Global Green Coatings Market: Overview
Green coatings are wide across the world due to the sheer increase in the environmental concerns and growth in the consumer inclination. Recent research activities proved that traditional industrial coatings are toxic in nature as they are made up of volatile organic compounds (VOCs); they release toxins into the environment at room temperature. These VOCs may include some biocides and fungicide. Some of the popular green coatings are radiation cure coatings, high-solids, waterborne, and powder. Paint and dries may cause potential health problems such as kidney damage, headaches, and dizziness. The emergence of the innovative technologies assists in the development and evolution of improved healthier paint. Many companies are turning to environment-friendly ingredients such as green coatings in order to enhance health and environment consumer.
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Global Green Coatings Market: Segmentation
The global green coatings market is classified on the basis of applications are packaging coatings, industrial coatings, wood coatings, architectural coatings, automotive coatings, and others. Of these, architectural coatings segment is anticipated to depict an above average growth in the recent years. The spending on the infrastructure especially commercial and residential sectors improved in the last few years is also influencing the global green coatings market growth. Based on types, the global market is further in bifurcated as high-solids coatings, water-based coatings, radiation-cured coatings, and powder coatings. Furthermore, the global green coatings market is fragmented on the basis of geography as North America, Asia-Pacific, Europe, Latin America, and The Middle East & Africa.
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Global Green Coatings Market: Growth Factors
Some of the major drivers of the global green coatings market are growth in the end-user industries and stringent environmental regulations set by the government. In addition, increasing awareness towards volatile organic compounds (VOC) emissions may also fuel the global market in the near future. However, increasing usage of the ultraviolet curing coating and plant-based sources for the production of the wood coating is anticipated to foster the global green coatings market growth. These are several emerging trends that have changed the dynamics of the industries. Companies focus on adopting new strategies such as merger and acquisition, new product launch, partnership, collaboration, and new technology launches may drive the global green coatings market in the coming years.
Global Green Coatings Market: Regional Analysis
The Asia Pacific held the largest market share in the global green coatings market, owing to growth in the industrial sector. However, growing government awareness regarding environmental concerns may contribute to the growth in the future. Moreover, increasing consumer inclination towards the benefits of green coatings is also positively impacting the global green coatings market. Water-based coatings are widely preferred by the population and have government support for widespread use in the various applications for waterborne coatings in this region, which is projected to propel the growth in the market.
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Global Green Coatings Market: Competitive Players
The major players operating in the global green coatings market are Axalta Coating System, Allnex S.a r.l., Momentive, Omnova Solutions, Bayer Material Science, Valspar Corporation, Arkema Inc., AkzoNobel NV., Sherwin-Williams Company, DSM, BASF, and PPG Industries.
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