Green Coatings Market is expected to witness a CAGR of more than 4.8% between 2022 and 2027
The global "Green Coatings Market size is projected to grow from USD 123.6 billion in 2022 to USD 155.9 billion by 2027, at a CAGR of 4.8% between 2022 and 2027. Asia Pacific is estimated to be the largest consumer of Green coatings. The global Green coatings major players have made several strategic developments across value chain to focus on changing customer preferences.
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Wood coatings is the second fastest-growing segment of the overall Green coatings market.
Green wood coatings are setting a high standard in the industry for being highly sustainable, quality products. They provide high hardness, chemical resistance, and light resistance, along with environmentally friendly industrial processability. Water-based wood coatings offer faster drying times as compared to solvent-based coatings. Polishes and water repellents are among the most commonly used wood coatings due to their high effectiveness. They are supposed to provide greater non-yellowing properties.
The use of powder coatings on wood is growing significantly. By developing powders with low-heat requirements and a uniform-density wood product, wood manufacturers and their customers are now able to powder-coat a wide range of wood products. Manufacturers of home-office furniture, kitchen cabinets, childrens furniture, and outdoor grill tables have identified the importance of green coatings considering their various health-related benefits.
China is the largest Green coatings market in Asia Pacific during the forecast period.
China is the world’s largest producer and consumer of coatings. Many major players are investing in the country to build new manufacturing facilities due to cheap labor and cheap & accessible raw materials. AkzoNobel N.V. has strengthened its distribution network in Mainland China by expanding into 40 new cities and 1,000 additional stores. The green coatings market in China is driven by rising demand from housing activities, new construction and renovation activities, government, and private investment in residential and non-residential projects, and growing consumer spending power. Increasing population, improved lifestyle, economical labor, and restructured environmental regulations are expected to fuel the demand for architectural application in China.
The key players profiled in the Green coatings market report are AkzoNobel N.V. (Netherlands), PPG Industries (US), Axalta Coating Systems (US), BASF SE (Germany), and The Sherwin-Williams Company (US).
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