Green Coatings Market Growth Opportunities & Forecast [2031]
Green Coatings Market Growth Opportunities & Forecast [2031]
Segments - Green Coatings Market by Application (Powder, Waterborne, UV Curved, and High Solid), End-user (Industrial, Automotive, Architectural, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :MC-5729
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Report Description
Green Coatings Market Outlook 2031
The global green coatings market size was USD 67.5 Billion in 2022 and is likely to reach USD 104.2 Billion by 2031, expanding at a CAGR of 4.5% during 2023–2031. The market growth is attributed to the high demand for environmentally friendly coatings.
Increasing consumer awareness regarding eco-friendly coatings is expected to drive the green coatings market during the forecast period. Green coatings are eco-friendly and have low VOC or no volatile organic compounds (VOCs). The term ‘green coating’ refers to eco-friendly coating that has a low environmental impact. Waterborne and powder technologies are the most commonly used green coatings technologies.
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In February 2022, Cortec introduced EcoAir biobased outdoor coating powered by Nano VpCl. Cortec has addressed two aspects of environmental responsibility while expanding its options for customer convenience. EcoAir is a ready-to-use temporary coating that is designed for severe marine and high-humidity conditions.
The market report finds that the COVID-19 pandemic hindered the green coatings market, owing to the strict regulations imposed by governments. Several companies were closed during the pandemic due to the strict lockdown and social distancing which affected the market. Disruption of the supply chain, production was halted owing to the absence of workers, which impacted the market.
Impact of Artificial Intelligence on Green Coatings Market
Artificial intelligence (AI) technologies are anticipated to fuel the green coatings market during the forecast period. AI is used in the coating industry to optimize the performance of coatings and streamline processes. It is used to predict failure modes such as crack propagation, corrosion, creep, fatigue, color fading, and diffusion of one material into another.
AI helps in the development of new coatings by using design-of-experiment approaches and advanced statistical analyses to optimize product characteristics. AI and machine learning (ML) are ideal tools to accelerate product development, especially in technical areas such as coatings. AI has the potential to revolutionize the coatings industry, it is important to ensure that its implementation is sustainable and eco-friendly.
Green Coatings Market Dynamics
Major Drivers
High demand for powder and waterborne technology is expected to boost the green coatings market in the coming years. Waterborne technology is a type of green coating that uses water as a solvent instead of traditional such as petroleum-based chemicals.
This technology is used in various applications such as architectural, automotive, industrial, high-performance, wood, packaging, and product finishes. They have several advantages over traditional coatings such as low VOC emissions, low odor, and easy cleanup with water.
A powder coating is applied as a dry powder and then cured under heat to form a hard finish. These coatings are used in various applications such as automotive parts, appliances, furniture, and metal products. They have several advantages over traditional coatings such as durability, resistance to chipping, and scratching, and low VOC emissions.
Existing Restraints
High cost of raw materials is expected to hamper the green coatings market. Raw materials used in the manufacture of paints and coatings signify a relatively small but enormously important compound of the chemicals industry.
Eco-friendly products are more expensive as businesses have to pay extra costs in the process of production and manufacturing, from using eco materials to following ethical practices. Thus, in turn, is likely to hinder the green coatings market.
Emerging Opportunities
Increasing technological advancements are expected to create lucrative opportunities for the market players. Technological advancements in waterborne nanotechnology and other end-users have led to the development of green coatings with enhanced durability, quality, and corrosion resistance.
These improvements are creating opportunities for the market a viable and often superior alternative to traditional products, which is expected to boost the market.
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In September 2020, PPG launched a new waterborne coating system consisting of an epoxy primer, primer surface, and clearcoat for the China refinish market. The system complies with new environmental and volatile organic compound (VOC) standards.
Scope of Green Coatings Market Report
The market report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Green Coatings Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Application (Powder, Waterborne, UV Curved, and High Solid), and End-user (Industrial, Automotive, Architectural, and Others) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Akzo Nobel N.V.; Arkema; Axalta Coating Systems; BASF SE; DSM; Hempel A/S; Jotun; Lifetime Green Coatings; PPG Industries, Inc; and The Sherwin-Williams Company |
Green Coatings Market Segment Insights
Application Segment Analysis
Based on application, the green coatings market is divided into powder, waterborne, UV curved, and high solid. The waterborne segment is expected to expand at a significant pace during the projection period, due to the increasing adoption of technologies particularly in architecture. Waterborne coating is a subcategory of green coating that is gaining popularity due to its eco-friendly nature and durability.
They are used in various applications including automotive and construction sectors. The use of these coatings is an environmentally friendly surface that uses water as a solvent to dissolve the resins in the coating and has high corrosion protection, low VOC content, less toxicity, and flammability.
End-user Segment Analysis
On the basis of end-user, the green coatings market is segmented into industrial, automotive, architectural, and others. The automotive segment is expected to register a robust growth rate during the forecast period, as it offers high quality and durability.
They have superior mechanical properties that protect cars from scratches, climate, and chemical exposure. Interior automotive coatings expand the surface area of the automobile. Manufacturing of cars and trucks is increasing, due to which the demand for coatings is increasing in the market.
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In December 2022, BASF introduced the first biomass balance automotive coatings in China. This is the first time BASF biomass balance automotive OEM coatings were announced to Asia. The first batch of biomass balance ColorBrite Airspace Blue ReSource basecoat was delivered to a customer in China. The product helps to reduce around 20% product's carbon footprint.
Regional Analysis
In terms of region, the global green coatings market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market during the projection period, owing to the high economic growth and increasing investments in various industries such as building & construction, automotive, and others.
The rapid growth of the manufacturing sector in India is due to the Make in India initiative taken by the Government of India, which is expected to boost the market in the region.
