of a diverse variety of product alternatives by so many manufacturers are expected to present pricing and profitability issues to producers. The significant energy consumption associated with product manufacturing and use will likely limit industrial growth.
Green Coating Market Segmentation
The global green coating market segmentation based on the type, application and geographical region.
Green Coating Market By Type
Based on the type, the waterborne coatings segment is expected to grow significantly in the forecast years. Increased construction and engineering activities and infrastructure improvements enhanced industrial production quality in emerging nations, and the need for coated product protection are the key drivers of growth in the waterborne coatings segment. One of the most significant trends in the waterborne coatings industry in recent years has been the growing demand for environmentally friendly properties, which has been strongly influenced by stringent EU regulations governing the reduction of volatile organic compound (VOC) emission levels from coatings.
Green Coating Market By Application
In terms of application, the architectural coating sector is expected to lead the global market in 2021. Architectural coatings, often known as ornamental coatings, are coating compositions that are used to coat architecture and buildings. The word architectural coatings include a wide variety of coatings, including paints, inks, primers, varnishes, sealers, ceramics, and others. Architectural coatings should be resistant to different conditions such as heat, chemicals, changing weather, moisture, and similar others because they are applied to the interior and exterior floors, walls, and roofs of structures. Because of the rising building and construction sector, as well as environmental authorities' efforts to keep them eco-friendly, the architectural coating sector has made the most significant contribution to the overall green coatings market.
Furthermore, according to the green coating market forecast, the automotive coating segment would gain significant market share. Due to expanding population and income levels, increased vehicle manufacturing in emerging economies such as China, Brazil, India, South Korea, Mexico, and South Africa is expected to drive the green coating market share.
Green Coating Market Regional Outlook
The Middle East & Africa (MEA)
Asia-Pacific will have the highest interest in sustainable coatings due to strong economic growth, rising discretionary income, and urbanization. During the projection period, Asia-Pacific is expected to grow at an exponential rate. China is the largest exporter of low-VOC coating chemicals due to the availability of low-cost raw materials. The presence of important additive manufacturers has an impact on the industry's development. The country has promoted research and innovation, resulting in the production of innovative products such as sustainable coatings. The increased engagement of the administration in the creation and desirability of infrastructure will influence consumer needs positively. China, Japan, and India are remarkably adding to the growing demand for the market product in the region.
Green Coating Market Players
Some of the prominent global green coating market companies is BASF SE, Akzo Nobel N.V., Jotun A/S, Lifetime Green Coatings, Axalta Coating Systems Ltd., PPG Industries, Berger Paints India Limited, Asian Paints Limited, The Sherwin-Williams Company, and Arkema Group.
The global green coating accounted for USD 73,852 Million in 2021.
The projected CAGR of green coating during the analysis period of 2022 to 2030 is 4.7%.
The prominent players of the global green coating market involve BASF SE, Akzo Nobel N.V., Jotun A/S, Lifetime Green Coatings, Axalta Coating Systems Ltd., PPG Industries, Berger Paints India Limited, Asian Paints Limited, The Sherwin-Williams Company, and Arkema Group.
Asia-Pacific held the dominating share for green coating during the analysis period of 2022 to 2030.
North America region exhibited fastest growing CAGR for green coating during the analysis period of 2022 to 2030.
Significant expansion in the building and construction industry and rising concern over volatile organic compound (VOC) emissions are the prominent factors that fuel the growth of global green coating market.
Based on type, waterborne coatings segment held the maximum share for green coating market in 2021.