Green Coatings Global Market Report 2024

Description

Green Coatings Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on green coatings market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for green coatings? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The green coatings market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

1) By Type: Waterborne Coatings; Powder Coatings; High-Solids Coatings; Radiation Cure Coatings
2) By Source: Vegetable Oil; Soy Bean; Castor Oil; Clay; Other Sources
3) By End-Use Industry: Industrial; Architectural; Automotive; Packaging; Other End-Use Industries
Companies Mentioned: Akzo Nobel NV; Axalta Coating Systems Ltd.; BASF SE; PPG Industries Inc.; The Sherwin Williams Company
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Green coatings denote environmentally friendly coatings that generate minimal volatile organic compounds (VOCs) and stem from natural origins like vegetable oil, soybean, castor oil, milk, and clay. Their purpose is to diminish chemical content in paints while safeguarding surfaces like roofs and sidings against UV degradation and weathering. They enhance the efficiency of equipment across various sectors such as construction, automotive, oil and gas, mining, aviation, aerospace, and marine.

These coatings mainly exist in four types including waterborne coatings, powder coatings, high-solids coatings, and radiation cure coatings. Waterborne coatings utilize water as a solvent to emulsify pigments and binders, contributing to eco-friendly paint formulations and pollution reduction. Derived from sources like vegetable oil, soybean, castor oil, clay, among others, these green coatings find applications in industrial, architectural, automotive, packaging, and other industries.

The green coatings market research report is one of a series of new reports from The Business Research Company that provides green coatings market statistics, including green coatings industry global market size, regional shares, competitors with a green coatings market share, detailed green coatings market segments, market trends and opportunities, and any further data you may need to thrive in the green coatings industry. This green coatings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The green coatings market size has grown strongly in recent years. It will grow from $94.07 billion in 2023 to $102.28 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. Historical growth can be attributed to the influence of environmental regulations, the rising consumer awareness about sustainability, government initiatives supporting eco-friendly practices, the shift towards sustainable approaches, corporate goals aimed at sustainability, and the integration of renewable resources in coating formulations.

The green coatings market size is expected to see strong growth in the next few years. It will grow to $138.72 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The anticipated growth in the forecast period is driven by economic incentives promoting green products, the expanding eco-friendly construction sector, increased demand from the automotive industry, the utilization of bio-based resins and polymers, a transition towards water-based coatings, and strategies aimed at mitigating climate change. Major trends expected during this period encompass the growing demand for low Volatile Organic Compound (VOC) and VOC-free formulations in coatings, the adoption of UV-curable coatings for enhanced efficiency, research and development in nanotechnology for coating applications, increased collaboration among industry stakeholders for innovation, and a shift towards the utilization of powder coatings for their eco-friendly properties.

A substantial surge in the construction industry is set to propel the green coating market. This sector encompasses activities involved in creating, maintaining, and renovating structures and is witnessing a rise in demand for eco-friendly coatings for green buildings. These bio-based paints and coatings are environmentally protective and contribute to pollution reduction. In June 2022, the United States Census Bureau reported a substantial spending of $1,762.3 billion on industrial construction. PolicyAdvice revealed an average annual spending of $1.23 billion on industrial construction in the US. This growth trend within the construction industry is expected to sustain the momentum for the green coating market in the forthcoming years.

The burgeoning automotive industry is poised to drive the growth of the green coatings market. This industry encompasses various sectors involved in vehicle design, manufacturing, and marketing. Green coatings, being environmentally conscious options, find widespread application in the automotive sector, serving to safeguard vehicles, enhance aesthetics, comply with regulations, and foster improved health and safety conditions for workers and occupants. For example, the Society of Motor Manufacturers and Traders (SMMT) reported a 25.8% surge in UK passenger car sales from 2022 to 2023, reaching 177,266 units. This expansion within the automotive industry stands as a key catalyst propelling the growth of the green coatings market.

Innovations in bio-based materials stand out as a prevailing trend shaping the green coating market. Industry leaders are intensifying efforts to develop novel bio-based materials aimed at curbing environmental pollution. An illustration of this trend is observed through AkzoNobel Vehicle Refinishes, which in February 2021, introduced Wandabase WB Plus. This state-of-the-art waterborne basecoat system boasts superior coverage, precise color accuracy, and reduced VOC emissions, securing certifications from environmental authorities like the Toxic Substances Control Act (TSCA) and the California Air Resources Board (CARB). Wandabase WB Plus signifies a leap towards eco-friendly coatings through its low environmental impact.

Major players in the green coatings market are pivoting towards advanced and eco-friendly polyurethane solutions to gain a competitive edge. These solutions, derived from renewable sources like plant oils and agricultural waste, reduce greenhouse gas emissions and reliance on fossil fuels. In June 2023, DIC Corporation unveiled the Hydran GP series, a solvent-free waterborne polyurethane resin that minimizes greenhouse gas emissions, volatile organic compounds (VOCs), process duration, and odors. These resins are environmentally friendly and offer higher solid content compared to traditional water-based polyurethane resins while avoiding the use of amines. DIC's Hydran GP series presents an eco-conscious alternative in the realm of polyurethane coatings.

In April 2022, The Sherwin-Williams Company, a prominent US-based manufacturer specializing in paints, coatings, and related products, successfully acquired Sika AG's industrial coatings business for an undisclosed sum. This strategic acquisition is designed to bolster the growth and profitability objectives of The Sherwin-Williams Company by augmenting its existing capabilities in manufacturing and service provision. Sika AG, a Swiss multinational chemicals company acclaimed for its production of bio-based coatings, held an industrial coatings division that now falls under The Sherwin-Williams Company's purview. The acquisition strategically aligns with Sherwin-Williams' pursuit of expanded capacities and service offerings within the coatings industry.

