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Green Coatings Market: Latest Industry Size and Growth Trends 2023-2030

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The global green coatings market has been making remarkable progress in recent times. This press release examines the key growth influencers that are expected to shape the market’s prospects in the near future. The insights provided are based on a comprehensive report by Fairfield Market Research, analyzing various aspects of the global green coatings market.

Read More: https://www.fairfieldmarketresearch.com/report/green-coatings-market

Market Analysis in Brief

The study aims to analyze diverse aspects of the global green coatings market, offering insights to aid in market growth examination over the forecast timeline. In 2022, the green coatings industry experienced modest growth, with a value of approximately US$120 Bn. Based on preliminary studies by Fairfield Market Research, the market is expected to maintain a stable growth outlook in the near-term period.

Key Report Findings

Rising Awareness regarding VOC Emissions to Fuel Demand for Green Coatings

The increasing stringency of environmental regulations worldwide has contributed to the rising popularity of green coatings. Heightened awareness about the harmful effects of emissions from volatile organic compounds (VOCs) and the escalating concern over global warming have driven the shift towards environmentally friendly coatings from solvent-borne alternatives. This has led to the adoption of various green coatings, such as water-borne coatings, powder coatings, UV curable coatings, and high solids, which contain fewer or no solvents that evaporate during the curing phase. Government authorities’ promotion of eco-friendly products and strict regulations against VOCs further bolster the adoption of green coatings, stimulating the global market’s growth.

Functional Advantages of Green Coatings Trigger Adoption in Different Applications

Besides their eco-friendly properties and low VOC emissions, green coatings are gaining traction due to their functional advantages. These coatings offer benefits such as extended service life, enhanced protection against high wind events, improved fire resistance, and high chemical resistance, making them suitable for various end-use applications. These factors continue to influence the growth of the global green coatings industry.

High Costs and Availability of Sustainable Material Alternatives Hindering Market Growth

Despite increased demand for green coatings driven by growing awareness of global warming and the adverse effects of hazardous gases on health and climate, the market faces challenges. Sustainable or renewable materials used in green coatings are relatively more expensive than conventional petrochemical products. Additionally, the accessibility of specialty raw materials for sustainable coatings poses another hurdle. The complex manufacturing processes involved in producing green coatings also contribute to their higher overall cost. These factors collectively challenge the market’s growth.

Water Borne Coatings to Capture a Major Share of the Green Coatings Market Valuation

The demand for water-borne green coatings is expected to surge in the coming years, as end-users switch from solvent-borne coatings to more environmentally friendly options. Water-borne green coatings find applications across multiple sectors and can be applied to various substrates, including concrete, wood, plastics, and metal. Their high durability, block resistance, and low odor make them a preferred choice for architectural applications, including adhesives, sealants, and interior and exterior coatings.

Asia Pacific Remains an Optimistic Revenue Pocket for Green Coatings Manufacturers

Emerging economies in the Asia Pacific region, particularly India and China, exhibit high growth potential for the green coatings market. The demand for green coatings across various applications, including automotive, wood, architectural, and industrial coatings, has been on the rise in these countries. Stringent regulations related to environmental health and VOC emissions, along with increasing awareness of the hazardous impact of VOCs on the environment, are expected to drive market growth. Additionally, the growing construction industry is likely to boost sales of green building materials, such as green coatings, due to their functional benefits like anti-rust and climate-friendly properties. Furthermore, the presence of major players in the region’s manufacturing hub bodes well for the green coatings market’s future growth.

Growth Drivers

Environment and Health Concerns, and Strict Anti-VOC Regulations

The growing popularity of green coatings can be attributed to the increasingly stringent environmental regulations worldwide. Heightened awareness of the harmful effects of volatile organic compounds (VOCs) emissions and rising concerns about global warming have led to a shift towards eco-friendly coatings. Various green coatings, such as water-borne coatings, powder coatings, UV curable coatings, and high solids, are gaining traction as they contain fewer or no solvents that evaporate during the curing phase. Governments’ promotion of eco-friendly products and strict VOC regulations further fuel the adoption of green coatings, fostering the global market’s growth.