The market in Europe is anticipated to expand at a rapid pace in the coming years, due to the increasing population and rising economic development in emerging countries such as Spain, the UK, and Italy. The regional market is further attributed to the strict regulation standards for chemical substances including VOCs that are often found in traditional coatings.
Segments
The global green coatings market has been segmented on the basis of
Application
- Powder
- Waterborne
- UV Curved
- High Solid
End-user
- Industrial
- Automotive
- Architectural
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Akzo Nobel N.V.
- Arkema
- Axalta Coating Systems
- BASF SE
- DSM
- Hempel A/S
- Jotun
- Lifetime Green Coatings
- PPG Industries, Inc
- The Sherwin-Williams Company
Competitive Landscape
Key players competing in the global green coatings market are Akzo Nobel N.V.; Arkema; Axalta Coating Systems; BASF SE; DSM; Hempel A/S; Jotun; Lifetime Green Coatings; PPG Industries, Inc; and The Sherwin-Williams Company.
These key players adopt various strategies including mergers, acquisitions, collaboration, partnerships, product launches, and production expansion to expand their consumer base globally.
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In December 2022, Akzo Nobel N.V. completed the acquisition of the wheel liquid coatings business of Lankwitzer Lackfabrik GmbH, which strengthens the company’s performance coatings portfolio. The acquired business complements AkzoNobel’s existing powder coatings offering and increases the range of advanced products the company supplies.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Green Coatings Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Green Coatings Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Green Coatings Market - Supply Chain
4.5. Global Green Coatings Market Forecast
4.5.1. Green Coatings Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Green Coatings Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Green Coatings Market Absolute $ Opportunity
5. Global Green Coatings Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. Green Coatings Market Size and Volume Forecast by Applications
5.3.1. Powder
5.3.2. Waterborne
5.3.3. UV Curved
5.3.4. High Solid
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Green Coatings Market Analysis and Forecast by End Users
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by End Users
6.2.2. Y-o-Y Growth Projections by End Users
6.3. Green Coatings Market Size and Volume Forecast by End Users
6.3.1. Industrial
6.3.2. Automotive
6.3.3. Architectural
6.3.4. Others
6.4. Absolute $ Opportunity Assessment by End Users
6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Green Coatings Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Green Coatings Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Green Coatings Demand Share Forecast, 2019-2026
8. North America Green Coatings Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Green Coatings Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Green Coatings Market Size and Volume Forecast by Applications
8.4.1. Powder
8.4.2. Waterborne
8.4.3. UV Curved
8.4.4. High Solid
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. North America Green Coatings Market Size and Volume Forecast by End Users
8.7.1. Industrial
8.7.2. Automotive
8.7.3. Architectural
8.7.4. Others
8.8. Basis Point Share (BPS) Analysis by End Users
8.9. Y-o-Y Growth Projections by End Users
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Green Coatings Demand Share Forecast, 2019-2026
9. Latin America Green Coatings Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Green Coatings Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Green Coatings Market Size and Volume Forecast by Applications
9.4.1. Powder
9.4.2. Waterborne
9.4.3. UV Curved
9.4.4. High Solid
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Latin America Green Coatings Market Size and Volume Forecast by End Users
9.7.1. Industrial
9.7.2. Automotive
9.7.3. Architectural
9.7.4. Others
9.8. Basis Point Share (BPS) Analysis by End Users
9.9. Y-o-Y Growth Projections by End Users
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Green Coatings Demand Share Forecast, 2019-2026
10. Europe Green Coatings Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Green Coatings Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Green Coatings Market Size and Volume Forecast by Applications
10.4.1. Powder
10.4.2. Waterborne
10.4.3. UV Curved
10.4.4. High Solid
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Europe Green Coatings Market Size and Volume Forecast by End Users
10.7.1. Industrial
10.7.2. Automotive
10.7.3. Architectural
10.7.4. Others
10.8. Basis Point Share (BPS) Analysis by End Users
10.9. Y-o-Y Growth Projections by End Users
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Green Coatings Demand Share Forecast, 2019-2026
11. Asia Pacific Green Coatings Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Green Coatings Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Green Coatings Market Size and Volume Forecast by Applications
11.4.1. Powder
11.4.2. Waterborne
11.4.3. UV Curved
11.4.4. High Solid
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Asia Pacific Green Coatings Market Size and Volume Forecast by End Users
11.7.1. Industrial
11.7.2. Automotive
11.7.3. Architectural
11.7.4. Others
11.8. Basis Point Share (BPS) Analysis by End Users
11.9. Y-o-Y Growth Projections by End Users
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Green Coatings Demand Share Forecast, 2019-2026
12. Middle East & Africa Green Coatings Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Green Coatings Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Green Coatings Market Size and Volume Forecast by Applications
12.4.1. Powder
12.4.2. Waterborne
12.4.3. UV Curved
12.4.4. High Solid
12.5. Basis Point Share (BPS) Analysis by Applications
12.6. Y-o-Y Growth Projections by Applications
12.7. Middle East & Africa Green Coatings Market Size and Volume Forecast by End Users
12.7.1. Industrial
12.7.2. Automotive
12.7.3. Architectural
12.7.4. Others
12.8. Basis Point Share (BPS) Analysis by End Users
12.9. Y-o-Y Growth Projections by End Users
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Green Coatings Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Green Coatings Market: Market Share Analysis
13.2. Green Coatings Distributors and Customers
13.3. Green Coatings Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. Akzo Nobel N.V.
13.4.2. Arkema
13.4.3. Axalta Coating Systems
13.4.4. BASF SE
13.4.5. DSM
13.4.6. Hempel A/S
13.4.7. Jotun
13.4.8. Lifetime Green Coatings
13.4.9. PPG Industries, Inc
13.4.10. The Sherwin-Williams Company
Methodology
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