Green Coatings Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1705
Green Coatings Market size is expected to witness dynamic growth due to its growing usage in end use industries including, automotive, architectural, wood and packaging. Stringent government norms on eco-friendly products and limitations created by REACH, EPA and other healthcare & environmental agencies is projected to fuel industry demand.
Increasing investments by major players in research & development activity had led to the innovation of green coatings that are non-hazardous. Growth of aviation, automotive and infrastructure industry will provide positive outlook to the industry. With high-tech technologies and government regulations, manufacturers are producing varnishes that have similar performance to that of conventional coverings. Another key factor for the rise in green coatings market is its superior performance relative to other varnishes. The major restraints for green coatings market are the fluctuating raw material prices and easy availability of the product.
Coverings are applied on objects to protect them from corrosion, abrasion, rusting and wear & tear. The product distinct characteristics as they produce low levels of Volatile Organic Compound (VOC) emissions which follow the standards created by environmental bodies. Upsurge in use of UV curing and use of plant based sources to enhance wood coverings will have a positive impact on the industry growth. Green coatings market is divided into waterborne, high-solids, radiation cure and powder coverings. Waterborne coverings are the most commonly used and easily available in the industry due to its increased usage on various appliances. Additionally, low emissions level of VOC from the product, makes it less toxic, thereby impelling the industry growth.
Green coatings are used in various industries named, automotive, industrial, architectural, high performance, wood and packaging. Recently, the product demand has increased in architectural industry owing to the aesthetic appeal provided by the product. However, automotive coverings segment is expected to up surge rapidly with the recent developments in automobile industry.
North America, dominated by the U.S and Canada will witness significant growth for green coatings market due to rapid growth in construction activities. After the recovery from economic crisis, the number of housing and commercial activity rate has increased in this region which will boost the industry growth. North America is the major hub for producing green coatings in this region. Latin America, Mexico will observe a increased consumption of the products on wood appliances with the growth in furniture manufacturing industries.
Europe green coatings market is expected to witness exponential growth owning to rise in architectural and automotive industries in this. increased number of marine activities in the region will further support the industry growth. Increased government interventions in using non-hazardous products and rising awareness towards the usage of these products will provide lucrative opportunities to the industry in the region.
Asia-Pacific, led by China is the fastest growing region for green coatings market due to increasing population and growth in automotive, building and packaging industry. Emerging economies including India, Japan, Malaysia, Vietnam, Thailand and Indonesia is predicted to witness a rapid growth in this industry. Escalating end-use applications in automotive, infrastructural, aviation, wood and packaging finished good are expected to drive the green coatings market.
MEA green coatings market will experience significant growth owning increased growing focus towards activities including, roads & highways, education, water & wastewater treatment, infrastructure and social services.
Green coatings market is highly competitive with presence of many regional manufacturers. Some of the key players are Bayer Material Science, DSM, Arkema, Omnova solutions and Allnex. Other prominent industry players including BASF, Nippon, Valspar, PPG, Axalta, Sherwin Williams, Masco, Asian paints and AkzoNobel are involved in this market.
Companies are using various strategies to capture this emerging market by new product launch and through mergers & acquisitions. In 2015, PPG acquired 50% industry shares of IVC, an Asian joint venture and a leading supplier of industrial varnishes. In April 2017, the company has purchased the remaining 50% shares of IVC so that company can deliver more valuable industrial products to their customers.
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