Green coatings are eco-friendly paint coating with low volatile organic compound (VOC) content. Emission of VOC releases toxics in the surrounding air causing health problems, such as dizziness, headache, kidney damage, and harms the ozone layer. Development of sustainable products has gained importance over the past few decades, due to which manufacturers are focused on introducing eco-friendly products to the market. Manufacturers are aiming to produce high-performance coatings that have zero or low VOC with good durability. Application of green coatings in end-use industries and rising awareness regarding VOC emissions have contributed to the growth of the green coatings market globally.
Stringent government regulations have immensely driven the green coatings market globally. The first restriction on the emission of VOC was set up for Europe in 2003, which was termed as Restriction of Hazardous Substances Directive (RoHS), which was put forward by Leadership in Energy and Environmental Design (LEED). Since then manufactures are working to produce green coatings, in turn fueling the growth of the green coatings market. Increasing cost of raw materials further increases the cost of green coatings, which is the restraint for the growth of global green coatings market. High investment cost further hinders the growth of green coatings market globally.
Green Coatings Market Taxonomy
On the basis of coating type, the global coatings market is segmented as:
- Water-Borne Coatings
- Powder Coatings
- High-Solids Coatings
- Radiation and UV-Cured Coatings
On the basis of application, the global coatings market is segmented as:
- Architectural Coatings
- Interior and Exterior Coatings
- Building Products
- Construction Products
- Decorative Coatings
- Industrial Coatings
- Coil Coatings
- Electrical Steel
- Extrusion Coatings
- Agricultural Finishes
- Automotive Coatings
- Original Equipment Manufacturer & Refinish
- Car Wheels
- Agricultural and Industrial Equipment
- Packaging Coatings
- Food & Beverages
- Consumer Packaged Goods
- Personal Care and Cosmetics
- Industrial Chemicals
- Can Coatings
- Wood Coatings
- Construction Products
- Wood Finishes
- Consumer Stains & Finishes
- Aerospace Coatings
Water-borne coatings segment has proven to be the prominent segment of green coatings market, owing to its tremendous use in architectural and constructional activities. High solids coating segment is witnessed to gain traction, due to its increasing application in aerospace.
Architectural coating segment has projected to have a significant growth rate in the global green coatings market, owing to increase in infrastructure spending in commercial and residential sectors.
Green Coatings Market Outlook
- Asia Pacific is the fastest growing region in the green coatings market and is anticipated to have the highest CAGR over the forecast period, owing to the presence of major markets in the economies such as India, China, Japan, Thailand, Malaysia, Vietnam, and Indonesia. The growth of green coatings market in this region is attributed to the growth of end-use industries namely architectural and automotive coatings in this region. The ‘Make in India’ approach taken by the Government of India is expected to propel the growth of manufacturing sector, which is anticipated to drive the green coatings market over the forecast period.
- Europe holds the dominant position in green coating market, owing to the economic development and growing population in the economies such as Spain, Italy, and the UK. The UK National Infrastructure Delivery have planned infrastructure projects that include airports and seaports, which in turn is anticipated to fuel the green coatings market over the forecast period.
- North America is anticipated to witness a burgeoning growth in the green coatings market, owing to the presence of a large number of manufactures in this region. This is backed by the rising government regulations in this region. The Middle East and Africa are expected to have a significant growth in the green coatings market, owing to the rise in infrastructure industry in these regions.
Various strategies are being put forward by coatings manufacturers, for instance, manufactures of paint are striving to enhance energy system by minimizing consumption of fuel and minimize waste. This is done with the use of renewable raw materials and product packaging improvement with materials that are recyclable and use of biofuel fuel in delivery trucks.
Soy Bean Oil, Vegetable Oil, Castor Oil, and Milk Paint are some of the eco-friendly components, which are being introduced in the coating materials.
The key companies operating in the global green coatings market include The Sherwin Williams Company, PPG industries, Akzonobel N.V., Axalta Coating System, BASF, Valspar Corporation, Kansai Paint Company Limited, Tikkurila OYJ, and Masco Corporation among others.
Global Green Coatings Market Key Developments:
- On 18th July 2019, Akzo Nobel N.V. announced its intention to acquire Mapaero, a French based aerospace coatings manufacturer. This acquisition is expected to strengthen Akzo Nobel’s global position in the aerospace coatings, especially in the structural and cabin coating sub-segments during the future years.
- On 20th February 2019, BASF SE launched its new coating product line in Europe for its Glasurit and R-M refinish paint brands that are engaged in making automotive refinishing more sustainable. This launch consists of refinish products manufactured as per the certified biomass balance approach which are expected to further reduce CO2 emissions.
- On 25th September 2018, Kansai Paint Co., Ltd. announced that it had signed a general agreement with Jotun A/S to collaborate in Protective Coatings business globally. This agreement has helped the company in gaining a prominent position in the global coatings market share.