The global green coatings market size is projected to garner substantial growth from 2023 to 2033. According to the research report published by Future Market Insights, the global market is projected to cross a valuation of USD 131.27 billion in 2023. It is likely to reach a valuation of USD 213.83 billion by 2033. The market is anticipated to showcase a modest CAGR of 5% from 2023 to 2033.
The increasing prioritization of sustainability by both businesses and consumers is predicted to bolster market expansion in the coming years.
Green coatings are formulated with environmentally friendly and natural ingredients such as castor oil, milk, clay, vegetable oil, and soybean. They emit low or no volatile organic compounds (VOCs) during production. VOCs can negatively impact indoor air quality and contribute to health issues such as allergies, respiratory problems, and headaches. Green coatings are generally safer for application and use due to the seldom emits of VOCs. This results in improved health and safety conditions for workers during application and for occupants of coated surfaces.
Green coatings are suitable for a wide range of applications across several industries including construction, automotive, aerospace, oil & gas, mining, maritime, and others. The growing demand from these industries is likely to bolster market expansion during the forecast period.
In recent years, the emphasis on environmental regulations has risen globally. Governments across the world are aiming to reduce pollution and promote sustainable practices. Since green coatings align with these regulations, they are sought after as a way to reduce the environmental impact of coating applications.
Several nations have implemented regulations and certifications, such as Leadership in Energy & Environmental Design (LEED), to limit the use of VOCs and promote environmentally friendly coatings. Green coatings that meet these regulations and certifications can help companies and individuals comply with environmental standards and demonstrate their commitment to sustainability. The growing government regulations are predicted to contribute to market growth.
The growing innovations and advancements in technology are predicted to boost the market. The coatings industry is constantly innovating and developing new technologies to create more sustainable and high-performance coatings. Advancements in research have led to the formulation of green coatings with improved characteristics, such as enhanced adhesion, durability, and weather resistance. The innovations have expanded the range of applications where green coatings can be used. As a result, the expanding application range is likely to augment the demand for green coatings.
The increasing construction activities are anticipated to amplify the demand for green coatings. As they contribute to better indoor air quality and healthier living and working environments. Green coatings are applied on panels, windows, roofs, interior extrusions, and walls as decorative and protective paints. Additionally, in consumer goods, green coatings are used in rooftop heating, oven parts, fixtures, HVAC (heating, ventilation, and air conditioning units), electronic boxes, and furniture. The expansion of the construction industry is likely to contribute to market development.
| Attributes | Details |
|---|---|
| Green Coatings Market Share (2022) | USD 125.02 billion |
| Green Coatings Market Share (2023) | USD 131.27 billion |
| Green Coatings Market Share (2033) | USD 213.83 billion |
| Green Coatings Market Share (2023 to 2033) | 5% |
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The green coatings market expanded at a CAGR of 4.8% from 2018 to 2022. The global market size stood at nearly USD 102.85 billion in 2018. In the following years from 2018 to 2022, the market witnessed significant growth, accounting for USD 125.02 billion in 2022.
Market and consumer trends have spiked the demand for green coatings in recent years. Consumers are increasingly seeking environmentally responsible products. To meet customer demand, businesses are recognizing the importance of sustainability in their operations and staying competitive in the market. As a result, there has been a growing interest in green coatings among consumers, architects, contractors, and other stakeholders in various industries. The mushrooming demand for zero VOC coatings in several industrial applications, such as automotive green coatings, architectural green coatings, and industrial green coatings has significantly contributed to the market’s expansion.
Several businesses across various industries are incorporating sustainability and Corporate Social Responsibility (CSR) into their business strategies. They are recognizing the importance of environmental stewardship. However, the production of green coatings is difficult and costly. It requires costly renewable resources for production and green coatings’ prices hike as an end material.
Additionally, there is a wide availability of cheaper alternatives. These factors may impede the market’s growth potential. Nonetheless, the increasing awareness of personal health, climate change, and global warming is expected to amplify market growth during the forecast period.
The waterborne technology segment in green coatings is poised to garner a huge market share. Architectural applications of waterborne coatings have been dominant across North America and Europe. Waterborne green coatings can be applied on a wide range of substrates, including wood, metal, concrete, and plastics.
