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Green Coatings Market Size to Worth Around USD 202.87 Bn by 2032

The global green coatings market size was valued at USD 125.02 billion in 2022 and it is predicted to be worth around USD 202.87 billion by 2032 with a CAGR of 4.96% from 2023 to 2032.

Tokyo, June 13, 2023 (GLOBE NEWSWIRE) -- According to Precedence Research, the global green coatings market size is expanding to USD 184.15 billion in 2030. Green coatings, or environmentally friendly coatings, produce virtually no volatile organic compounds (VOCs). Radiation-hardened coatings, powder coatings, high-solid paints, and water-based paints are some of the most popular options for green coatings. All-natural ingredients like clay, milk, castor oil, soybean oil, and vegetable oil are used to make these coatings. In addition to increasing the equipment's overall efficiency, they help to lessen the harmful effects of infrared and ultraviolet (UV) radiation. They are therefore used in a number of industries, including maritime, aerospace, aviation, mining, oil & gas, automotive, and construction.

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One of the key reasons for the market's hopeful outlook is the enormous expansion the building industry has experienced globally. As protective and aesthetic paints, green coatings are painted on interior extrusions, roofs, door frames, windows, panels, and walls. Moreover, they are used on many consumer items, such as oven components, electronic boxes, rooftop heating, HVAC (heating, ventilation, and air conditioning) systems, furniture, fixtures, and furniture. Also, the business is being advanced by the general public's rising environmental consciousness and the spike in demand for aqueous and powder-based coatings. Because they are VOC-free and block resistant, these versions are healthier for people than the traditional solvent-borne coatings.

The development of numerous products, such as radiation-curable coatings, is another factor that encourages expansion. They are produced using low-energy electron beams (EB) or ultraviolet (UV) rays and are made of plant-based materials. Other factors, including swift industrialization and the implementation of government policies that favor sustainability, are anticipated to propel the expansion of the market for green coatings.

Report highlights

  • Based on technology, the water treatment chemicals market is segmented into radiation-cure, high-solids, powder, waterborne. Waterborne coatings have dominated the business
  • Based on application, water treatment chemicals market is segmented into product finishes, packaging, wood, high-performance, industrial, automotive, and architectural. During the forecast period, the automotive segment accounted for the largest share.
  • Based on geography, the water treatment chemicals market is segmented into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. Asia-Pacific is expected to witness the highest growth.

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Scope of this report

Coverage Details
Market Size in 2030 USD 184.15 Billion
CAGR 4.96% from 2023 to 2032
By Technology
  • Radiation-Cure
  • High-Solids
  • Powder
  • Waterborne
By Application
  • Product finishes
  • Packaging
  • Wood
  • High-Performance
  • Industrial
  • Automotive
  • Architectural
By Region
  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa
Key Players The Sherwin-Williams Company, Nippon Paint Holdings Co. Ltd., Koninklijke DSM N.V., The Sherwin-Williams Company, Jotun, Hempel A/S, BASF SE, Axalta Coating Systems Ltd., Kansai Paint Co. Ltd., Asian Paints Limited, Akzo Nobel N.V. and Others

Regional snapshots

Europe is expected to witness the significant growth owing to the growing economies of the Italy, Spain, and U.K. A variety of infrastructure projects, including seaports and airports, have been proposed as part of the UK National Infrastructure Delivery Plan 2016–2021. The market demand is anticipated to be driven by these projects during the next eight years. India, which is expected to grow quickly between 2021 and 2025, is likely to be the key market for green coatings. Due to the Indian government's adoption of the Make in India project, it is anticipated that the nation's manufacturing industry will grow quickly over the anticipated time.

Rising consumer disposable income and shifting consumer lifestyles in Brazil are expected to assist the local building industry, which will also favorably impact the market for green coatings. Government programs to solve the nation's housing scarcity, low mortgage rates, and an increasing middle-class population are expected to stimulate growth. The Middle East and Africa are expected to increase significantly because of the region's rapid industrialization and urbanization. The expansion of the top coating producers in this region and the expansion of the application sectors are predicted to have a beneficial impact on market trends over the course of the next eight years

Market dynamics

Drivers

Since there are now ultra-low or zero volatile organic compounds available, the need for green coatings has increased (VOCs). Also, there is a growing trend towards the necessity of reducing VOCs in paints, and regionally and worldwide, government regulations regarding VOC legislation are becoming more stringent. The green coating has also sparked customers' interest in the market, which is expanding gradually as consumers become more aware of the health dangers connected with VOC exposure, which is raising the demand for the green coatings in the marketplace. Hence, this is driving the growth of the global market for green coatings. Businesses like PPG Industries, Inc. are implementing green manufacturing practices for the fabrication of their products by abiding by legal requirements in line with Leadership in Energy & Environmental Design (LEED) criteria in response to consumer demand for a low-odor interior finish and improved indoor air quality.

As a result of growing awareness of the detrimental effects of VOC emissions and rising global warming, supported by the aforementioned regulations, there has been a gradual shift in demand from solvent-borne coatings to environmentally friendly products, such as UV-curable coatings, high solids, powder coatings, and waterborne, since these products contain fewer solvents that evaporate during the curing phase. Powder coating has gained popularity due to the fact that it doesn't include any solvents and rarely releases volatile organic compounds into the atmosphere. This industry is rapidly growing as a result of the development of novel products and formulations as well as advancements in the application processes. Throughout the projected period, Asia Pacific is anticipated to be the largest and fastest-growing market for green coatings. This can be attributable to the area's expanding construction and automobile sectors.

Opportunities

Growing environmental concerns among the populace in emerging countries, which are reflected in increasing spending on infrastructure, are the main factor fueling the market expansion. Aqueous and powder coatings are increasingly needed to replace solvent-borne coatings in developing nations like China and Japan, notably in the industrial and automotive sectors. Several factors are driving the market for green coatings, including rising demand for radiation-cure coatings and wood coatings made from plant-based materials, increased awareness of VOC emissions, rising usage of ultraviolet curing coatings, radiation-curing coatings, and plant-based sources for making wood coatings. Also, as coatings technology progresses, the use of radiation cure coatings rises, research and development efforts rise, and end-user industry demand for the product rises, the market for green coatings will see new prospects.

Recent developments

  • In August 2021, this product was introduced in the Indian market by AkzoNobel N.V. The item is the country's first green paint with USDA certification.

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