IRVING, TX – According to a new market study by market research firm Lucintel, the global green coatings market is forecast to grow at a compound annual growth rate of 5.1% from 2015 to 2020. The major drivers of growth for this market are growth in end-use industries, stringent environmental regulations and growing awareness of VOC emissions.
The emerging trends, which have a direct impact on the dynamics of the green coatings industry, include the increasing use of UV curing coatings and use of plant-based sources to develop wood coatings.
Lucintel predicts that the demand for waterborne coatings is expected to witness the highest growth, supported by government regulatory support, and increasing awareness and growth in applications for waterborne coatings globally.
On the basis of its research, Lucintel forecasts that the architectural coatings segment will see above-average growth during the forecast period. An increase in global infrastructure spending, particularly for residential and commercial sectors, is expected to spur growth for this segment over the forecast period.
Asia-Pacific is expected to witness the highest growth and will remain the largest market during the forecast period, supported by growth of end-use industries and increasing awareness of the benefits of green coatings.
For more information about the report, Growth Opportunities in the Global Green Coatings Market, visit http://www.lucintel.com/green_coatings_market_2020.aspx.