The global green coatings market size is expected to reach USD 186.17 billion by 2032, according to a new study by Polaris Market Research. The report “Green Coatings Market Share, Size, Trends, Industry Analysis Report, By Technology (Waterborne, Powder, High-solids, and Radiation-cure); By Application; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Rapidly growing environmental consciousness especially among the masses and high demand and proliferation for powder-based and waterborne coatings from a wide range of end-user industries, as these coatings are VOC-free, not harmful for health & environment, and block resistant more effectively compared to traditional coatings, are key factors expected to boost the market growth over the study period.
In addition, several product innovations like radiation curable coatings and surging adoption of advanced manufacturing technology worldwide are likely to open new growth opportunities for the market.
For instance, in January 2023, Allnex introduced “CRYLCOAT 2406-2”. The product is mainly designed to meet the growing consumer needs for the industrial outdoor grade, which would be cured by both TGIC & HAA-all. It comes with excellent matting efficiency, mechanical properties, & good weathering for outdoor industrial applications.
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A few years later, green coatings were termed as only eco-friendly natural coatings that emit almost zero VOCs during the production process, but this mindset has been completely changed and extended to the sustainability aspects. Now, manufacturers and major suppliers are also looking to effectively impact the entire value chain and consider the societal impact of their activities. With the growing concerns related to climate and sustainability, we can expect that these practices would lead to more product and process innovations.
For instance, In December 2022, Evonik’s announced that they developed a multi-functional additive for the formulation of powder coatings named TEGO Aid D01, which is likely to make dispersion easier by promoting the pigment wetting & effectively reducing the melting viscosity. It further offers a wide range of beneficial features for formulators for a variety of coating systems and acts as a synergist with other additives.
However, green coatings usually undergo a very complex process to become completely environmentally friendly, that result in increased prices upon reaching the final stage users are not willing to pay an increased amount as there are alternatives available at cheap cost, which may hinder the global market growth.
Green Coatings Market Report Highlights
Polaris Market Research has segmented the green coatings market report based on technology, application, and region:
Green Coatings, Technology Outlook (Revenue - USD Billion, 2019 - 2032)
Green Coatings, Application Outlook (Revenue - USD Billion, 2019 - 2032)
Green Coatings, Regional Outlook (Revenue - USD Billion, 2019 - 2032)