Perceived Benefits of Green Coatings

Apart from being environmentally friendly and emitting low VOCs, green coatings are gaining popularity due to their functional advantages. These coatings offer several benefits, such as longer service life, enhanced protection against high wind events, improved fire resistance, and high chemical resistance, making them ideal for various end-use applications. These factors continue to drive the growth of the global green coatings industry.

Growth Challenges

Cost Factor Embossing a Negative Impact

Despite the increasing demand for green coatings driven by growing awareness of global warming and the adverse effects of hazardous gases on health and climate, the market faces challenges. Sustainable or renewable materials used in green coatings are relatively more expensive than conventional petrochemical products. Additionally, the accessibility of specialty raw materials for sustainable coatings poses another hurdle. The complex manufacturing processes involved in producing green coatings also contribute to their higher overall cost. These factors collectively challenge the market’s growth.

Overview of Key Segments

Water Borne Type Segment to Account for a Significant Value Share

The demand for water-borne green coatings is expected to surge in the coming years as end-users opt for more environmentally friendly alternatives over solvent-borne coatings. Water-borne green coatings find applications across multiple sectors and can be applied to various substrates, including concrete, wood, plastics, and metal. Their high durability, block resistance, and low odor make them a preferred choice for architectural applications, including adhesives, sealants, and interior and exterior coatings.

In addition, other properties of green coatings, such as high durability, block resistance, and low odor, make them the most sought-after alternative in the coatings space. This is expected to augur well for the water-borne segment, which is poised to contribute significantly to the revenue growth of the global green coatings market.

Growth Opportunities Across Regions

Asia Pacific Prevails as a Lucrative Hotbed

Emerging economies in the Asia Pacific region, particularly India and China, present significant growth potential for the green coatings market. The demand for green coatings across various applications, including automotive, wood, architectural, and industrial coatings, has been on the rise in these countries. Stringent regulations related to environmental health and VOC emissions, coupled with increasing awareness among individuals about the hazardous impact of VOCs on the environment, are expected to drive market growth. Additionally, the growing construction industry is likely to provide an impetus to the sales of green building materials, such as green coatings, owing to their functional benefits, including anti-rust and climate-friendly properties. They are widely used as they offer protection to sliding surfaces and roofs from typical weathering and ultraviolet degradation.

Furthermore, they also provide protection against natural calamities like hurricanes and typhoons by creating a seamless monolithic membrane on the surface. This has led to their increased use in the construction industry. Moreover, Asia Pacific is considered the hub of manufacturing and has attracted several industries due to various factors, including cheap land and labor, a favorable business and legal environment, and a large customer pool. This has opened up potential pathways of growth for various sectors, and the coating industry is no exception. In this backdrop, the high lucrativeness of Asia Pacific and the presence of major players across industries are expected to bode well for the green coatings market in the forthcoming years.

Green Coatings Market: Competitive Scenario

The green coatings market features several major players, including AkzoNobel N.V., PPG Industries, Arkema Group, BASF SE, The Sherwin Williams Company, Axalta Coating Systems, Asian Paints Limited, Berger Paints India Limited, Lifetime Green Coatings, Kansai Paint Co. Ltd., Jotun, Valspar Corporation, and Royal DSM.

Conclusion

The global green coatings market has shown remarkable progress recently, fueled by rising awareness regarding VOC emissions, functional advantages of green coatings, and increasing environmental and health concerns. However, the market faces challenges due to the cost factor and the availability of sustainable material alternatives. Despite these challenges, the water-borne segment is expected to dominate the market, and Asia Pacific is set to remain a lucrative hotspot for green coatings manufacturers. As the industry continues to evolve and emphasize sustainability, green coatings are likely to play a pivotal role in the future of the coatings market.

Look Over Transcripts Provided by Fairfield Market Research

https://demcra.com/r/business/1127404_Green_Coatings_Market_Current_and_Future_Outlook_2023-2030

https://snegic.net/blogs/43068/Green-Coatings-Market-Competitive-Landscape-and-Forecasts-2023-2030

https://wikidocs.net/book/11046

Contact

Fairfield Market Research

London, UK

UK +44 (0)20 30025888

USA (Toll-free) +1 (844) 3829746

Email: [email protected]

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