The global green coatings market is projected to reach at $118,990 million by 2023 from $80,010 million in 2016, growing at a CAGR of 5.8% from 2017 to 2023. Green coatings are usually harmless materials with reduced or no volatile organic compound (VOC) emissions, thus, facilitating manufacturers to deal with strict environmental rules imposed by the government & other regulatory bodies. Traditional solvent coating contains toxic ingredients, primarily, VOCs such as benzene, formaldehyde, and others, which cause serious environmental damage and result in human health problems. Some of its adverse effects include ozone depletion, air pollution, headache, kidney problem, breathing disorder, dizziness, allergic reactions, and more. Also, certain non-green coatings are reported to be carcinogenic with added possibility of neurological damage as per World Health Organization (WHO) and Danish researchers. Hence, green coating is an environment friendly approach to battle pollution and health hazards caused by conventional solvent-based coatings.
Strict environmental regulations imposed by government and rise in awareness & health concerns among people regarding the drawbacks of traditional solvent based coatings drive the market growth. Apart from that, new technological advancement coupled with high economic growth rate in different regions are other factors that support the growth of the market. However, volatility in cost and availability of raw materials mark the rise in the price of green coatings, which in turn limits the market growth. Moreover, new product development and increase in use of radiation cure coatings make way for growth opportunities for the market.
The global green coatings market is segmented on the basis of type, application, and geography. By type, the market is categorized into waterborne coatings, powder coatings, high-solids coatings, and radiation cure coatings. Different applications of the market include architectural coatings, industrial coatings, automotive coatings, wood coatings, packaging coatings, and others (aerospace coatings & product finishes). On the basis of geography, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Comprehensive competitive analysis and profiles of major market players in this study are as follows:
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