Eco-friendly products are making waves across various industrial verticals. Increasing use of green products or environment friendly products like paints, coatings, primers and other materials is driving the green coatings markets. Enthusiastic customers and governments promoting green living are leading the world on the way of promoting such products for the sake of environments and human health. Green coatings are products that are free from volatile organic compounds or VOCs, which are harmful for the surroundings. Using such products naturally reduces pollution throughout all of its stages. Strong marketing and rising demand are expected to drive the global industry at a steady rate.
Segmentation in Green Coatings Industry
The global green coatings market is segmented on the basis of the types of coatings, applications and demand for these coatings across various geographic regions. Powder coating, high-solids coating, waterborne coating and radiation cure coating are the four major types of green coatings. All these types have applications for different purposes including architectural, wood, automotive, high performance, industrial, packaging, product and other decorative coating types. Based on geography, the green coatings market is classified into four regions, namely, Asia Pacific, Europe, North America and rest of the world. Following are the details about dominant markets based on countries, amongst these regions:
- Asia Pacific: India, Japan, China and others
- Europe: UK, Germany, Italy and others
- North America: United States of America, Canada and Mexico
- Rest of the world: Russia, Brazil, Middle East and others
Forecasting and Business Prospects after 2013
The green coatings market is expected to maintain moderate to steady growth in terms of compound annual growth rate. According to the analysis based on the aforementioned segments, automotive, decorative and automotive coatings are anticipated to be the major drivers. Geographically, Asia Pacific is expected to become the dominant region in terms of demands, applications and production. Business expansions by key players in Asian markets and increasing demand from customers are expected to maintain lead of the Asian industry. Stringent government regulations about environmental awareness are also expected play key role in the world market, especially the developed countries. As a result of all these factors, green and environment friendly paints are expected to maintain steady progress.
According to the recent market research reports, the industry is expected to grow at a CAGR of more than 5% from 2013 to 2018. At this rate, the market will jump from $64.2 billion in 2013 to $85.7 billion by 2018.