DUBLIN--(BUSINESS WIRE)--The "Global Green Coatings Market by Technology (Waterborne, Powder, High-solids, Radiation-Cure), Application (Architectural, Automotive, Industrial, High-Performance, Wood, Packaging, Product Finishes) and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The Green coatings market is projected to grow from USD 123.6 Billion in 2022 to USD 155.9 Billion by 2027, at a CAGR of 4.8% between 2022 and 2027.
Architectural segment is estimated to be the largest segment of the Green coatings market.
Various structures on which coatings are applied have different types of requirements in terms of aesthetics and protective properties. These can include pollution, heavy foot traffic in public buildings, and regional climatic conditions (such as heavy rain and snow). Architectural paints and coatings help protect these structures with their properties, such as color and gloss retention, chemical and abrasion resistance, non-toxicity, and corrosion resistance.
There is an interest in alternative of raw materials, the quality, performance, and cost of architectural coatings, where green coatings come into the picture. Different development activities have led to various green building blocks becoming available for use in powder coating resins which, with careful formulation, can deliver the required performance. There is also a drive for green solutions with some paint companies which are specializing in these solutions.
Asia Pacific is forecasted to be the fastest-growing Green coatings market during the forecast period.
The strong growth in the Asia Pacific region is mainly attributed to the high economic growth rate, followed by heavy investment across different application areas, such as automotive, consumer goods & appliances, building & construction, and furniture.
Owing to the low cost of production and the ability to better serve the local emerging market, manufacturers are shifting their base to the region. The region is witnessing an increased demand for high-end cars due to the increasing purchasing power of consumers. Similarly, large-scale investments in the automobile sector in the region are driving the demand for green coatings.
Extensive primary interviews have been conducted, and information has been gathered from secondary research to determine and verify the market size of several segments and sub-segments.
Market Dynamics
Drivers
- Increasing Focus on Health and Sustainability to Bring "Going Green" Idea into Greater Limelight
- Stringent Environmental Policies
Restraints
- Availability and Cost of Specialized Raw Materials Needed for Green Coatings
Opportunities
- Rising Demand for Renewable Raw Materials
- Technological Advancements for Real-Time In-Process Monitoring and Control Prior to Formation of Hazardous Substances
- Growing Investments in Emerging Markets
Challenges
- Development of Synthetic Technologies with Little or No Toxicity to Human Health and the Environment
- Designing of Chemical Products That Do Not Persist in the Environment After Degradation
Companies Mentioned
- Akzonobel N.V.
- Asian Paints Limited
- Axalta Coating Systems, LLC
- Basf Se
- Berger Paints India Limited
- Chenyang Group Ltd
- Ciranova
- Cortec Corporation
- Daw Se
- Dsm
- Eastman Chemical Company
- Eco Safety Products
- Evonik Industries Ag
- Hempel A/S
- Jotun A/S
- Kansai Paint Co. Ltd.
- Lifetime Green Coatings
- Masco Corporation
- Nippon Paint Holdings Co., Ltd.
- Ppg Industries, Inc.
- Rpm International Inc.
- Stahl Holdings B.V.
- Teknos Group
- The Sherwin-Williams Company
For more information about this report visit https://www.researchandmarkets.com/r/iv2wfp