This attribute makes it suitable for various architectural applications, such as sealants, adhesives, interior and exterior coatings, and others. The increasing product demand in industrial and automotive applications across budding nations, such as India and Brazil, is likely to create high demand for waterborne technology. Additionally, the growing awareness and demand for sustainable construction techniques are likely to boost the demand for waterborne coatings.
The powder coating segment is anticipated to showcase significant growth. The increasing demand for consumer products such as freezer cabinets, washing machines, microwaves, and others is expected to boost the demand for green powder coatings. As coatings technology develops, the use of radiation cure coatings may rise. This is anticipated to boost the end-user industry demand, thereby creating growth avenues for market players.
Automotive OEM coatings are experiencing a high demand in the automotive industry. Manufacturing automobiles is dependent upon automotive OEM coatings. They have high quality and are quite durable. They play an integral role in protecting vehicles, enhancing aesthetics, ensuring regulatory compliance, improving manufacturing efficiency, and managing warranties and liabilities.
They are specifically formulated to the unique requirements of the automotive industry. The increasing production of vehicles across the globe is likely to boost the green automotive coatings market. The rising urbanization and improving income levels are likely to support the expansion of the automotive industry, thereby spurring the green coatings market growth.
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The Asia Pacific green coatings market is expected to expand swiftly during the forecast period. The booming infrastructural development across nations such as India, China, and Japan is anticipated to bolster market expansion. India is likely to be the frontrunner in the Asia Pacific region.
The expansion of India’s manufacturing sector, aided by strong government initiatives such as the ‘Make in India’ initiative, is expected to fortify the region’s market expansion. The market for green coatings is anticipated to experience growth due to booming demand for consumer goods. Additionally, the fostering automotive industry is anticipated to boost the demand for green coatings in the coming years.
Europe is anticipated to garner substantial growth during the projected period. The expanding population and the rising infrastructure projects across the United Kingdom, Spain, and Italy are expected to foster growth in the region’s market.
The South American green coatings market is expected to witness considerable growth owing to the increasing middle-class populace. The growing housing shortage and increasing industrialization are expected to boost the region’s market development.
The key players operating in the market are investing in research and development activities to develop new, innovative, and sustainable coating solutions. They are focusing on sourcing raw materials from sustainable and renewable sources. This strategy includes using materials with low environmental impact to reduce their carbon footprints and comply with government norms.
Several key players are focusing on collaborations and partnerships to foster innovation, knowledge sharing, and best practices in sustainability. Prominent market players are planning to tap into new demographics to increase their market presence and revenues.
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| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD billion for Value |
| Key Regions Covered | North America; Europe; Latin America; Asia Pacific; The Middle East and Africa |
| Key Segments Covered | Technology, Application, Region |
| Key Companies Profiled | The Sherwin-Williams Company; Nippon Paint Holdings Co. Ltd.; Koninklijke DSM N.V.; Kansai Paint Co. Ltd.; BASF SE; Jotun; Akzo Nobel N.V.; Asian Paints Limited; Axalta Coating Systems Ltd.; Hempel A/S |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The market value for 2023 is USD 131.27 billion.
Through 2033, Green Coatings sales will rise at a 5% CAGR.
The market rose at a 4.8% CAGR from 2018 to 2022.
High costs and limited color options constrain green coatings sales.
Waterborne technology will be the key technology area through 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Technology 5.1. Radiation-Cure 5.2. High-Solids 5.3. Powder 5.4. Waterborne 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Product finishes 6.2. Packaging 6.3. Wood 6.4. High-Performance 6.5. Industrial 6.6. Automotive 6.7. Architectural 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. MEA 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. The Sherwin-Williams Company 15.2. Nippon Paint Holdings Co. Ltd. 15.3. Koninklijke DSM N.V. 15.4. Kansai Paint Co. Ltd. 15.5. Jotun 15.6. Hempel A/S 15.7. BASF SE 15.8. Axalta Coating Systems Ltd. 15.9. Asian Paints Limited 15.10. Akzo Nobel N.V. 16. Assumptions & Acronyms Used 17. Research Methodology
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Green Coatings Market
