According to the latest report by IMARC Group, titled “Green Coatings Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027″offers a comprehensive analysis of the industry, which comprises insights on the global green coatings market share. The global green coatings market reached a value of US$ 81.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 107.5 Billion by 2027, exhibiting a CAGR of 4.76% during 2022-2027.
Green Coatings Market Industry Definition and Application:
Green coatings are eco-friendly and volatile organic compounds (VOCs) free coatings prepared using vegetable oil, soybean, castor oil, and milk. They are block-resistant and non-toxic as compared to traditional solvent-borne coatings. They aid in protecting the exterior of buildings from the harmful impact of infrared and ultraviolet (UV) radiation and help in extending their service life. At present, they are widely used in construction, automotive, oil and gas, mining, aerospace, and marine industries across the globe.
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Green Coatings Market Trends and Drivers:
The growing global population, rapid urbanization, rising inadequacy of vegetation and a significant rise in the use of asphalt in road construction are resulting in the urban heat island (UHI) effect. This effect increases the cost of air conditioning and electricity expenditure for building owners. As a result, there is an increase in the use of the green coatings to reflect infrared radiation and counter the UHI effect. Apart from this, the increasing applications of green coatings on various consumer products, such as oven components, electronic boxes, and furniture, are creating a favorable market outlook. Furthermore, due to rising environmental concerns, governments of various countries are focusing on sustainable solutions, which is stimulating the growth of the market around the world.
Green Coatings Market Segmentation:
The report has segmented the market on the basis on region, type and application.
Breakup by Type:
- Waterborne
- Powder
- High Solid
- UV Cured
Breakup by Application:
- Architectural Coatings
- Industrial Coatings
- Automotive Coatings
- Wood Coatings
- Packaging Coatings
- Others
Breakup by Region:
- North America:( United States, Canada)
- Asia-Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico,Others)
- Middle East and Africa
Who are the Major Green Coatings Market Key players?
The report provides a detailed analysis of the market leaders, including.
Akzo Nobel N.V., Asian Paints Limited, Axalta Coating Systems Ltd., BASF SE, Hempel A/S, Jotun, Kansai Paint Co. Ltd., Koninklijke DSM N.V., Nippon Paint Holdings Co. Ltd., PPG Industries Inc and The Sherwin-Williams Company.
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