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Green Coating Market Primed to Bloom

Wednesday, October 23, 2013

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When it comes to paint and coatings, green is as green does, with the global market for eco-friendly products well rooted for growth in the years ahead, according to a new market forecast.

The global green coatings market, valued this year at nearly $64.2 billion, is expected to reach nearly $85.7 billion by 2018, with a Compound Annual Growth Rate (CAGR) of 5.9 percent over the period.

That's the outlook from Green Coatings Market by Types & by Applications - Global Trends & Forecast to 2018, just released by marketsandmarkets.com.

What 'Green' Means

"Green coating" has a multitude of meanings, the report notes. This forecast defines a green coating as one with little or no Volatile Organic Compounds (VOCs) "that does not pollute the environment or indirectly reduces pollution during any of its stages."

Green paint
©iStock / irontrybex

The "green" concept goes beyond formulation to include issues of performance, packaging, raw materials, production, recycling and disposal.

As "any of its stages" indicates, the concept of a green coating transcends formulation, the authors say. The report takes a lifecycle approach to the products, from their raw material and packaging, to their application, through recycling or disposal.

For example, the report notes, green coatings materials are usually more expensive than solvent-based products, "but these green coatings show higher/comparable performance properties than the conventional toxic paints."

The report examines the four top current "green" coatings technologies:

  • Waterborne Coatings
  • Powder Coatings
  • High-Solids Coatings
  • Radiation Cure Coatings

Markets and Drivers

Viewed by application, architectural coatings dominate the green market, followed by automotive and industrial coatings, says the report, which analyzes product data for all coating types and applications by volume and value.

Markets for green coatings
Green Coatings Market

Although architectural applications still dominate, many industries now use green coatings.

Three trends will be driving the robust growth of green coatings over the next five years, marketsandmarkets reports:

  • Stringent environmental regulations (especially air-pollution regulations) in the United States and Europe;
  • Growing purchasing power and greater economic growth in Asia, especially among the middle class; and
  • "Healthy growth" in end-user industries such as construction, electronics and automotive, in China, India, Indonesia and Thailand.

Red Lights

On the other hand, certain market forces are likely to keep growth in check, the report advises. Restraints on growth involve:

  • The availability and cost of specialized raw materials for green coatings, which can be a sizeable investment for a producer;
  • The economic slowdowns in Europe and the United States;
  • Reduced export demand from Europe, Japan and the United States; and
  • A slowing economy in China, which the report says "could cause a new global recession."

   

Tagged categories: Architectural coatings; Green coatings; Marine Coatings; Market forecasts; Market research; Trends

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