The global "Green Coatings Market is estimated to be USD 123.6 billion in 2022 and is projected to reach USD 155.9 billion by 2027, at a CAGR of 4.8% between 2020 to 2027, as per the recent study by MarketsandMarkets™.
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Browse in-depth TOC on " Green Coatings Market”
189 - Market Data Tables
56 - Figures
246 - Pages
List of Key Players in Green Coatings Market:
- AkzoNobel N.V. (Netherlands)
- PPG Industries (US)
- Axalta Coating Systems (US)
- BASF SE (Germany)
- The Sherwin-Williams Company (US)
Drivers, Restraints, Opportunities and Challenges in Green Coatings Market:
- Drivers: Increasing focus on health and sustainability brings “going green” idea into greater limelight
- Restraints: Availability and cost of specialized raw materials needed for green coatings
- Opportunities: Rising demand for renewable raw materials
- Challenges: To develop synthetic technologies that possess little or no toxicity to human health and environment
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Key Findings of the Study:
- Wood coatings is the second fastest-growing segment of the overall green coatings market.
- China is the largest green coatings market in Asia Pacific during the forecast period.
Wood Coatings Is The Second Fastest-Growing Segment Of The Overall Green Coatings Market.
Green wood coatings are setting a high standard in the industry for being highly sustainable, quality products. They provide high hardness, chemical resistance, and light resistance, along with environmentally friendly industrial processability. Water-based wood coatings offer faster drying times as compared to solvent-based coatings. Polishes and water repellents are among the most used wood coatings due to their high effectiveness. They are supposed to provide greater non-yellowing properties.
The use of powder coatings on wood is growing significantly. By developing powders with low-heat requirements and a uniform-density wood product, wood manufacturers and their customers are now able to powder-coat a wide range of wood products. Manufacturers of home-office furniture, kitchen cabinets, childrens furniture, and outdoor grill tables have identified the importance of green coatings considering their various health-related benefits.
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China is the largest green coatings market in Asia Pacific during the forecast period.
China is the world’s largest producer and consumer of coatings. Many major players are investing in the country to build new manufacturing facilities due to cheap labor and cheap & accessible raw materials. AkzoNobel N.V. has strengthened its distribution network in Mainland China by expanding into 40 new cities and 1,000 additional stores. The green coatings market in China is driven by rising demand from housing activities, new construction and renovation activities, government, and private investment in residential and non-residential projects, and growing consumer spending power. Increasing population, improved lifestyle, economical labor, and restructured environmental regulations are expected to fuel the demand for architectural application in China.