The green coating market is projected to grow at a CAGR of 4.82% to reach US$101.121 million by 2024, from US$76.256 million in 2018. Green coating refers to the coating material that is produced from sustainable sources such as vegetable oil, Soy bean, castor oil, clay and others. The demand for such coating is majorly driven by the burgeoning need to reduce VOC emission from the paints and coats since most of the industrial coatings are made with toxic ingredients that largely contributes to the VOC emission. Growing laws related to VOC emission and voluntary green building programs such as Leadership in Energy and Environmental Design (LEED) in US is propelling the market growth in the developed regions. Moreover, rising propensity towards building green infrastructure and this coupled with steady adoption of green coating solution among industries are expected to boost the market growth over the forecast period.
Growing regulation regarding Volatile Organic Compounds (VOC) emission
Investments in green buildings
High adoption of conventional coating solutions
In January 2019, Chemcoaters announced that Eco Green Coatings has become a wholly owned subsidiary.
The major players profiled in the green coating market include Akzo Nobel N.V., PPG Industries, Inc., BASF SE, ACREE TECHNOLOGIES INC., Intercoat, Roymal, Inc., Delta Intercontinental Pte Ltd., and The Sherwin-Williams Company.
The green coating market has been analyzed through the following segments:
Middle East and Africa