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BEIJING, July 27, 2022 (GLOBE NEWSWIRE) -- The Global Green Coating Market Size accounted for USD 73,852 Million in 2021 and is expected to reach the market value of USD 110,633 Million by 2030 at a CAGR of 4.7% during the forecast period from 2022 to 2030.
Green coatings are environmentally sustainable coatings that emit relatively zero volatile organic compounds (VOCs). Several of the most widespread green coatings are high-solid paints, water-based paints, powder coatings, and radiation-hardened coatings. These coatings are manufactured from natural elements such as biodiesel production, clay, castor petroleum, vegetable oil, milk, and some more. They help to reduce the detrimental effects of ultraviolet (UV) and infrared radiations while also increasing the device's overall efficiency. As a result, they are found in a wide range of applications, including automobile, petroleum & gas, building, aviation, mining, aerospace, and marine.
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Green Coating Market
Market Size 2021
USD 73,852 Million
Market Forecast 2030
USD 110,633 Million
CAGR During 2022 - 2030
2018 - 2030
2022 - 2030
By Type, By Application, And By Geography
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Companies Profiled
BASF SE, Akzo Nobel N.V., Jotun A/S, Lifetime Green Coatings, Axalta Coating Systems Ltd., PPG Industries, Berger Paints India Limited, Asian Paints Limited, The Sherwin-Williams Company, and Arkema Group.
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
10 hrs of free customization and expert consultation
Global Green Coating Market Growth Aspects
Rising environmental protection in emerging nations, as indicated by greater infrastructure investment, is a key driver of market expansion. Furthermore, the growing use of powder and waterborne surface coating to replace solvent-borne coatings, notably in the automotive and construction industries, is driving the market forward in the approaching years. Higher construction activity in emerging markets such as China and Japan, growing demand for radiation curing paints and plant-based timber coatings, and increased awareness of volatile organic compound (VOC) problems are propelling the industry ahead. Furthermore, expanding use of UV cure paint and plant-based resources for the manufacture of timber coating, as well as a growing awareness of the health and environmental implications of volatile organic compounds, are among the key factors driving the green coatings business. Besides that, increasing advancements in coatings methodologies, growing use of radiation cure surface treatments, comprehensive research, and development activities, and growing product demand from a large number of different industries will provide exciting options for the green coatings market during the projection period.
However, increased unpredictability in the costs of biomass feedstock is one of the primary reasons acting as a restraint, and high manufacturing costs will further challenge the green coating market throughout the projected years.
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Impact of COVID-19 on Green Coating Market
The growing COVID-19 epidemic has reduced the demand for coating materials in semiconductors, automotive, architecture, and white goods. The market has the ability to recover, but it is entirely directly proportional to the length of the shutdown as well as the virus's contribution to the national economy. Despite the fact that overall market demand is declining, awareness of sustainable coating is likely to increase in the future years.
Growing Demand for Bio-based Coating Expected to Drive the Market
Growing environmental concerns have led to a considerable shift toward bio-based replacements, including bio-based coatings. Environmental exposures continue to drive the change in the paints and coatings business toward bio-based coatings, and this shift is expected to reach new heights in the coming years. Consumption of bio-based coating materials is predicted to rise dramatically in the next years due to rising social awareness of environmentally responsible products. The construction of sustainable products in the paint and surface coating business is one of the increasing urbanization driving demands for bio-based coating materials.
Green Coating Market Regional Overview
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global green coating market. The Asia-Pacific region is expected to be the fastest-growing region for green coating during the projected timeframe, owing to rapid industrialization, increased infrastructure building activities, and improved GDP per capita, which has changed people's standard of living, with people now concerned about green and sustainable materials, increasing demand for the automotive industry, and expenditure on higher-quality product offerings. As a result of this demand for green coating over standard coatings, the regional market for green coating is expanding. North America has a significant share of the global green coating market and is expected to increase dramatically in the forecasting years, owing to environmental agencies in the region being very strict about VOCs laws, which encourages producers of the paint and coating segment to adopt green coating. Furthermore, the region's research and innovation sector is always improving its products in order to make them more sustainable.
Green Coating Market Segmentation
The global green coating market has been segmented by Acumen Research and Consulting based on type, and application. Based on the type, the market is divided into waterborne coatings, high-solids coatings, powder coatings, and radiation cure coatings. Based on the application, the market is categorized into architectural coatings, automotive coatings, industrial coatings, packaging coatings, wood coatings, and other.
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Green Coating Market Players
Some key players covered global in the green coating industry are BASF SE, Akzo Nobel N.V., Jotun A/S, Lifetime Green Coatings, Axalta Coating Systems Ltd., PPG Industries, Berger Paints India Limited, Asian Paints Limited, The Sherwin-Williams Company, and Arkema Group.
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