The global green coating market size is projected to reach USD 212.5 billion by 2027 and market is expected to witness a CAGR of 7.4% over the forecast period 2020 to 2027.
Coating industry witnesses an increase in the use of ecofriendly materials as a part of green or sustainable chemistry in last few years owing to increasingly strict environmental regulations, growth in popularity of green building standards, and rise in consumer awareness for sustainable products. Green coatings are environment friendly materials, which consist of non-solvent borne technology and low or zero volatile organic compound (VOC) emissions. VOCs are the harmful components present in conventional solvent borne coatings reported to form ground-level ozone and urban smog resulting in various health hazards. Thus, coatings manufacturers shift their focus to create formulations with less solvent content, such as waterborne coatings, powder coatings, high-solids coatings, and radiation cured coatings. The aforementioned types are covered under green coatings category, and are mainly employed in architectural, industrial, automotive, and wood applications.
Increasing stringent government regulations associated with VOC is expected to propel demand. Rising demand for waterborne and powder technology to replace solvent borne coatings especially in the architectural and automotive application is expected to drive industry growth.
The industry is highly competitive and fragmented owing to the presence of several major manufacturers. Product quality and pricing are expected to be the key factors influencing buyer’s decision. Increasing government focus towards the environment is expected to propel demand for eco-friendly products, thus driving the green coatings industry trend.
In the U.S., stringent regulations imposed by EPA on the paints and coatings industry to limit VOC is expected to have a positive impact on the industry trend. Innovations done by the automotive manufacturers in the region to use powder and UV cured coatings in vehicle manufacturing is expected to propel product demand.
Capacity expansion, integration, mergers, and product innovation are expected to be the key strategies for these players to sustain in the competition. Fluctuating raw material prices and availability of wide product options by different manufacturers is expected to challenge manufacturers in terms of pricing and profitability.
The industry is governed by various laws and regulations given by the environmental protection agencies and governments across the globe. For instance, in the U.S., it has to comply with OSHA regulations while undergoing deposition process and must adhere to all REACH regulations as they contain hazardous chemicals.
High energy consumption associated with the product manufacturing and use is projected to restrain industry expansion. The manufacturers are expected to invest in R&D to design new products with low cost, less drying time, superior water and chemical resistance in order to tap the consumer attention.
Stringent regulations imposed by government and certain other environment & health care agencies such as REACH and EPA drive the global Green Coatings Market. Moreover, growth in number of end-user industries and increase in awareness toward VOC emissions are some other factors that boost the market growth. However, volatility in availability of raw materials and its cost increases the price of green coatings, which in turn restricts the market growth.
Furthermore, key industry players and research institutes invest more for green coatings product development as per the demand from consumers & governments for sustainable and eco-friendly products. Thus, technological advancements and growth in use of radiation cure coatings provide opportunities for the market growth.
Waterborne coatings dominated the industry owing to the early adoption of the technology especially in architectural application across the Europe and North America. The technology is expected to grow at a significant rate owing increasing product demand in the automotive and industrial application in the emerging economies including India and Brazil.
The architectural industry was the largest application segment for waterborne coatings, accounting close to 80% of the overall demand in 2016. Increasing infrastructure spending coupled with rising economic development in Asia Pacific and the Middle East are expected to drive green coating market growth over the next eight years.
High solid coatings are likely to witness a growth of 6.6% from 2017 to 2025, owing to its superior water resistance, cost effectiveness and excellent viscoelastic properties. The demand for high solid coatings was valued at USD 10.01 billion in 2016 and is expected grow on account of its rising demand in aerospace, automotive and packaging application.
Surging demand for domestic appliances including freezer cabinet, washing machine, and microwave oven are expected to augment powder coating industry growth. The demand for the technology for manufacturing consumer goods is expected to grow at a CAGR of 8.1% from 2017 to 2025, owing to changing OEMs preference from liquid coatings to powder coatings.
Europe is likely to witness growth owing to growing population and economic development in UK, Spain and Italy. Various infrastructure projects including seaports and airports have been planned in UK National Infrastructure Delivery Plan 2016-2021, which are likely to drive the market demand over the next eight years.
India is expected to be the key market for green coatings and is expected to grow at a CAGR of 7.6% from 2017 to 2025. The rapid growth of manufacturing sector in the country owing to the ‘Make in India’ initiative taken by the Indian government is expected to open new avenues for the market over the projected period.
Rising consumer disposable income and changing consumer lifestyle in Brazil is expected to have a positive impact on the construction industry in the region, thereby impacting the green coatings market on a positive note. The government’s efforts to offset the country’s housing deficit, low-interest rates and expanding middle-class population is expected to drive growth.
The Middle East & Africa is expected to witness significant growth owing to rapid urbanization and industrialization in the region. The growth of application industries coupled with the expansion of major coating manufacturers in this region is expected to have a positive impact on the industry trends over the next eight years.
Green Coating Market Share Insights
Entry of new market players is expected to be limited owing to high investment costs in addition to fluctuating prices of raw materials. Rapid product innovation is expected to pose a threat of forward integration by the raw suppliers. The global presence and business model of such conglomerates is expected to pose a risk to existing market players.
Major coating manufacturing companies try to integrate with domestic players to expand business in the local market and augment their production capacity. Key market participants include AkzoNobel, PPG Industries, Jotun, Kansai Paint, Nippon Paint, Axalta Coating Systems, BASF SE, Valspar Corporation, Sherwin-Williams, and Royal DSM.
The Green Coatings market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Green Coatings market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Green Coatings market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Green Coatings market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Green Coatings market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Green Coatings capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Green Coatings by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Green Coatings market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Green Coatings market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Green Coatings market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Green Coatings industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Green Coatings market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Green Coatings market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Green Coatings market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Green Coatings market. These factors have benefited the growth of the global market for Green Coatings. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Green Coatings. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Green Coatings are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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