Advantages of green coatings in the construction industry and high-end developments in the sector drive the growth of the global green coatings market.
PORTLAND, Ore., April 7, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Green Coatings Market by Type (Waterborne Coatings, Powder Coatings, High-Solids Coatings, and Radiation Cure Coatings) and Application (Architectural Coatings, Industrial Coatings, Automotive Coatings, Wood Coatings, Packaging Coatings, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030." According to the report, the global green coatings industry was estimated at $67.3 billion in 2020, and is anticipated to hit $104.0 billion by 2030, registering a CAGR of 4.3% from 2021 to 2030.
Drivers, restraints, and opportunities-
Advantages of green coatings in the construction industry and high-end developments in the sector drive the growth of the global green coatings market. On the other hand, certain disadvantages associated with waterborne coatings in the building industry impede the growth to some extent. However, emergence of effective solutions for waste management and increasing use of waterborne coatings promoted by government in the APAC region are anticipated to pave the way for lucrative opportunities in the industry.
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Covid-19 scenario -
- The outbreak of the pandemic gave way to closure of most of the constructional units and the majority of activities in the construction industry were delayed or postponed, especially during the initial phase. This, in turn, led to a steep decline in demand for green coatings that are used as protective and decorative paints on walls, roofs, panels, windows, door frames, and interior extrusions. This factor impacted the global green coatings market negatively.
- Nevertheless, the market is projected to get back on track soon.
The waterborne coatings segment to dominate by 2030-
By type, the waterborne coatings segment contributed to the major share in 2020, holding more than three-fourths of the global green coatings market. The radiation cure coatings segment, however, would cite the fastest CAGR of 6.4% during the forecast period, due to the increasing research and development activities in the sector.
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The architectural coatings segment to maintain the lion's share-
By application, the architectural coatings segment accounted for the major share in 2020, holding more than two-fifths of the global green coatings market. The same segment is also expected to grow at the fastest CAGR of 4.7% from 2021 to 2030. This is owing to the growth in building & construction industry, along with the policies of environment agencies to keep them eco-friendly.
Europe, followed by Asia-Pacific and North America garnered the major share in 2020-
By region, the market across Europe, followed by Asia-Pacific and North America, had the lion's share in 2020, generating nearly one-third of the global green coatings market. This is attributed to the government regulations toward limiting the usage of VOCs in the painting segment due to health and environmental risks caused because of the formation of aerosol. The Asia-Pacific region, on the other hand, is projected to portray the fastest CAGR of 5.2% by 2030.
Key players in the industry-
- Arkema Group
- Asian Paints Limited
- Axalta Coating Systems Ltd.
- Akzo Nobel N.V.
- PPG Industries
- Lifetime Green Coatings
- The Sherwin-Williams Company
- BASF SE
- Berger Paints India Limited
- Jotun A/S
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