Green Coating Market Anticipated to Grow At the Highest CAGR, Owing to Rapid Development in Infrastructural Sector and Increase in Awareness among People Regarding Harmful Vocs Emission
Green coatings show little or no harmful VOC (volatile organic compounds) compared to conventional solvent-based coatings. These mainly include aqueous coatings other than powder coatings, solids coatings and radiation curing coatings.
Factors driving growth in the global green coating market include not only specific institutions such as EPA and REACH, but also stringent environmental regulations imposed by governments, increased popularity of environmentally friendly building standards, and increased consumer awareness of sustainable products. In addition, the growth of the end-user industry in green coatings also fuel the global market. However, availability of raw materials and fluctuations in prices are expected to hinder the growth of this market in the near future. A key factor in providing great growth opportunities for the market is the technological advancement of green coating products and the increased use of radiation cured coatings.
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In 2016, Asia-Pacific and North America collectively accounted for more than half share of the global green coatings market, and is expected to grow at the highest CAGRs during the forecast period. China, India, and other developing countries are expected to witness various infrastructural developments as well as rearrangements in Asia-Pacific, thus, the green coatings market of that region is anticipated to experience an increase in growth rate during the analysis period.
The major companies profiled in the report include
• AkzoNobel NV
• Asian Paints Limited
• Axalta Coating System
• BASF SE
• Berger Paints India Limited
• Deutsche Amphibolin Works Se (Daw)
• Hempel A/S
• Jotun A/S
• PPG Industries
• The Sherwin-Williams Company
Based on type, the market is segmented into waterborne coatings, powder coatings, high-solids coatings, and radiation cure coatings. Waterborne coatings accounted for more than three-fourths share of the global green coatings market in 2016. Powder coatings and radiation cure coatings segments are anticipated to be the fastest growing types during the forecast period.
Architectural coating is the leading application with highest growth rate and occupy nearly two-fifths of the share in global green coatings market due to global increase in infrastructure spending especially in certain countries of Asia-Pacific. Automotive coatings is projected to be the second fastest growing application owing to the rapid growth witnessed in the industry over the last few years.
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Key Findings of the Green Coatings Market:
• In terms of value, radiation cure coatings are expected to expand at highest CAGR of 8.3% globally during the forecast period.
• Europe is the dominant region of the market with around one-third market share and decent CAGR of 4.9% during the forecast period.
• Architectural coatings is the leading application with nearly half of the market share and highest CAGR of 6.2% till 2023.
• Asia-Pacific occupied more than one-fourth of the global market and is the fastest growing region with 6.7% CAGR in the analysis period.
• China is one of the major country in the market and is expected to grow at the highest CAGR of 7.1% in terms of value.
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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
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