Green coatings are eco-friendly coatings used on substrates to reduce volatile organic compound emissions and energy consumption during surface coating applications. Green coatings provide properties of corrosion and chemical resistance and have now emerged as a viable alternative to conventional coatings owing to their minimal environmental impact. Majority of consumers and businesses are now preferring green coatings over conventional coatings due to stringent government regulations on VOC emissions.The global Green Coatings Market is estimated to be valued at US$ 70.06 Bn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:Growing environmental concerns across the globe regarding increased pollution levels has boosted the adoption of green products including green coatings. Stringent regulatory frameworks especially in developed regions regarding VOC emissions from coating applications is driving increased demand for low-VOC and zero-VOC green coatings. Reduced environmental footprint along with health benefits of using green coatings has emerged as a major market opportunity for manufacturers to tap into the growing consumer preference for sustainable products. This growing consumer awareness about environment protection is estimated to significantly drive the green coatings market over the forecast period.
Porter's AnalysisThreat of new entrants: The green coatings market has moderate threat from new entrants due to capital intensive nature of this market and presence of well-established players. However, new environmental regulations can create opportunities for new companies with innovative green products.Bargaining power of buyers: The bargaining power of buyers is high due to availability of alternatives and focus on sustainability. Buyers can negotiate on price and demand green certifications.Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of raw material substitutes and differentiated requirements of customers. However, suppliers of key bio-based and recycled inputs can still influence prices.Threat of new substitutes: Threat from substitutes is high due to innovation in other eco-friendly materials. Alternatives like powder coatings pose high threat.Competitive rivalry: The market has high competitive rivalry due to presence of major global players and sensitivity to green trends. Players compete on sustainability commitments, product innovation, and pricing.
SWOT AnalysisStrengths: Growing eco-consciousness, stringent regulations, and varied applications across industries drive demand. Most players offer comprehensive green product portfolios.Weaknesses: Higher costs than conventional coatings and dependence on raw material prices. Lack of global standards delays formulation of innovative and affordable solutions.Opportunities: Emerging economies offer headroom for market penetration. Innovations in bio-based resins will augment product efficacy. Subsidies and initiatives by governments support industry growth.Threats: Complacency towards regulations and changing consumer preferences can weakenunique selling propositions. Economic slowdowns across major markets impactsales.
Key TakeawaysThe global Green Coatings Market is expected to witness high growth over the forecast period driven by stringent environmental regulations worldwide. The global Green Coatings Market is estimated to be valued at US$ 70.06 Bn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030.
The Asia Pacific region accounted for the largest share in the global green coatings market in 2024. Growing construction activities in China and India along with rapid pace of industrialization offered high growth potential. Moreover, supportive government regulations regarding environmental sustainability and energy efficiency mandated use of green coatings in infrastructure and industrial applications. North America is poised to witness profitable gains through 2030 due to stringent LEED guidelines and incentives for usage of bio-based and low VOC coatings.
Key players operating in the Green Coatings Market are The Sherwin Williams Company, PPG industries, Akzonobel N.V., Axalta Coating System, BASF, Valspar Corporation, Kansai Paint Company Limited, Tikkurila OY
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