NEW YORK, June 25, 2020 /PRNewswire/ -- The global Green Coatings Market is forecast to reach USD 219.24 Billion by 2027, according to a new report by Reports and Data. The market is finding applications in the developed as well as developing nations owing to the increasing environmental regulations. The continuous growth in concern regarding the impact of the volatile organic compounds on the environment has led environment agencies to force manufacturers to reduce their VOC content in their product. Thus, there is an increase in demand for green coatings from end-users.
Request free sample of this research report at: https://www.reportsanddata.com/sample-enquiry-form/3264
The increasing application of these types of coatings in architecture is also encouraging demand. Major factors encouraging the growth of the market in developing nations are increasing government support for the extension of urban development and a rise in the standard of living, which in turn increases the demand for safe and comfortable living and rising population. Factors affecting the green coatings are the rising price for raw material, and their volatility is expected to hinder the market growth. Furthermore, the raw material industry of the green coating market is on the verge of consolidation that intensify the bargaining power of suppliers and affects the market growth negatively.
The Asia Pacific region will experience the fastest CAGR due to increased government involvement for the development and beautification of infrastructure, which will positively impact market growth. India, China, and Japan are significantly contributing to the increasing demand of the market in the region.
The COVID-19 impact:
The growing COVID-19 pandemic has led to the weakening demand for coatings in electronics, automotive, construction, and white goods. The market has the capacity to bounce back, but it completely depends on the duration of the lockdown, and also the impact of the virus on the economy. Even though the overall demand of the market is falling, the demand for green coating is expected to rise in the coming years.
To identify the key trends in the industry, click on the link below:
Further key findings from the report suggest
- Waterborne coatings are forecasted to hold a market share of 72.9% in the year 2027. These types of coatings are beneficial to the environment. It meets the United States and European regulations regarding volatile organic compound (VOC) emission. Waterborne coatings produce VOC content of fewer than 3.5 pounds per gallon.
- Auto manufacturers, for the past few years, are switching to paints with lower VOCs in an effort to ensure worker safety as well as reduce the environmental effects of the coatings. While the EPA regulates the level of VOC from the automotive manufacturing industries and auto body shops, there are still no federal standards or regulations that can regard the paint product themselves as "low-VOC."
- A large number of non-profit organizations such as Greenguard and Green Seal, which conduct thorough evaluations and award "green labels" to manufacturers that pass their stringent guidelines.
- In China, the Volatile organic compounds (VOC) legislation for wood coatings is propelling the demand for conversion from solvent-borne Nitrocellulose (N.C.) or P.U. Technology to U.V. technology and waterborne. The Asia Pacific region is anticipated to grow with the highest CAGR of 7.0% in the coming years.
- Key participants include PPG Industries, BASF SE, The Sherwin-Williams Company, AkzoNobel N.V., Kansai Paint Company Limited, The Valspar Corporation, Nippon Paint Company Ltd., Arkema SA, Asian Paints Limited, and Evonik Industries, among others.
For the purpose of this report, Reports and Data have segmented the global Green Coatings Market on the basis of type, application, distribution channel, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
- UV-cured coatings
Application Outlook (Revenue, USD Billion; 2017-2027)
- Industrial Coatings
- Wood Coatings
- Architectural Coatings
- Packaging Coatings
- Automotive Coatings
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- Rest of MEA
Browse more similar reports on Paints and Coatings category by Reports And Data
- Polyaspartic Coatings Market: https://www.reportsanddata.com/report-detail/polyaspartic-coatings-market
- Coating Resins Market: https://www.reportsanddata.com/report-detail/coating-resins-market
- Roof Coatings Market: https://www.reportsanddata.com/report-detail/roof-coatings-market
About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client's make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.
SOURCE Reports And Data