by Green coatings are types of environmentally friendly paints and coatings that emit low or zero volatile organic compounds (VOCs) into the air. They are typically water-borne instead of solvent-borne and have low chemical emissions during application and drying. Green coatings offer various advantages such as improved air quality, better finishes, low odor, and minimal hazardous air pollutants emissions. With rising environmental concerns, many industries are adopting green coatings to reduce their carbon footprint. Green coatings are increasingly being used in construction industries for interior and exterior application on walls, roofs, and other building structures. They are also used in automotive and transportation sectors to coat vehicles and equipment.
The global Green Coatings Market is estimated to be valued at US$ 70.06 Bn in 2024 and is expected to exhibit a CAGR of 4.1% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Stringent environmental regulations globally are expected to propel the demand for green coatings over the forecast period. Many countries and regions have formulated laws to reduce VOC emissions from paints and coatings. For instance, the European Union has banned the use of hazardous chemicals in decorative paints and coatings through the Registration, Evaluation, Authorization and Restriction of Chemicals (REACH) regulation. Likewise, the South Coast Air Quality Management District in California has stringent limits on VOC content in architectural coatings. The growing focus on reducing the carbon footprint is encouraging research and development of bio-based and plant-derived green coatings. Innovation in plant-based raw materials such as vegetable oils, plant resins, and plant extracts are expanding the product portfolio of green coatings.
Porter’s Analysis
Threat of new entrants: The green coatings market requires high R&D investments and compliance with stringent environment regulations which poses moderate threat to new entrants.
Bargaining power of buyers: The presence large players makes the bargaining power of buyers moderate in this market.
Bargaining power of suppliers: Established suppliers have some bargaining power due to proprietary process knowledge and formulations.
Threat of new substitutes: Substitute products like powder coatings pose low threat currently due to compliance challenges and technical limitations.
Competitive rivalry: The market has few major players dominating the market globally.
Key Takeaways
The global green coatings market is expected to witness high growth. The market size is projected to reach US$ 70.06 Billion by 2024 registering a CAGR of 4.1% during the forecast period.
Regional analysis: North America region currently dominates the global green coatings market owing to stringent environmental regulations. Asia Pacific is expected to be the fastest growing market due to increased construction activities and growing industrialization in China and India.
Key players: Key players operating in the green coatings market are 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. The Sherwin Williams Company and PPG industries capture over 50% of the global market share due to their diversified product portfolio and strong distribution network across regions.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
