Green Coatings Market is Expected to Witness Further Growth in The Spread of COVID-19 pandemic

Surge in awareness among consumers about sustainable products, stringent regulations, and rise in end user industries drive the growth in the market. However, fluctuations in raw material costs restrain the market growth. On the other hand, advancements in coating technology and increase in usage of radiation cure coatings create new opportunities in the industry.

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Waterborne coatings to remain dominant throughout the forecast period:
Waterborne coatings contributed more than three-fourths of the total market share in 2017 and is expected to remain dominant throughout the forecast period. This is due to preference for waterborne coatings over solvent based coatings that releases high VOC content. However, radiation cure coatings segment is expected to register the highest CAGR of 8.3% from 2017 to 2023, owing to better surface properties along with low energy cost and fast curing that lead to wide adoption. The research also analyzes powder coatings and high-solids coatings.

The report offers an extensive analysis of changing market dynamics, top winning strategies, market size & projections, and competitive landscape. According to the report, global green coatings market garnered $84.67 billion in 2017, and is estimated to reach $118.99 billion by 2023, growing at a CAGR of 5.8% from 2017 to 2023.

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Architectural coatings to be lucrative segment:
Architectural coatings accounted for more than two-fifths of the total market share in 2017 and will maintain its leadership status by 2023. Moreover, this segment is expected to register the highest growth rate with a CAGR of 6.2% from 2017 to 2023. This segment is lucrative segment due to widespread usage in the construction industry, preference of consumers for environment friendly coatings, and expanding product portfolio by manufacturers. The report also analyzes industrial coatings, automotive coatings, wood coatings, packaging coatings, and other coatings.

Frontrunners in the industry
Key market players analyzed in the report are AkzoNobel NV, Axalta Coating System, Asian Paints Limited, Berger Paints India Limited, BASF SE, Hempel A/S, Deutsche Amphibolin Works Se (Daw), PPG Industries, Jotun A/S, and The Sherwin-Williams Company.

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