The market for green coatings has been significantly fueled by strict government requirements. In 2003, the regulation of Hazardous Substances Directive (RoHS), a proposal from the Leadership in Energy and Environmental Design (LEED) organisation, was established as the first VOC emission regulation for Europe. Due to its extensive use in architectural and constructional activities, the water-borne coatings segment has emerged as the leading segment of the green coatings market. Due to its expanding use in aerospace, the market for high solids coatings is seen to be gaining traction. Due to an increase in infrastructure investment in the commercial and residential sectors, the architectural coating category is anticipated to grow at a substantial rate in the global green coatings market. The expansion of end-use sectors like architectural and automotive coatings in this region is responsible for the growth of the green coatings market there. The 'Make in India' policy adopted by the Indian government is projected to encourage the expansion of the manufacturing industry, which is anticipated to fuel the market for green coatings throughout the research period.
The Coherent Market Insights estimates that the market for Green Coatings was valued at USD 125.02 billion in 2022 and is projected to increase to USD 202.87 billion by 2032, with a CAGR of 4.96% projected from 2023 to 2032.
Top Companies in the Green Coatings Industry:
1. BASF
The business was founded in 1865 and has its headquarters in Ludwigshafen, Germany. The operations of the corporation are divided into the following groups: Agricultural substitutes, chemicals, polymers, speciality goods, and petroleum-related products. On February 6, 2022, BASF helps plastics make the transition to a more sustainable future. Battery producer PPES has chosen BASF as a strategic provider of high-performance cathode active materials as of December 19, 2022.
2. The Sherwin Williams Company
The company was started in 1866 and is based in Cleveland, Ohio, United States. Paints, coatings, and associated goods are produced, distributed, and sold by the company. Products from the company are largely sold to professional, business, and retail customers in North and South America. The company declared in April 2022 that it had successfully acquired Sika AG's European industrial coatings division.
3. PPG industries
The firm was started in 1883 and is located in Pittsburgh, Pennsylvania, United States. Professional painters, builders, designers, architects, and specifiers can depend on PPG for high-quality paint supplies, colour services, and support. The business provides speciality materials, paints, and coatings on a global scale. PPG finalised the acquisition of German coatings producer Wörwag in May 2021.
4. Akzonobel N.V.
The company was started in 1994 and is based in Amsterdam, Netherlands. Specialty chemical production is done by Akzo Nobel N.V. The business sells pulp and paper, bleaching and oxidising, salt-chlorine, surfactants, polymers, ornamental paints and coatings, and other chemical products. AkzoNobel introduced a bisphenol-free interior coating for beverage can ends in May 2023.
5. Axalta Coating System
The company was started in 1866 and is located in Philadelphia, Pennsylvania, United States. Coating systems are produced, sold, and distributed by the business. Paint, tools for matching colours, application technologies, customer training materials, and business management systems are among the goods and services the company provides. Automotive, transportation, general industry, and architectural and ornamental sectors are all served by Axalta Coating Systems.
6. Valspar Corporation
The firm was founded in 1806 and is based in Minneapolis, Minnesota, United States. The Valspar Corporation manufactures and distributes coatings, as well as specialised chemicals and their precursors.. The business sells coatings for glass, metal, composites, and wood as well as polymers, resins, and dispersions.
7. Kansai Paint Company Limited
The firm was founded in 1918 and is located in Japan. The business produces and markets a variety of paints and related goods. The company's goods are utilised in ships, construction, and autos. Kansai Paint Co. Ltd. produces and markets a range of paint and coating products.
Definition: Green coatings are paint coatings that are safe for the environment and contain less volatile organic compounds (VOCs). Emission of VOC damages the ozone layer and releases toxins into the air that can lead to headaches, dizziness, and kidney damage.
