The global green coatings market is anticipated to reach USD 131.27 billion in 2023, according to a study released by Future Market Insights. By 2033, its value is anticipated to reach USD 213.83 billion. From 2023 to 2033, the market is projected to exhibit an average CAGR of 5%. The adoption of sustainable solutions is becoming more and more important, which is anticipated to accelerate market growth throughout the forecast period.
The green coatings market is expected to see substantial growth due to the increasing demand for environmentally friendly products and stricter regulations on volatile organic compounds (VOCs) in coatings. Green coatings, which are low in VOCs, solvent-free, and utilize renewable resources, are becoming more popular in industries such as construction, automotive, and packaging.
Green coatings are environmentally friendly and emit low or no volatile organic compounds during manufacturing. Since green coatings emit only seldom VOCs, they are suitable for a wide range of applications across several industries including construction, automotive, aerospace, oil & gas, mining, maritime, and others. The mushrooming demand for zero VOC coatings across these industries is predicted to significantly contribute to the market’s expansion.
The increasing infrastructural development across developing nations such as India, Brazil, China, Italy, and others is expected to create lucrative growth opportunities. The increasing product demand in industrial and automotive applications across these nations is likely to create high demand for waterborne green coatings. Additionally, the rising construction industry is expected to foster growth in the market. Green coatings are used in construction activities as they uplift indoor air quality and promote healthier living and working environments. They are applied on panels, windows, roofs, interior extrusions, and walls as decorative and protective paints.
Key Growth Drivers:
- Environmental Regulations: Stricter regulations on VOC emissions and the growing need to meet sustainability goals are driving the demand for green coatings.
- Rising Awareness of Environmental Impact: With growing consumer awareness about environmental sustainability, there’s an increasing preference for products that have a lesser environmental impact.
- Adoption in Construction and Infrastructure: The demand for green coatings in the construction industry is being driven by the need for eco-friendly building materials.
- Technological Advancements: Innovations in green coating formulations, such as water-based, powder coatings, and bio-based coatings, are boosting the market.
- Government Incentives: Many governments offer incentives for using environmentally friendly products, further promoting the growth of the green coatings market.
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Key Players in the Market
- 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
Market Segmentation
Market by Technology:
- Radiation-cure Green Coatings
- High-solids Green Coatings
- Powder Green Coatings
- Waterborne Green Coatings
Market by Application:
- Green Coatings in Product Finishes
- Green Coatings in Packaging
- Green Coatings in Wood
- High-performance Green Coatings
- Industrial Green Coatings
- Automotive Green Coatings
- Architectural Green Coatings
Market by Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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