Market Research Future (MRFR) asserts that the global green coating market is predicted to register a 6.1% CAGR during the forecast period (2020-2027). The growth of the end-use industries is highly favoring the market growth across the globe. A coating is referred to as a layer of substance which is spread over a surface for decoration or protection. Green coatings are also termed as eco-friendly paint coating which comprises low volatile organic compound content. They are environmentally accommodating coatings and emit almost zero VOC during the manufacturing process. Green coating does not require solvents and is used individually in a number of industries.
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Market Potential and Pitfalls
Biomaterial-associated infections continue to be a major problem despite several advances. To reduce the bacterial adhesion, material surface modifications are being invested. As advanced research and technology have helped with the development of healthier and better paint, coating companies are likely to transform into environment-friendly ingredients as the primary component of their coating material in order to improve the health of their employees and consumers. Professionals in the painting sector are going green and are keeping up their interest in green coatings. The coating industry is experiencing a growth in the usage of eco-friendly materials due to the strict environmental regulations.
The emission of VOC releases toxins which cause health problems such as headache, dizziness, and damages the kidney, besides harming the ozone layer. With the development of sustainable products, manufacturers are focusing on the introduction of eco-friendly products to the market. They are focusing on producing high-performance coatings with low or zero VOC. With the accelerating application of green coatings in the end-use industries coupled with the increasing awareness associated with the emission of VOC, the green coatings market is predicted to flourish during the appraisal period. Moreover, strict mandates imposed by the government and healthcare agencies like EPA and REACH are estimated to propel the market growth in the coming years. The augmenting use of plant-based sources and UV curing coating for the production of the wood coating is predicted to stimulate the green coatings market. Meanwhile, several companies are focusing on the adoption of new strategies like product launches, merger and acquisitions, collaboration, partnership, and new technology launches, which are estimated to propel the market growth across the globe.
On the contrary, volatility in the availability of raw materials coupled with its cost augments the price of green coatings. Such factors are considered as the top barriers vitiating the market growth throughout the appraisal period.
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Global Green Coating Market: Segmental Analysis
The global green coating market has been segmented on the basis of product and application.
By mode of product, the global Green Coating Market has been segmented into radiation cure coatings, powder coatings, high solids coating, and waterborne coatings. Among these, the powder coatings are predicted to expand at a rapid pace due to its superior properties such as superior corrosion resistance, zero VOC, premium-quality finish, and reduced drying time.
By mode of application, the global green coating market has been segmented into architectural, industrial, packaging, automotive, and others. Among these, the architectural segment is considered to be the most attractive and most prevalent segment. The growth is credited to the increasing global infrastructure expenditure for commercial and residential sectors.
The prominent players operating the global green coating market are Valspar Corporation, Momentive, DSM, Omnova Solutions, Axalta Coating System, Sherwin-Williams Company, PPG Industries, Allnex S.a.r.l., Bayer Material Science, and Arkema Inc.
Geographically, the green coating market span across regions namely, Europe, North America, Asia Pacific, and Rest-of-the-World (RoW).
Among all the regions, the Asia Pacific region is predicted to dominate the global green coating market and is likely to retain its dominance throughout the assessment period. The growth is credited to the industrial sector coupled with the augmenting consumer focus towards the benefits provided by green coatings. Additionally, emerging trends such as the rising use of UV curing coating coupled with the use of plant-based sources in order to develop wood coating are considered to propel the market growth in this region.
The European region is estimated to experience a significant growth owing to the ever-increasing population coupled with the economic development in nations such as Spain, the U.K., and Italy. Infrastructure projects comprising airports and seaports have been planned in the UK National Infrastructure Delivery Plan which is estimated to contribute to the growth of the market in this region.
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