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According to a new market report published by Lucintel, the future of the global green coatings market looks good with opportunities in the architectural, automotive, industrial, wood, and packaging coatings. The global green coatings market is forecast to grow at a CAGR of 5.1% from 2015 to 2020. The major drivers of growth for this market are growth in end-use industries, stringent environmental regulations, and growing awareness towards volatile organic compounds (VOC) emissions. In this market, water-based and powder coatings are the major coating types used in the architectural, industrial, automotive, wood, and packaging industries. Lucintel predicts that the demand for water-based coatings is expected to witness the highest growth supported by government regulatory support, increasing awareness, and growth in applications for waterborne coatings globally.
On the basis of its comprehensive research, Lucintel forecasts that the architectural coatings segment is expected to depict an above average growth during the forecast period. Increase in global infrastructure spending, particularly for residential and commercial sectors, is expected to spur growth for this segment over the forecast period. Asia Pacific is expected to witness highest growth and will remain the largest market during the forecast period supported by growth of end use industries and increasing awareness about the benefits of green coatings. For market expansion, the report suggests innovation and new product development, where the unique characteristics of green coatings can be capitalized.
Some of the innovation areas in the green coatings could be in the areas of curing time and volatile organic compounds emission. The emerging trends, which have a direct impact on the dynamics of the industry, include the increasing use of ultraviolet curing coating, and use of plant-based sources to develop wood coatings. AkzoNobel NV., BASF, Axalta Coating System, PPG Industries, Sherwin-Williams Company, and Valspar Corporation are the major suppliers of the green coating. Some companies are opting for merger and acquisition as strategic initiatives for driving growth. Lucintel, a leading global strategic consulting and market research firm, has analyzed the green coatings market by coating type, application type, and region, and has come up with a comprehensive research report, “Growth Opportunities in Global Green Coatings Market 2015-2020: Trend, Forecast, and Opportunity Analysis”.
The Lucintel report serves as a springboard for growth strategy, as it provides a comprehensive data and analysis on trends, key drivers, and directions.
The study includes a forecast for green coatings through 2020, segmented by coating type, application type, and region as follows:
By coating type (volume (B lbs) and $B shipment for 2009 - 2020):
• Water-based coatings
• Powder coatings
• High-solids coatings
• Radiation-cured coatings
By application type (volume (B lbs) and $B shipment for 2009 - 2020):
• Architectural coatings
• Industrial coatings
• Automotive coatings
• Wood coatings
• Packaging coatings
• Other coatings
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