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 com
prises 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.
Competitive Dashboard
·
Valspar Corporation
·
Momentive
·
DSM
·
Omnova Solutions
·
Axalta Coating System
·
Sherwin-Williams Company
·
PPG Industries
·
Allnex S.a.r.l.
·
Bayer Material Science
·
Arkema Inc
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.
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.
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