Global Green Coatings Market Report and Forecast 2024-2032

Global Green Coatings Market Outlook

The global green coatings market size reached approximately USD 108.78 billion in 2023. The market is estimated to grow at a CAGR of 4.8% in the forecast period of 2024-2032, reaching a value of around USD 164.94 billion by 2032.

Key Trends in the Market

Green coating refers to eco-friendly coating that emits negligible VOC (volatile organic compounds) and other pollutants as compared to conventional coating. This coating has a minimal impact on the environment and human health and finds application in the automotive, architectural, and industrial sectors, among others.

• The growing preference for  water-based coatings, which primarily use water as a solvent and are more environmentally friendly compared to other solvent-based coatings, is one of the crucial green coatings market trends.

• UV-curable coating is gaining prominence as a sustainable solution in various end-use sectors as it possesses high curing speed and minimal VOC content. The excellent scratch resistance and energy efficiency of such coatings are further expected to bolster their usage in applications like electric vehicles (EVs) in the forecast period.

• The surge in demand for green or bio-derived resins that are composed of renewable sources such as vegetable oil or alcohol of vegetable origin, among others, and have low carbon footprints also contributes to the green coatings market growth.

• The advent of radiation cure technology in paints and coating, which enhances their chemical and mechanical properties and lowers their VOC content, is another prominent trend that aids in the market expansion.

Market Analysis

Based on type, the market is divided into water-borne, powder, high-solids, and UV-cured coatings. The green coatings market segmentation, on the basis of end use, includes architectural, industrial, automotive, wood, and packaging, among others. The major regional markets of green coatings are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the green coatings market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Akzo Nobel N.V.   

• PPG Industries, Inc.   

• Solvay SA  

• Nippon Paint Holdings Co., Ltd.  

• Axalta Coating Systems, LLC  

• Evonik Industries AG  

• The Sherwin-Williams Company  

• Arkema SA  

• DAW SE  

• Lifetime Green Coatings  

• Others

Market Share by End Use

The architectural sector occupies a significant portion of the green coatings market share, owing to the growing awareness regarding the harmful effects of VOC-based paints. There is also a rise in the demand for eco-friendly paints and coatings during the construction of buildings, due to their lower environmental impact compared to conventional paints and coatings.

Subsequently, the automotive sector is expected to witness sizeable growth in the foreseeable future, due to the surge in the production of electric vehicles and the growing trend of sustainability.

Market Share by Region

As per the green coatings market analysis, the Asia Pacific accounts for a substantial share of the global market, owing to the growing adoption of environmentally friendly paints and coatings in the region. Stringent government regulations and initiatives regarding VOC emission and pollution control are further augmenting the market growth.

The surge in the construction and automotive sectors of the region also offers ample opportunities for the market growth. Additionally, research and developmental efforts by market players to enhance the properties of green coatings fuel the market development.

Competitive Landscape

Akzo Nobel N.V. is a multinational provider of paints and coatings, founded in 1994 and based in Amsterdam, the Netherlands. The company promotes sustainability through its innovative, eco-friendly, and toxin-free painting solutions.

PPG Industries, Inc., incorporated in 1883, is a multinational paints and coatings company, headquartered in Pennsylvania, the United States. Some of its major products and services include architectural coating, automotive refinish, industrial coating, and speciality materials, among others.

Solvay SA, established in 1863, is a chemical, material, and solutions company, with its headquarters in Brussels, Belgium. The company offers its products for sectors like aerospace, automotive, agriculture, building, consumer goods, and healthcare, among others.

Other green coatings market players include Nippon Paint Holdings Co., Ltd., Axalta Coating Systems, LLC, Evonik Industries AG, The Sherwin-Williams Company, Arkema SA, DAW SE, and Lifetime Green Coatings, among others.

Key Highlights of the Report

Green Coatings Market Report Snapshots

Green Coatings Market Size

Green Coatings Market Share

Green Coatings Market Analysis

Green Coatings Companies