Green Coatings Market to Grow with a CAGR of 4.92% through 2028

Consumer demand for eco-friendly products and government support is expected to drive the Global Green Coatings Market growth in the forecast period, 2024-2028.

According to TechSci Research report, “Green Coatings Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Green Coatings Market stood at USD 123.80 billion in 2022 and is anticipated to grow with a CAGR of 4.92% in the forecast period, 2024-2028. This can be attributed to corporate sustainability initiatives. Companies across various industries are embracing sustainability as a core value. Corporate sustainability initiatives are driving the adoption of green coatings as businesses seek to reduce their overall environmental footprint. The implementation of sustainable practices, from the supply chain to the end product, is becoming a critical aspect of corporate strategies. Green coatings play a pivotal role in achieving these sustainability goals, further fostering their growth in the market.

Beyond applications in construction and automotive industries, green coatings are finding new avenues in sustainable packaging solutions. As the global emphasis on reducing single-use plastics and enhancing packaging recyclability grows, the demand for coatings that meet these sustainability criteria is expected to rise. Green packaging coatings are anticipated to be a significant trend in the coming years.

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The Global Green Coatings Market refers to the market for environmentally friendly or sustainable coatings used in various industries, including automotive, construction, packaging, and more. Green coatings are designed to have minimal environmental impact, typically by reducing volatile organic compound (VOC) emissions, utilizing renewable resources, and employing eco-friendly manufacturing processes.

The Global Green Coatings Market is segmented into type, application, regional distribution, and company.

Based on its type, Water-borne coatings are poised to dominate the Global Green Coatings Market for several compelling reasons. Firstly, the increasing emphasis on environmental sustainability and regulatory measures favoring eco-friendly solutions has driven a significant shift towards water-based formulations. These coatings exhibit lower levels of volatile organic compounds (VOCs), reducing their environmental impact and aligning with stringent emissions standards. Additionally, the growing awareness among consumers and businesses about the importance of adopting sustainable practices has fueled the demand for green coatings, where water-borne options are perceived as a cleaner and safer choice. Moreover, advancements in technology have led to the development of high-performance water-borne coatings, offering comparable durability and efficacy to their solvent-based counterparts. As the global consciousness towards eco-conscious practices continues to rise, the versatility, performance, and environmentally friendly attributes of water-borne coatings position them as the frontrunner in shaping the future of the Green Coatings Market.

Based on application, Architectural coatings are poised to dominate the Global Green Coatings Market as a primary application due to several compelling factors. Firstly, the construction industry's increasing focus on sustainability and green building practices has led to a surge in demand for environmentally friendly coating solutions. Architectural coatings play a pivotal role in enhancing the aesthetic appeal and protecting structures, making them a critical component in the construction and maintenance of eco-friendly buildings. With a rising awareness of the environmental impact of traditional coatings, architects, builders, and consumers are actively seeking alternatives that align with green standards. Water-based architectural coatings, in particular, have gained prominence for their low VOC content and reduced environmental footprint. As governments worldwide implement stringent regulations promoting green initiatives, the architectural sector's shift towards sustainable coatings is expected to accelerate, solidifying their dominance in the Global Green Coatings Market.

 Major companies operating in Global Green Coatings Market are:

• Akzo Nobel NV
• Arkema Group
• Asian Paints Limited
• Axalta Coating Systems LLC
• BASF SE
• Berger Paints India Limited
• DAW SE
• Eastman Chemical Company
• Evonik Industries AG
• Hempel A/S

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“The Global Green Coatings Market is on the cusp of transformative changes, driven by innovations in bio-based materials, nanotechnology, circular economy principles, smart coatings, digitalization, sustainable packaging, collaborative endeavors, and increased consumer awareness. As these trends unfold, the market is poised to not only meet sustainability goals but also redefine industry standards and contribute to a more environmentally conscious and responsible future,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Green Coatings Market By Type (Water-Borne, Powder, High-solids, UV-cured coatings), By Application (Architectural Coatings, Industrial Coatings, Automotive Coatings, Wood Coatings, Packaging Coatings, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Green Coatings Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Green Coatings Market.

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