Green Coating Market forecast to 2022:
Market Research
Future (MRFR) asserts that the global green coating market is predicted to
register 5% CAGR during the forecast period (2014-2022). The growth of the end-use industries is highly favoring the
market growth across the globe. A coating
is referred to as a layer of substance
which is spread over a surface for decoration or protection. Green coatings are
also termed as eco-friendly paint coating which comprises low volatile organic
compound content. They are environmentally accommodating coatings and emit
almost zero VOC during the manufacturing process. Green coating does not require solvents and is used individually in a number of industries.
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Market Potential and Pitfalls
Biomaterial-associated
infections continue to be a major problem despite several advances. To reduce
the bacterial adhesion, material surface modifications are being invested. As
advanced research and technology have helped with the development of healthier
and better paint, coating companies are likely to transform into
environment-friendly ingredients as the primary component of their coating
material in order to improve the health of their employees and consumers.
Professionals in the painting sector are going green and are keeping up their
interest in green coatings. The coating industry is experiencing a growth in
the usage of eco-friendly materials due to the strict environmental
regulations.
The emission of
VOC releases toxins which cause health
problems such as headache, dizziness, and damages the kidney, besides harming
the ozone layer. With the development of sustainable products, manufacturers
are focusing on the introduction of eco-friendly products to the market. They
are focusing on producing
high-performance coatings with low or zero VOC. With the accelerating
application of green coatings in the end-use industries coupled with the
increasing awareness associated with the emission of VOC, the green coatings
market is predicted to flourish during the appraisal period. Moreover, strict
mandates imposed by the government and healthcare agencies like EPA and REACH
are estimated to propel the market growth in the coming years. The augmenting
use of plant-based sources and UV curing coating for the production of the wood coating is predicted to stimulate the
green coatings market. Meanwhile, several companies are focusing on the adoption
of new strategies like product launches, merger and acquisitions,
collaboration, partnership, and new technology launches, which are estimated to
propel the market growth across the globe.
On the contrary,
volatility in the availability of raw materials coupled with its cost augments
the price of green coatings. Such factors are considered as the top barriers
vitiating the market growth throughout
the appraisal period.
Global Green Coating Market: Segmental Analysis
The global green
coating market has been segmented on the basis of product and application.
By mode of
product, the global green coating market has been segmented into radiation cure
coatings, powder coatings, high solids coating, and waterborne coatings. Among
these, the powder coatings are predicted
to expand at a rapid pace due to its superior properties such as superior
corrosion resistance, zero VOC, premium-quality finish, and reduced drying
time.
By mode of
application, the global green coating market has been segmented into
architectural, industrial, packaging, automotive, and others. Among these, the
architectural segment is considered to be the most attractive and most
prevalent segment. The growth is credited to the increasing global
infrastructure expenditure for commercial and residential sectors.
Regional Insights
Geographically,
the green coating market span across regions namely, Europe, North America,
Asia Pacific, and Rest-of-the-World (RoW).
Among all the
regions, the Asia Pacific region is predicted to dominate the global green
coating market and is likely to retain its dominance throughout the assessment
period. The growth is credited to the industrial sector coupled with the
augmenting consumer focus towards the benefits provided by green coatings.
Additionally, emerging trends such as the rising use of UV curing coating
coupled with the use of plant-based sources in order to develop wood coating
are considered to propel the market growth in this region.
The European
region is estimated to experience a significant growth owing to the
ever-increasing population coupled with the economic development in nations
such as Spain, the U.K., and Italy.
Infrastructure projects comprising airports and seaports have been planned in
the UK National Infrastructure Delivery Plan which is estimated to contribute to the growth of the market in this
region.
Industry Updates
Dow has recently
won six prestigious 2018 R&D award from the R&D magazine. AQUACHILL Cool Coating technology is one of
them. It is a ComfortScience-enabled, water-based phase change material coating
specified for cooling applications and bedding materials that maximize sustained and initial cooling, besides offering optimal durability,
breathability, minimal odor, and in-class adhesion.
Competitive Dashboard
The prominent
players operating the global green coating market are Valspar Corporation,
Momentive, DSM, Omnova Solutions, Axalta Coating System, Sherwin-Williams
Company, PPG Industries, Allnex S.a.r.l., Bayer Material Science, and Arkema
Inc.
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