Categories: Market Research

Green Coatings Market Key Drivers, Trends, Growth, Outlook 2024-2033

The green coatings global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Green Coatings Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size –

The green coatings market size has grown strongly in recent years. It will grow from $94.07 billion in 2023 to $102.28 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to environmental regulations, consumer awareness, government initiatives, shift toward sustainable practices, corporate sustainability goals, renewable resources in coating formulations.

The green coatings market size is expected to see strong growth in the next few years. It will grow to $138.72 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to economic incentives for green products, growing eco-friendly construction, demand from automotive sector, bio-based resins and polymers, shift to water-based coatings, climate change mitigation strategies. Major trends in the forecast period include demand for low voc and voc-free formulations, adoption of uv-curable coatings, r&d in nanotechnology for coatings, collaboration between industry stakeholders, shift towards powder coatings.

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Scope Of Green Coatings Market

The Business Research Company’s reports encompass a wide range of information, including:

Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
Drivers: Examination of the key factors propelling market growth.
Trends: Identification of emerging trends and patterns shaping the market landscape.
Key Segments: Breakdown of the market into its primary segments and their respective performance.
Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
Macro Economic Factors: Assessment of broader economic elements impacting the market.

Green Coatings Market Overview

Market Drivers –

Significant growth in the construction industry is expected to propel the green coating market. The construction industry refers to the commercial sector of manufacturing and trade that deals with creating, maintaining, and repairing infrastructures. The construction industry is growing with the demand for green buildings that require bio-based paints and coatings to protect the environment and reduce pollution. For instance, according to data published by the United States Census Bureau, a US-based Federal Statistical agency, the total spending on industrial construction in the US was $1,762.3 billion in June 2022. According to PolicyAdvice, a United Kingdom-based company that provides insurance information, the total average annual spending on industrial construction in the US is $1.23 billion. Therefore, significant growth in the construction industry is anticipated to fuel the market in the upcoming years.

Market Trends –

Innovations in bio-based materials are the key trend gaining popularity in the green coating market. Major players are concentrating on creating innovative bio-based materials to reduce environmental pollution. For instance, in February 2021, AkzoNobel Vehicle Refinishes, a Netherlands-based provider of coatings and services for collision repairers, launched Wandabase WB Plus, a state-of-the-art waterborne basecoat system with superior coverage and control and excellent color accuracy. Wandabase WB Plus is a low-VOC waterborne basecoat that has received certifications from various environmental agencies, including the TSCA (Toxic Substances Control Act) and the CARB (California Air Resources Board). It is considered a green coating due to its low VOC emissions and its use of environmentally friendly solvents. Additionally, Wandabase WB Plus is now supported by AkzoNobel’s cloud-based color tool MIXIT Cloud, offering a first-time-right color match every time.

The green coatings market covered in this report is segmented –

1) By Type: Waterborne Coatings, Powder Coatings, High-Solids Coatings, Radiation Cure Coatings

2) By Source: Vegetable Oil, Soy Bean, Castor Oil, Clay, Other Sources

3) By End-Use Industry: Industrial, Architectural, Automotive, Packaging, Other End-Use Industries

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Regional Insights –

Europe was the largest region in the green coatings market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the green coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Key Companies –

Major companies operating in the green coatings market report are Akzo Nobel NV, Axalta Coating Systems Ltd., BASF SE, PPG Industries Inc., The Sherwin Williams Company, Arkema Group, Asian Paints Limited, Berger Paints India Limited, Jotun A/S, Hempel A/S, Nippon Paint Holdings Co. Ltd., RPM International Inc., Kansai Paint Co. Ltd., Tikkurila Oyj, Sika AG, Valspar Corporation, The Dow Chemical Company, KCC Corporation, DAW SE, Eastman Chemical Company, BioShield Technologies Inc., Green Planet Paints, ECOS Paints, AFM Safecoat, Mythic Paint, Old Fashioned Milk Paint Co., Livos, Earthborn Paints, Auro Naturfarben, Lanxess AG

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