Environmental issues have become a raging concern for all the industrial verticals. Growing consumer awareness and stringent governmental regulations are pushing the industry players to come up with eco-friendly products. Paints and coatings industry is also making the required changes in order to make their products green and environment friendly. The global green coatings market is strongly driven by the changing consumer preferences and rising regulatory actions by the authoritative bodies of the world. Strong rate of adoption, especially across the emerging markets and innovative technologies are expected to help the market to maintain this growth rate.
Drivers and Restraints for Green Coating Market
The global green coatings market is restrained by the limited availability of the products. High costs of the coatings are also expected to reduce the growth rate for the industry. However, the global industry is driven by various factors, which include rise in demand, environmental concerns, growing awareness of the customers, growth in the purchase power of the customers, and such other factors. Apart from the innovative technology, the global market is also driven by the economic growth witnessed by the emerging markets like Asia Pacific, Middle East, Latin America and Africa. Rising demand for paints and coatings in these regions is also driven by growth in building and construction activities.
Segmentation in the Market
The global green coatings market is segmented on the basis of the types of coatings, their applications, and demand across different geographic regions. The basic types of industry products include radiation cure, waterborne, high-solid and power coatings. The application segment is divided into seven sub-segments, which include architectural, packaging, automotive, wood, industrial, product, and high performance coatings. On the basis of the geographic regions, the global market is divided into NA (US, Canada and Mexico), Asia Pacific (India, China and Japan), Europe (UK, Germany and Italy) and RoW (Middle East, Russia and Brazil). Analysis of all these segments provides details about the growth trends and challenges for the market.
According to the expert researchers, the global green coatings market is expected to witness healthy growth. This growth is driven by the growing concerns for environment friendly products and restrictions from the governments. As per the research, the global market is expected to grow at a CAGR of over 5% from 2014 to 2018. During the forecasting period, the market is expected to become worth more than $85.7 billion by the end of the year 2018. In 2013, the market was expected to be worth $64.2 billion. Asia Pacific region is expected to witness impressive growth rate during the forecasting period.