Green Coatings MarketSize and Trends

Green Coatings Market Outlook

Asia Pacific is the fastest growing region in the green coatings market and is anticipated to have the highest CAGR over the forecast period, owing to the presence of major markets in the economies such as India, China, Japan, Thailand, Malaysia, Vietnam, and Indonesia. The growth of green coatings market in this region is attributed to the growth of end-use industries namely architectural and automotive coatings in this region. The ‘Make in India’ approach taken by the Government of India is expected to propel the growth of manufacturing sector, which is anticipated to drive the green coatings market over the forecast period.
Europe holds the dominant position in green coating market, owing to the economic development and growing population in the economies such as Spain, Italy, and the UK. The UK National Infrastructure Delivery have planned infrastructure projects that include airports and seaports, which in turn is anticipated to fuel the green coatings market over the forecast period.
North America is anticipated to witness a burgeoning growth in the green coatings market, owing to the presence of a large number of manufactures in this region. This is backed by the rising government regulations in this region. The Middle East and Africa are expected to have a significant growth in the green coatings market, owing to the rise in infrastructure industry in these regions.

Market- Trends

Development of sustainable products has gained importance over the past few decades, due to which manufacturers are focused on introducing eco-friendly products to the market. Manufacturers are aiming to produce high-performance coatings that have zero or low VOC with good durability. Application of green coatings in end-use industries and rising awareness regarding VOC emissions have contributed to the growth of the green coatings market globally.

Stringent government regulations have immensely driven the green coatings market globally. The first restriction on the emission of VOC was set up for Europe in 2003, which was termed as Restriction of Hazardous Substances Directive (RoHS), which was put forward by Leadership in Energy and Environmental Design (LEED). Since then manufactures are working to produce green coatings, in turn fueling the growth of the green coatings market.