July 23, 2024

The global green coatings market is estimated to Propelled by growing demand for eco-friendly products

Green coatings are environment-friendly coating materials that emit minimal or no volatile organic compounds (VOCs) into the atmosphere. They are derived from sustainable raw materials and can be recycled. Green coatings provide heat and corrosion resistance to buildings and infrastructure and help reduce carbon footprint.

The global green coatings market is estimated to be valued at US$ 70.06 Bn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Growing demand for eco-friendly products is one of the key trends driving the growth of the green coatings market. Customers are now more aware about the adverse effects of VOCs on the environment and are increasingly seeking out green alternatives. Strict environmental regulations in developed countries are also fueling the adoption of green coating materials in construction and manufacturing industries. For example, the European Union has placed strict limits on the VOC content in various paints and coatings. Leading coatings manufacturers are investing in R&D to develop new bio-based and low-VOC coating formulations in order to capitalize on the surging customer demand for sustainable products. This is expected to further accelerate the market growth of green coatings over the forecast period.

SWOT Analysis
Strength: Green coatings offer various environmental benefits such as low volatility organic compound emissions, reduced energy usage during production, and biodegradability. Their use helps construction and painting industries meet environmental regulations.
Weakness: Green coatings have higher upfront costs than conventional coatings. Extensive R&D is required to improve their performance properties to match traditional coatings.
Opportunity: Stringent government regulations and growing customer demand for sustainable products are driving greater adoption of green coatings. Expanding construction activities in developing nations also present an opportunity.
Threats: Availability of cheaper conventional coatings can slow the market shift to greener alternatives. Economic slowdowns may force industries to prioritize costs over sustainability.

Key Takeaways

The global green coatings market is expected to witness high growth over the forecast period. The global green coatings market is estimated to be valued at US$ 70.06 Bn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030.

The Asia Pacific region holds the largest share of the global green coatings market fueled by increasing construction and automotive manufacturing activities. China, Japan, and India have implemented strict environmental norms boosting green product demand. Europe is another major regional market driven by regulatory push for greener buildings and transport sectors.

Key players – Key players operating in the green coatings market are The Sherwin Williams Company, PPG industries, Akzonobel N.V., Axalta Coating System, BASF, Valspar Corporation, Kansai Paint Company Limited, Tikkurila OYJ, and Masco Corporation among others. They are focusing on sustainable procurement, reducing product VOC levels, and improving the recyclability of paint containers used.

*Note:

1.Source: Coherent Market Insights, Public sources, Desk research

2.We have leveraged AI tools to mine information and compile it