Markets and Markets has released a new report focused on the green coatings market. The report, “Green Coatings Market by Technology (Waterborne, Powder, High-solids, Radiation-Cure), Application (Architectural, Automotive, Industrial, High-Performance, Wood, Packaging, Product Finishes) and Region – Global Forecast to 2027,” projects the market to grow from $123.6 billion in 2022 to $155.9 billion by 2027, at a CAGR of 4.8% between 2022 and 2027.
Drivers: Increasing Focus on Health and Sustainability Brings “Going Green” Idea into Greater Limelight
With growing awareness regarding the harmful effects of VOC emissions and increasing global warming, supported by regulations, there has been a gradual shift in demand from solventborne coatings to environment-friendly products, such as waterborne, powder coatings, high-solids, and UV-curable coatings, since these products contain fewer solvents that evaporate during the curing phase. This market is achieving rapid growth due to the development of new products, new formulations, and advancements in the application processes. Over the forecast period, Asia Pacific is projected to be the largest as well as the fastest-growing market for green coatings. This can be attributed to the rapidly growing automotive and construction industries in the region.
Restraints: Availability and Cost of Specialized Raw Materials Needed for Green Coatings
Rising awareness around issues like global warming, climate change, and individual health, are pushing the demand for green coatings with minimal or no solvent content, but there are several hurdles to be overcome by this sector before it can compete with fossil-based coatings. On the economic front, the cost of renewable materials used is much higher compared to petrochemical products. Green coatings undergo a complex process to become environment friendly, which increases their cost on reaching their final stage. Users are also hesitant while paying an increased amount when other alternatives are available at a much lower rate.
Opportunities: Rising Demand for Renewable Raw Materials
Many manufacturers are looking to reduce their carbon footprint as per regulations, and receive benefits from government incentives for the use of renewable resources. Also, green materials offer consistent availability, and do not show the price volatility exhibited by oil and its derivatives. Different resins manufacturers offer alkyds, acrylics, and other resins derived from bio-sources to increase the performance of green coatings over traditional coating technologies.
Challenges: To Develop Synthetic Technologies That Possess Little or No Toxicity to Human Health and Environment
Green chemistry can be applied to design environmentally benign synthetic protocols, to produce environmentally friendly coatings. The use of green solvents and industrial reactions have been applied to numerous industrial processes to reduce toxicity by a large extent, which is very challenging. Every synthetic reaction has some byproducts left over in the environment, which can create toxicity for the environment and human health.
Key Market Players
AkzoNobel N.V. (Netherlands), PPG Industries (United States), Axalta Coating Systems (United States), BASF SE (Germany), and The Sherwin-Williams Company (United States) are the key players in the global green coatings market.
For more information, visit: https://www.marketsandmarkets.com/Market-Reports/green-coatings-market-1260.html.