According to the report, global green coatings market garnered $84.67 billion in 2017, and is estimated to reach $118.99 billion by 2023, growing at a CAGR of 5.8% from 2017 to 2023.
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Surge in awareness among consumers about sustainable products, stringent regulations, and rise in end user industries drive the growth in the market. However, fluctuations in raw material costs restrain the market growth. On the other hand, advancements in coating technology and increase in usage of radiation cure coatings create new opportunities in the industry.
Waterborne coatings to remain dominant throughout the forecast period
Waterborne coatings contributed more than three-fourths of the total market share in 2017 and is expected to remain dominant throughout the forecast period. This is due to preference for waterborne coatings over solvent based coatings that releases high VOC content. However, radiation cure coatings segment is expected to register the highest CAGR of 8.3% from 2017 to 2023, owing to better surface properties along with low energy cost and fast curing that lead to wide adoption. The research also analyzes powder coatings and high-solids coatings.
Architectural coatings to be lucrative segment
Architectural coatings accounted for more than two-fifths of the total market share in 2017 and will maintain its leadership status by 2023. Moreover, this segment is expected to register the highest growth rate with a CAGR of 6.2% from 2017 to 2023. This segment is lucrative segment due to widespread usage in the construction industry, preference of consumers for environment friendly coatings, and expanding product portfolio by manufacturers. The report also analyzes industrial coatings, automotive coatings, wood coatings, packaging coatings, and other coatings.
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Europe to maintain its leadership status by 2023
Europe held the major market share in 2017, contributing to nearly one-third of the total share. This segment is expected to dominate in terms of revenue by 2023, owing to stringent regulations on traditional synthetic coatings and launch of innovative products in the region. However, Asia-Pacific is expected grow at the fastest rate with a CAGR of 6.7% from 2017 to 2023, owing to increase in awareness regarding energy efficient houses, preference for green buildings, and rise in residential housing projects across China, India, and other countries.
Frontrunners in the industry
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