The global Green Coatings Market Growth Accelerated by Sustainability

 

Green coatings are environment-friendly coatings that emit lower or no volatile organic compounds (VOCs) and help reduce the carbon footprint. They provide superior quality, excellent durability and resilience against harsh weather conditions. Green coatings deliver sustainable solutions for buildings and infrastructure as they have anti-bacterial, anti-fungal and self-cleaning properties.

The global Green Coatings Market is estimated to be valued at US$ 70.06 Bn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends driving the growth of the green coatings market is the rising awareness about sustainability. There is an increasing focus on utilizing eco-friendly products to reduce environmental impact. Green coatings help lower carbon emissions and improve overall air quality as they contain low or zero VOCs. Various government regulations and policies promoting sustainability are also propelling the demand for green coatings from the construction and automotive industries. The market players are extensively investing in R&D to develop new bio-based and recyclable coating solutions in order to capitalize on the growth opportunities offered by the rising sustainability movement.


Segment Analysis
The global green coatings market is dominated by waterborne segment. Waterborne coatings accounted for over 60% share in the global market in 2023 and is expected to remain the leading segment during forecast period. Waterborne coatings provide low VOC (volatile organic compound) emissions making them environment-friendly. Growing environmental regulations around the globe regarding VOC emissions is driving the demand for waterborne green coatings from various end-use industries like construction, automotive and industrial.

Key Takeaways
The global green coatings market is expected to witness high growth. The market size is projected to reach US$ 70.06 Bn in 2024, growing at a CAGR of 4.1% during the forecast period of 2023 to 2030.

Regional analysis:
Asia Pacific region dominated the global green coatings market in 2023 with over 35% market share. The region is expected to maintain its dominance during the forecast period. Growing construction activities along with rising vehicle production in China, India are driving the demand for green coatings in Asia Pacific.

Key players:
Key players operating in the green coatings market are The Sherwin Williams Company, PPG industries, Akzonobel N.V., Axalta Coating System, BASF, Valspar Corporation, Kansai Paint Company Limited, Tikkurila OYJ, and Masco Corporation among others. The Sherwin Williams Company held leading market share in 2023 owing to its wide product portfolio of waterborne as well as powder coating products.

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