Green coatings are eco-friendly coatings employed for a wide range of applications including OEM, industrial manufacturing, aerospace, automotive, construction, etc. The manufacture of green coatings involves environmentally friendly base materials including vegetable oil, soy bean, castor oil, milk, clay, etc. Vegetable oil acts as a corrosion inhibitor, thus proving to be of great use in applications involving exposure to extreme environmental conditions, temperatures, acids and highly reactive substances. Furthermore, castor oil-based green coatings prove to be highly effective against the harshest of chemicals and acids, thus making it suitable for applications in the oil & gas industry and water & wastewater industries.
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Green coatings help improve the overall efficiency of the equipment it is applied to, by minimizing the sun’s harmful infrared and UV radiations, thus reducing radiant heat transfer within a property, which allows the property to remain cool. This minimizes the need for cooling systems and the additional fossil fuel costs associated with them. Green coatings do not emit harmful chemicals in the environment unlike their counterpart, traditional chemical coatings that are generally employed in industrial applications.
Chemical coatings are made of volatile organic compounds (VOC), which release toxins into the air at room temperature, thus leading to several environmental and health hazards. The typical impact of the usage of VOC coatings on the health include headache, dizziness, and may even lead to damage of the kidneys. It also negatively impact the ozone layer, leading to its depletion and global warming. Furthermore, chemical coatings are added with toxic fungicides and biocides in order to increase their shelf-life and prevent mildew growth. The fungicides and biocides further add to the hazardous effects on the air and environment. Therefore, several governments in North America and Europe have formulated stringent regulations for the usage and production of VOC coatings. These restrictions on the usage of VOC coatings and the stringent rules & regulations are anticipated to drive the green coatings market in the near future.
In terms of application, the green coatings market can be segmented into architectural, aerospace, automotive, defense, industrial, wood finishes, and construction. The architectural segment currently dominates the green coatings market followed by automotive and industrial segments. The anticipated expansion of these end-user industries is estimated to drive the green coatings market during the forecast period. The architectural application segment is anticipated to continue its dominance during the forecast period. Moreover, the automotive and industrial segments are anticipated to expand at a steady pace during the forecast period.
In terms of geography, the market can be segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America, followed by Europe, dominates the green coatings market. This is majorly due to the stringent regulations enacted by the respective governments on the usage of chemical coatings and rising environmental hazards due to usage of chemical coatings. However, Asia Pacific is likely to expand significantly due to the anticipated expansion of the end-user industries such as aerospace, architectural, and automotive in the region, during the forecast period.
Key players operating in the global green coatings market include AkzoNobel, PPG Industries, Henkel, Sherwin-Williams, Axalta, Valspar, BASF, and Kansai.
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Companies are adopting aggressive marketing tactics and merger & acquisition strategies to expand their market share. They are also shifting their production facilities to emerging economies such as China and India, in Asia Pacific due to the easy availability of land, inexpensive labor, and government subsidies. Major drivers driving the green coatings market are rising environmental hazards, increasing awareness of health and environmental impacts due to volatile organic compounds, and stringent government norms related to the usage of volatile organic compounds.
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