The global green coatings market size is projected to garner substantial growth from 2023 to 2033. According to the research report published by Future Market Insights, the global market is projected to cross a valuation of US$ 131.27 billion in 2023. It is likely to reach a valuation of US$ 213.83 billion by 2033. The market is anticipated to showcase a modest CAGR of 5% from 2023 to 2033. The increasing prioritization of sustainability by both businesses and consumers is predicted to bolster market expansion in the coming years.
Green coatings are formulated with environmentally friendly and natural ingredients such as castor oil, milk, clay, vegetable oil, and soybean. They emit low or no volatile organic compounds (VOCs) during production. VOCs can negatively impact indoor air quality and contribute to health issues such as allergies, respiratory problems, and headaches. Green coatings are generally safer for application and use due to the seldom emits of VOCs. This results in improved health and safety conditions for workers during application and for occupants of coated surfaces. Green coatings are suitable for a wide range of applications across several industries including construction, automotive, aerospace, oil & gas, mining, maritime, and others. The growing demand from these industries is likely to bolster market expansion during the forecast period.
In recent years, the emphasis on environmental regulations has risen globally. Governments across the world are aiming to reduce pollution and promote sustainable practices. Since green coatings align with these regulations, they are sought after as a way to reduce the environmental impact of coating applications. Several nations have implemented regulations and certifications, such as Leadership in Energy & Environmental Design (LEED), to limit the use of VOCs and promote environmentally friendly coatings. Green coatings that meet these regulations and certifications can help companies and individuals comply with environmental standards and demonstrate their commitment to sustainability. The growing government regulations are predicted to contribute to market growth.
The growing innovations and advancements in technology are predicted to boost the market. The coatings industry is constantly innovating and developing new technologies to create more sustainable and high-performance coatings. Advancements in research have led to the formulation of green coatings with improved characteristics, such as enhanced adhesion, durability, and weather resistance. The innovations have expanded the range of applications where green coatings can be used. As a result, the expanding application range is likely to augment the demand for green coatings.
The increasing construction activities are anticipated to amplify the demand for green coatings. As they contribute to better indoor air quality and healthier living and working environments. Green coatings are applied on panels, windows, roofs, interior extrusions, and walls as decorative and protective paints. Additionally, in consumer goods, green coatings are used in rooftop heating, oven parts, fixtures, HVAC (heating, ventilation, and air conditioning units), electronic boxes, and furniture. The expansion of the construction industry is likely to contribute to market development.
Green Coatings Market Historical Analysis (2018 to 2022) Vs. Forecast Outlook (2023 to 2033)
The green coatings market expanded at a CAGR of 4.8% from 2018 to 2022. The global market size stood at nearly US$ 102.85 billion in 2018. In the following years from 2018 to 2022, the market witnessed significant growth, accounting for US$ 125.02 billion in 2022.
Market and consumer trends have spiked the demand for green coatings in recent years. Consumers are increasingly seeking environmentally responsible products. To meet customer demand, businesses are recognizing the importance of sustainability in their operations and staying competitive in the market. As a result, there has been a growing interest in green coatings among consumers, architects, contractors, and other stakeholders in various industries. The mushrooming demand for zero VOC coatings in several industrial applications, such as automotive green coatings, architectural green coatings, and industrial green coatings has significantly contributed to the market’s expansion.
Several businesses across various industries are incorporating sustainability and Corporate Social Responsibility (CSR) into their business strategies. They are recognizing the importance of environmental stewardship. However, the production of green coatings is difficult and costly. It requires costly renewable resources for production and green coatings’ prices hike as an end material. Additionally, there is a wide availability of cheaper alternatives. These factors may impede the market’s growth potential. Nonetheless, the increasing awareness of personal health, climate change, and global warming is expected to amplify market growth during the forecast period.
Category-wise Insights
Why are the Waterborne Coatings Witnessing Increased Demand from Architecture Industry?
The waterborne technology segment in green coatings is poised to garner a huge market share. Architectural applications of waterborne coatings have been dominant across North America and Europe. Waterborne green coatings can be applied on a wide range of substrates, including wood, metal, concrete, and plastics. This attribute makes it suitable for various architectural applications, such as sealants, adhesives, interior and exterior coatings, and others. The increasing product demand in industrial and automotive applications across budding nations, such as India and Brazil, is likely to create high demand for waterborne technology. Additionally, the growing awareness and demand for sustainable construction techniques are likely to boost the demand for waterborne coatings.
The powder coating segment is anticipated to showcase significant growth. The increasing demand for consumer products such as freezer cabinets, washing machines, microwaves, and others is expected to boost the demand for green powder coatings. As coatings technology develops, the use of radiation cure coatings may rise. This is anticipated to boost the end-user industry demand, thereby creating growth avenues for market players.
Why is the Automotive Industry Spurring the Demand for Green Coatings?
Automotive OEM coatings are experiencing a high demand in the automotive industry. Manufacturing automobiles is dependent upon automotive OEM coatings. They have high quality and are quite durable. They play an integral role in protecting vehicles, enhancing aesthetics, ensuring regulatory compliance, improving manufacturing efficiency, and managing warranties and liabilities. They are specifically formulated to the unique requirements of the automotive industry. The increasing production of vehicles across the globe is likely to boost the green automotive coatings market. The rising urbanization and improving income levels are likely to support the expansion of the automotive industry, thereby spurring the green coatings market growth.
