NEW YORK, June 25, 2020
- An increase in the demand for waterborne and powder technologies for the replacement of solvent-borne coatings are driving the market demand.
- Market Size – USD 138.54 Billion in 2019, Market Growth - CAGR of 6.3%, Market Trends –Increased demand from developing nations.
NEW YORK, June 25, 2020 /PRNewswire/ -- The global Green Coatings Market is forecast to reach USD 219.24 Billion by 2027, according to a new report by Reports and Data. The market is finding applications in the developed as well as developing nations owing to the increasing environmental regulations. The continuous growth in concern regarding the impact of the volatile organic compounds on the environment has led environment agencies to force manufacturers to reduce their VOC content in their product. Thus, there is an increase in demand for green coatings from end-users.
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The increasing application of these types of coatings in architecture is also encouraging demand. Major factors encouraging the growth of the market in developing nations are increasing government support for the extension of urban development and a rise in the standard of living, which in turn increases the demand for safe and comfortable living and rising population. Factors affecting the green coatings are the rising price for raw material, and their volatility is expected to hinder the market growth. Furthermore, the raw material industry of the green coating market is on the verge of consolidation that intensify the bargaining power of suppliers and affects the market growth negatively.
The Asia Pacific region will experience the fastest CAGR due to increased government involvement for the development and beautification of infrastructure, which will positively impact market growth. India, China, and Japan are significantly contributing to the increasing demand of the market in the region.
The COVID-19 impact:
The growing COVID-19 pandemic has led to the weakening demand for coatings in electronics, automotive, construction, and white goods. The market has the capacity to bounce back, but it completely depends on the duration of the lockdown, and also the impact of the virus on the economy. Even though the overall demand of the market is falling, the demand for green coating is expected to rise in the coming years.
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Further key findings from the report suggest
For the purpose of this report, Reports and Data have segmented the global Green Coatings Market on the basis of type, application, distribution channel, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
Regional Outlook (Revenue, USD Billion; 2017-2027)
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