Global Green Coatings market overview 2024, Forecast To 2033
4 Mar, 2024
The green coatings market size has grown strongly in recent years. It will grow from $94.07 billion in 2023 to$102.28 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to environmental regulations, consumer awareness, government initiatives, shift toward sustainable practices, corporate sustainability goals, renewable resources in coating formulations. The green coatings market size is expected to see strong growth in the next few years. It will grow to $138.72 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to economic incentives for green products, growing eco-friendly construction, demand from the automotive sector, bio-based resins and polymers, shift to water-based coatings, climate change mitigation strategies. Major trends in the forecast period include demand for low VOC and VOC-free formulations, adoption of UV-curable coatings, R&D in nanotechnology for coatings, collaboration between industry stakeholders, shift towards powder coatings.
Global Green Coatings Market Key Driver
Significant growth in the construction industry is anticipated to drive the green coating market. The construction sector, comprising the commercial aspect of manufacturing and trade, is witnessing a surge with the rising demand for green buildings. These constructions necessitate bio-based paints and coatings to reduce pollution and protect the environment. Notably, the United States Census Bureau recorded total spending of $1,762.3 billion on industrial construction in June 2022. Such growth underscores the potential for the green coating market in the coming years.
Get A Free Sample Of The Global Green Coatings Market ReportGlobal Green Coatings Market Segments
The global green coatings market covered in this report is segmented –
1) By Type: Waterborne Coatings, Powder Coatings, High-Solids Coatings, Radiation Cure Coatings
2) By Source: Vegetable Oil, Soy Bean, Castor Oil, Clay, Other Sources
3) By End-Use Industry: Industrial, Architectural, Automotive, Packaging, Other End-Use Industries
By Geography: The regions covered in the green coatings market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Europe was the largest region in the green coatings market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the green coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Green Coatings Industry Players
Akzo Nobel NV, Axalta Coating Systems Ltd., BASF SE, PPG Industries Inc., The Sherwin Williams Company, Arkema Group, Asian Paints Limited, Berger Paints India Limited, Jotun A/S, Hempel A/S, Nippon Paint Holdings Co. Ltd., RPM International Inc., Kansai Paint Co. Ltd., Tikkurila Oyj, Sika AG, Valspar Corporation, The Dow Chemical Company, KCC Corporation, DAW SE, Eastman Chemical Company, BioShield Technologies Inc., Green Planet Paints, ECOS Paints, AFM Safecoat, Mythic Paint, Old Fashioned Milk Paint Co., Livos, Earthborn Paints, Auro Naturfarben, Lanxess AG
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Green Coatings Market Overview
Green coatings refer to coatings that are beneficial to the environment and produce essentially no volatile organic compounds (VOCs), and are derived from natural sources such as vegetable oil, soybean, castor oil, milk, and clay to reduce chemical content in paints. The green coatings are used to protect the surfaces of the roof and siding from UV deterioration and normal weathering and improve the efficiency of equipment employed in various industries, such as construction, automotive, oil and gas, mining, aviation, aerospace, and marine.
Green Coatings Global Market Report 2023 provides data on the global green coatings market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The green coatings market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.