The Green Coatings Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Green Coatings Global Market Report 2024, 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..
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.
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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
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 report table of contents includes:
- Executive Summary
- Green Coatings Market Characteristics
- Green Coatings Market Trends And Strategies
- Green Coatings Market – Macro Economic Scenario
- Global Green Coatings Market Size and Growth
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- Global Green Coatings Market Competitive Benchmarking
- Global Green Coatings Market Competitive Dashboard
- Key Mergers And Acquisitions In The Green Coatings Market
- Green Coatings Market Future Outlook and Potential Analysis
- Appendix
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