The market is anticipated to showcase a modest CAGR of 5% from 2023 to 2033. The increasing prioritization of sustainability by both businesses and consumers is predicted to bolster market expansion in the coming years.
The increasing awareness and emphasis on adopting sustainable solutions are expected to boost market growth during the forecast period. According to the research report published by Future Market Insights, the global green coatings market is projected to be worth US$ 131.27 billion in 2023. It is likely to reach a valuation of US$ 213.83 billion by 2033. The market is anticipated to showcase an average CAGR of 5% from 2023 to 2033.
Green coatings are environmentally friendly and emit low or no volatile organic compounds during manufacturing. Since green coatings emit only seldom VOCs, they are suitable for a wide range of applications across several industries including construction, automotive, aerospace, oil & gas, mining, maritime, and others. The mushrooming demand for zero VOC coatings across these industries is predicted to significantly contribute to the market’s expansion.
The increasing infrastructural development across developing nations such as India, Brazil, China, Italy, and others is expected to create lucrative growth opportunities. The increasing product demand in industrial and automotive applications across these nations is likely to create high demand for waterborne green coatings. Additionally, the rising construction industry is expected to foster growth in the market. Green coatings are used in construction activities as they uplift indoor air quality and promote healthier living and working environments. They are applied on panels, windows, roofs, interior extrusions, and walls as decorative and protective paints.
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The rising innovations and developments in production methods are expected to boost market development in the coming years. The development of green coatings with improved properties, such as increased adhesion, durability, and weather resistance, is predicted to generate higher revenues. Furthermore, the increasing implementation of government regulations in the coatings industry is expected to bode well for the market. Several nations have implemented regulations and certifications, such as Leadership in Energy & Environmental Design (LEED), to limit the use of VOCs and promote environmentally friendly coatings.
Key Takeaways from Green Coatings Market:
Key Players in the Market
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Recent Developments Observed by FMI:
Market Segmentation
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May 18, 2023