Green Coatings Global Market Report 2024

The global green coatings market has grown strongly in recent years. It will grow from $94.07 billion in 2023 to $102.28 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. Historical growth can be attributed to the influence of environmental regulations, the rising consumer awareness about sustainability, government initiatives supporting eco-friendly practices, the shift towards sustainable approaches, corporate goals aimed at sustainability, and the integration of renewable resources in coating formulations.

The global green coatings market is expected to see strong growth in the next few years. It will grow to $138.72 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The anticipated growth in the forecast period is driven by economic incentives promoting green products, the expanding eco-friendly construction sector, increased demand from the automotive industry, the utilization of bio-based resins and polymers, a transition towards water-based coatings, and strategies aimed at mitigating climate change. Major trends expected during this period encompass the growing demand for low Volatile Organic Compound (VOC) and VOC-free formulations in coatings, the adoption of UV-curable coatings for enhanced efficiency, research and development in nanotechnology for coating applications, increased collaboration among industry stakeholders for innovation, and a shift towards the utilization of powder coatings for their eco-friendly properties.

A substantial surge in the construction industry is set to propel the green coating market. This sector encompasses activities involved in creating, maintaining, and renovating structures and is witnessing a rise in demand for eco-friendly coatings for green buildings. These bio-based paints and coatings are environmentally protective and contribute to pollution reduction. In June 2022, the United States Census Bureau reported a substantial spending of $1,762.3 billion on industrial construction. PolicyAdvice revealed an average annual spending of $1.23 billion on industrial construction in the US. This growth trend within the construction industry is expected to sustain the momentum for the green coating market in the forthcoming years.

The burgeoning automotive industry is poised to drive the growth of the green coatings market. This industry encompasses various sectors involved in vehicle design, manufacturing, and marketing. Green coatings, being environmentally conscious options, find widespread application in the automotive sector, serving to safeguard vehicles, enhance aesthetics, comply with regulations, and foster improved health and safety conditions for workers and occupants. For example, the Society of Motor Manufacturers and Traders (SMMT) reported a 25.8% surge in UK passenger car sales from 2022 to 2023, reaching 177,266 units. This expansion within the automotive industry stands as a key catalyst propelling the growth of the green coatings market.

Innovations in bio-based materials stand out as a prevailing trend shaping the green coating market. Industry leaders are intensifying efforts to develop novel bio-based materials aimed at curbing environmental pollution. An illustration of this trend is observed through AkzoNobel Vehicle Refinishes, which in February 2021, introduced Wandabase WB Plus. This state-of-the-art waterborne basecoat system boasts superior coverage, precise color accuracy, and reduced VOC emissions, securing certifications from environmental authorities like the Toxic Substances Control Act (TSCA) and the California Air Resources Board (CARB). Wandabase WB Plus signifies a leap towards eco-friendly coatings through its low environmental impact.

Major players in the green coatings market are pivoting towards advanced and eco-friendly polyurethane solutions to gain a competitive edge. These solutions, derived from renewable sources like plant oils and agricultural waste, reduce greenhouse gas emissions and reliance on fossil fuels. In June 2023, DIC Corporation unveiled the Hydran GP series, a solvent-free waterborne polyurethane resin that minimizes greenhouse gas emissions, volatile organic compounds (VOCs), process duration, and odors. These resins are environmentally friendly and offer higher solid content compared to traditional water-based polyurethane resins while avoiding the use of amines. DIC's Hydran GP series presents an eco-conscious alternative in the realm of polyurethane coatings.

In April 2022, The Sherwin-Williams Company, a prominent US-based manufacturer specializing in paints, coatings, and related products, successfully acquired Sika AG's industrial coatings business for an undisclosed sum. This strategic acquisition is designed to bolster the growth and profitability objectives of The Sherwin-Williams Company by augmenting its existing capabilities in manufacturing and service provision. Sika AG, a Swiss multinational chemicals company acclaimed for its production of bio-based coatings, held an industrial coatings division that now falls under The Sherwin-Williams Company's purview. The acquisition strategically aligns with Sherwin-Williams' pursuit of expanded capacities and service offerings within the coatings industry.

Major companies operating in the green coatings market report are Akzo Nobel NV, Axalta Coating Systems Ltd., BASF SE, PPG Industries Inc., The Sherwin Williams Company, Arkema Group, Asian Paints Limited, Berger Paints India Limited, Jotun A/S, Hempel A/S, Nippon Paint Holdings Co. Ltd., RPM International Inc., Kansai Paint Co. Ltd., Tikkurila Oyj, Sika AG, Valspar Corporation, The Dow Chemical Company, KCC Corporation, DAW SE, Eastman Chemical Company, BioShield Technologies Inc., Green Planet Paints, ECOS Paints, AFM Safecoat, Mythic Paint, Old Fashioned Milk Paint Co., Livos, Earthborn Paints, Auro Naturfarben, and Lanxess AG.

Europe was the largest region in the green coatings market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the green coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the green coatings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

These coatings mainly exist in four types including waterborne coatings, powder coatings, high-solids coatings, and radiation cure coatings. Waterborne coatings utilize water as a solvent to emulsify pigments and binders, contributing to eco-friendly paint formulations and pollution reduction. Derived from sources like vegetable oil, soybean, castor oil, clay, among others, these green coatings find applications in industrial, architectural, automotive, packaging, and other industries.

This report provides green coatings market statistics, including green coatings industry global market size, regional shares, competitors with a green coatings market share, detailed green coatings market segments, market trends and opportunities, and any further data you may need to thrive in the green coatings industry. This green coatings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The green coating market consists of sales of UV cured coatings. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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