Green Coatings Market Poised to Garner Maximum Revenues During 2018 – 2025
Asia Pacific is the fastest growing region in the green coatings market and is anticipated to have the highest CAGR over the forecast period, owing to the presence of major markets in the economies such as India, China, Japan, Thailand, Malaysia, Vietnam, and Indonesia. The growth of green coatings market in this region is attributed to the growth of end-use industries namely architectural and automotive coatings in this region. The ‘Make in India’ approach taken by the Government of India is expected to propel the growth of manufacturing sector, which is anticipated to drive the green coatings market over the forecast period.
Europe holds the dominant position in green coating market, owing to the economic development and growing population in the economies such as Spain, Italy, and the UK. The UK National Infrastructure Delivery have planned infrastructure projects that include airports and seaports, which in turn is anticipated to fuel the green coatings market over the forecast period.
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North America is anticipated to witness a burgeoning growth in the green coatings market, owing to the presence of a large number of manufactures in this region. This is backed by the rising government regulations in this region. The Middle East and Africa are expected to have a significant growth in the green coatings market, owing to the rise in infrastructure industry in these regions.
Various strategies are being put forward by coatings manufacturers, for instance, manufactures of paint are striving to enhance energy system by minimizing consumption of fuel and minimize waste. This is done with the use of renewable raw materials and product packaging improvement with materials that are recyclable and use of biofuel fuel in delivery trucks.
Soy Bean Oil, Vegetable Oil, Castor Oil, and Milk Paint are some of the eco-friendly components, which are being introduced in the coating materials.
The key companies operating in the global green coatings market include The Sherwin Williams Company, PPG industries, Akzonobel N.V., Axalta Coating System, BASF, Valspar Coporation, Kansai Paint Company Limited, Tikkurila OYJ, and Masco Corporation among others.
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Green Coatings Market Taxonomy
On the basis of coating type, the global coatings market is segmented as: Water-Borne Coatings, Powder Coatings, High-Solids Coatings, Radiation and UV-Cured Coatings
On the basis of application, the global coatings market is segmented as: Architectural Coatings, Industrial Coatings, Automotive Coatings, Packaging Coatings, Wood Coatings, Aerospace Coatings, Others
Water-borne coatings segment has proven to be the prominent segment of green coatings market, owing to its tremendous use in architectural and constructional activities. High solids coating segment is witnessed to gain traction, due to its increasing application in aerospace.
Architectural coating segment has projected to have a significant growth rate in the global green coatings market, owing to increase in infrastructure spending in commercial and residential sectors.
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