Major companies operating in the green coatings market report are Akzo Nobel NV, Axalta Coating Systems Ltd., BASF SE, PPG Industries Inc., The Sherwin Williams Company, Arkema Group, Asian Paints Limited, Berger Paints India Limited, Jotun A/S, Hempel A/S, Nippon Paint Holdings Co. Ltd., RPM International Inc., Kansai Paint Co. Ltd., Tikkurila Oyj, Sika AG, Valspar Corporation, The Dow Chemical Company, KCC Corporation, DAW SE, Eastman Chemical Company, BioShield Technologies Inc., Green Planet Paints, ECOS Paints, AFM Safecoat, Mythic Paint, Old Fashioned Milk Paint Co., Livos, Earthborn Paints, Auro Naturfarben, and Lanxess AG.

Europe was the largest region in the green coatings market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the green coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the green coatings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The green coating market consists of sales of UV cured coatings. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Product Code: r12743

1. Executive Summary

2. Green Coatings Market Characteristics

3. Green Coatings Market Trends And Strategies

4. Green Coatings Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Green Coatings Market Size and Growth

5.1. Global Green Coatings Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Green Coatings Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Green Coatings Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Green Coatings Market Segmentation

6.1. Global Green Coatings Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Waterborne Coatings
Powder Coatings
High-Solids Coatings
Radiation Cure Coatings
6.2. Global Green Coatings Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Vegetable Oil
Soy Bean
Castor Oil
Clay
Other Sources
6.3. Global Green Coatings Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Industrial
Architectural
Automotive
Packaging
Other End-Use Industries

7. Green Coatings Market Regional And Country Analysis

7.1. Global Green Coatings Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Green Coatings Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Green Coatings Market

8.1. Asia-Pacific Green Coatings Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Green Coatings Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Green Coatings Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Green Coatings Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Green Coatings Market

9.1. China Green Coatings Market Overview
9.2. China Green Coatings Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Green Coatings Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Green Coatings Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Green Coatings Market

10.1. India Green Coatings Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Green Coatings Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Green Coatings Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Green Coatings Market

11.1. Japan Green Coatings Market Overview
11.2. Japan Green Coatings Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Green Coatings Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Green Coatings Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Green Coatings Market

12.1. Australia Green Coatings Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Green Coatings Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Green Coatings Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Green Coatings Market

13.1. Indonesia Green Coatings Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Green Coatings Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Green Coatings Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Green Coatings Market

14.1. South Korea Green Coatings Market Overview
14.2. South Korea Green Coatings Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Green Coatings Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Green Coatings Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Green Coatings Market

15.1. Western Europe Green Coatings Market Overview
15.2. Western Europe Green Coatings Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Green Coatings Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Green Coatings Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Green Coatings Market

16.1. UK Green Coatings Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Green Coatings Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Green Coatings Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Green Coatings Market

17.1. Germany Green Coatings Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Green Coatings Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Green Coatings Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Green Coatings Market

18.1. France Green Coatings Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Green Coatings Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Green Coatings Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Green Coatings Market

19.1. Italy Green Coatings Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Green Coatings Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Green Coatings Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Green Coatings Market

20.1. Spain Green Coatings Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Green Coatings Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Green Coatings Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Green Coatings Market

21.1. Eastern Europe Green Coatings Market Overview
21.2. Eastern Europe Green Coatings Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Green Coatings Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Green Coatings Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Green Coatings Market

22.1. Russia Green Coatings Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Green Coatings Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Green Coatings Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Green Coatings Market

23.1. North America Green Coatings Market Overview
23.2. North America Green Coatings Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Green Coatings Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Green Coatings Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Green Coatings Market

24.1. USA Green Coatings Market Overview
24.2. USA Green Coatings Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Green Coatings Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Green Coatings Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Green Coatings Market

25.1. Canada Green Coatings Market Overview
25.2. Canada Green Coatings Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Green Coatings Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Green Coatings Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Green Coatings Market

26.1. South America Green Coatings Market Overview
26.2. South America Green Coatings Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Green Coatings Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Green Coatings Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Green Coatings Market

27.1. Brazil Green Coatings Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Green Coatings Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Green Coatings Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Green Coatings Market

28.1. Middle East Green Coatings Market Overview
28.2. Middle East Green Coatings Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Green Coatings Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Green Coatings Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Green Coatings Market

29.1. Africa Green Coatings Market Overview
29.2. Africa Green Coatings Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Green Coatings Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Green Coatings Market, Segmentation By End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Green Coatings Market Competitive Landscape And Company Profiles

30.1. Green Coatings Market Competitive Landscape
30.2. Green Coatings Market Company Profiles
- 30.2.1. Akzo Nobel NV
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. Axalta Coating Systems Ltd.
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. BASF SE
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. PPG Industries Inc.
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. The Sherwin Williams Company
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Global Green Coatings Market Competitive Benchmarking

32. Global Green Coatings Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Green Coatings Market

34. Green Coatings Market Future Outlook and Potential Analysis

34.1 Green Coatings Market In 2028 - Countries Offering Most New Opportunities
34.2 Green Coatings Market In 2028 - Segments Offering Most New Opportunities
34.3 Green Coatings Market In 2028 - Growth Strategies
- 34.3.1 Market Trend Based Strategies
- 34.3.2 Competitor Strategies

35. Appendix

35.1. Abbreviations
35.2. Currencies
35.3. Historic And Forecast Inflation Rates
35.4. Research Inquiries
35.5. The Business Research Company
35.6. Copyright And Disclaimer