Global Green Coatings Market Insights Forecasts to 2032

• The Green Coatings Market was valued at USD 135.20 Billion in 2022.
• The Market Size is Growing at a CAGR of 5.9% from 2022 to 2032.
• The Worldwide Green Coatings Market is expected to reach USD 209.80 Billion by 2032.
• Asia Pacific is expected To Grow the fastest during the forecast period.

The Global Green Coatings Market Size is expected to reach USD 209.80 Billion by 2032, at a CAGR of 5.9% during the forecast period 2022 to 2032.

Green coatings, also referred to as eco-friendly coatings or sustainable coatings, are a particular kind of finish that is made to have a minimum negative influence on the environment over the course of its whole life. With the aim of lowering or eliminating the usage of toxic compounds and minimising energy use, these coatings are created utilising ecologically friendly components and production techniques. Heavy metals, lead, mercury, formaldehyde, and other dangerous substances are among the toxic or hazardous components that green coatings seek to reduce. As a result, they are both healthier for people and the environment. VOCs, or chemicals that may evaporate and cause air pollution and health risks, are often not present in green coatings. Green coatings contribute to bettering both the interior and outdoor air quality by employing low VOC formulas.

Impact of COVID-19 On the Global Green Coatings Market

With the outbreak of COVID 19, the global green coatings market has witnessed complete or partial shutdown or production facilities which do not come under essential goods due to the nationwide lockdown across various countries like China, U.S., India, Japan, as well as Germany. It has resulted into the suspension or closure of their manufacturing activities in majority of industrial units across the world. Infrastructure and construction was one of the highly affected sectors due to lockdown that has been announced in various countries. This lockdown has significantly affected in various construction as well as infrastructure projects owing to disruption in supply chain as well as unavailability of workers. With the advent of COVID 19 pandemic, the industrial coatings, architectural coatings, wood coatings, automotive coatings, and packaging coatings sectors have witnessed a severe decline. This has resulted into the decrease in the demand of green coatings in the construction sector which has affected the growth of the global green coatings market.

Key Market Drivers

The demand for the green coatings have grown at a significant rate over the last ten years owing to availability of zero volatile organic compounds (VOCs) and ultra low volatile organic compounds. Apart from this, there is a rise in the tendency towards the need to reduce VOCs in paints. Not only this but also the government rules are becoming stricter both regionally as well as globally. Being an environmentally friendly product, the green coatings has increased interest of the customers in the market which growing at a steady rate as customers are gaining awareness about health risks related to the VOC exposure which is driving the demand of green coatings in  the global market. This factor is contributing towards the growth of the segment. Furthermore, with the increase in the demand of the consumer for improved indoor air quality and low odour interior finish, many reputed companies have started implementing green manufacturing practices.

Moreover, there has also been shift in the demand from solvent borne coatings to eco friendly products like high solids, UV curable coatings, waterborne, and powder coatings  as these products has less solvents which evaporate during this phase owing to the rising awareness of the negative impacts of VOC emissions as well as increasing global warming. In addition, with the creation of novel products as well as formulations and improvements in the application processes, the market is significantly expanding. 

Key Market Challenges

Green coatings are applied to design environmentally synthetic protocols to produce eco friedly coatings. The use of green solvents as well as industrial reactions which have been applied to numerous industrial processes in order to reduce toxicity by a large extent which tend to be very challenging.

Market Segmentation

Technology Insights

Waterborne segment is dominating the market with the largest market share over the forecast period

On the basis of technology, the global green coatings market is segmented into radiation cure, high solids, powder, and waterborne. Among these, waterborne segment is dominating the market with the largest market share over the forecast period. Due to the rise in the demand of the product in automotive and industrial applications in developing economies like Brazil and India, the technology is going to increase at a significant rate. Over the upcoming years, the expansion of the market is going to be propelled by development of infrastructural spending and developing nations in Asia Pacific and Middle East. In addition, with the shift in the OEM preference from liquid coatings to powder coatings, the demand for technology to manufacture consumer goods is going to increase at a significant rate over the forecast period.

Application Insights

Automotive segment holds the highest market share over the forecast period

On the basis of application, the global green coatings market is segmented into product finishes, packaging, wood, high performance, industrial, automotive, and architectural. Among these, automotive segment holds the highest market share over the forecast period. The manufacture of automobile highly depends of automotive OEM coatings. These coatings are of high quality and are very durable. They come with superior mechanical qualities which protect cars from harsh climate, scuffs, and chemical exposure. In fact, the interior automotive coatings help in increasing the surface area of a vehicle. This is why the manufacturing of trucks and other vehicles are rising which driving the segmental growth.

Furthermore, with the innovation, many brands have found the needs of the consumer and increasingly using green coatings to cope up with their health related issues.

Regional Insights

Europe is dominating the market with the largest market share over the forecast period

Europe is dominating the market with the largest market share over the forecast period. The market demand is anticipated to be driven by several initiatives over the next eight years. Rising consumer disposable income and shifting consumer lifestyles in Brazil are expected to assist the local building sector, which will also favourably impact the market for green coatings. Government programmes to solve the nation's housing scarcity, low lending rates, and an increasing middle-class population are expected to stimulate growth.

Asia Pacific, on the other hand is anticipated to witness the fastest market growth over the forecast period. The main market for green coatings is anticipated to be India, which is anticipated to rise at a considerable CAGR. Over the anticipated time, it is anticipated that the country's manufacturing industry would expand quickly due to the Indian government's 'Make in India' push, opening up new market opportunities.

Recent Market Developments

• In August 2021, AkzoNobel N.V. has launched a green paint which has received a USDA certification in India.

List of Key Companies

• Akzo Nobel N.V.
• Asian Paints
• Axalta Coating Systems LLC
• BASF SE
• Berger Paints India Limited
• DAW SE
• HEMPEL A/S, Jotun
• Kansai Paint Co.Ltd.
• Masco Corporation
• Nippon Paint Holdings Co. Ltd.
• PPG Industries Inc.
• RPM International Inc.
• The Sherwin-Williams Company
• TIKKURILA OYJ
• Walter Wurdack Inc.
• GLOBAL Encasement Inc.
• DSM
• Henkel AG & Co. KGaA
• Sika AG
• ALLNEX NETHERLANDS B.V.
• Momentive
• OMNOVA Solutions Inc.
• Covestro AG

Market Segment

This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global UV Stabilizers Market based on the below-mentioned segments:

Green Coatings Market, Technology Analysis

• Radiation Cure
• High Solids
• Powder
• Waterborne

Green Coatings Market, Application Analysis

• Product finishes
• Packaging
• High Performance
• Industrial
• Automotive
• Architectural

Green Coatings Market, Application Analysis

• Metal
• Plastic

Green Coatings Market, End Use

• Furniture
• Automotive
• Electronics
• Medical
• Retail
• Appliances
• Consumer Goods
• Others

Green Coatings Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa