The Global Green Coatings market was $ 9,648.55 million in 2017 and is estimated grow with CAGR of 8.12% till 2023. Green Coatings are majorly used in architectural segment with water-based formulation so as to reduce environmental footprint. The emerging trend that have a direct impact on the dynamics of green coatings industry is the increasing use of UV coatings along with high solids formulation which has increased its usage over aerospace sectors.
Asia-Pacific will remain as the fastest growing market during the forecast period due to its immense opportunities in both architecture and automotive sectors with Europe being the most mature and largest markets owing to its strict rules and regulations laid down by various environmental protection bodies.
UV coatings are the highly priced green coatings in the market till date costing more than $18000/ ton. Since this type of coatings is quite recently developed the pricing of this type of coatings will not degrade when compared to others. On the other hand water borne coatings is the most used formulation out of all these formulations and is minimum in price and the price will decrease in future due to enough production and easy hassle free manufacturing of raw materials.
What is Green Coatings?
Green coatings are nothing but normal day to day coatings that have low VOC content which have less environment footprint. The importance of developing sustainable products remains as one of the major concern for coatings as well as paints manufacturers. From OEM equipment manufacturers to DIY consumers, low VOC coatings are preferred all over. Due to the stringent laws and regulations coatings manufacturers have recognized the importance to deliver low and zero VOC products. Manufacturers are working even harder to develop high performance low VOC coatings that have specific application and are durable enough for extreme conditions. In February 2003, in response to the organizations like Leadership in Energy and Environmental Design (LEED) and Energy Star the first restriction on VOC emission was introduced which was termed as Restriction of Hazardous Substances Directive (RoHS) and was set up for Europe. Since then coatings manufacturers have been working tirelessly to produce more and more green coatings adhering to all laws and regulations.
What are the major applications of Green Coatings?
The applications which are taken into account are architectural, industrial, automotive, and aerospace and others which are based on the importance and usage of green and low VOC coatings
Market Research and Market Trends of Green Coatings
- Rise in architectural sector in developing countries such as China, Japan and so on have also made the market strong enough in Asia-Pacific.
- The world population is set to reach 8.5 billion by 2030, according to UN reports which means there will be tremendous growth in architectural sector in developed as well as developing nations have made the market of low VOC as well as green coatings mature enough comparatively at a short time span.
- The use of conventional solvent coatings have reduced significantly in architectural sectors due to its ill effects on environment as well as human beings
- The market of coatings as a whole is mature enough and has simultaneously led the market of green coatings to grow.
- The global coatings market is more than $100 bn. Such a mature market always provides an advantage to substitutes when the conventional one is limited due to any reasons such as laws and regulations in this case.
Who are the Major Players in Green Coatings Market?
The companies referred in the market research report include Jotun, Axalta, Valsapar, PPG Industries Inc., and others
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