Green coatings market to see demand on waterborne, powder coatings
Amid the COVID-19 crisis, the global market for green coatings estimated at $92 billion in the year 2020, is projected to reach a revised size of $124.2 billion by 2027, growing at a CAGR of 4.4 percent over the analysis period 2020-2027.
Waterborne Coatings, one of the segments, is projected to grow at a 4.3 percent CAGR to reach $97.4 billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the powder coatings segment is re-adjusted to a revised 6.3 percent CAGR for the next 7-year period. This segment currently accounts for a 6.8 percent share of the global green coatings market.
US makes for 29.4 plus percent of market size in 2020
The green coatings market in the US is estimated at $27.1 billion in the year 2020. The country currently accounts for a 29.44 percent share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of $22 billion in the year 2027 trailing a CAGR of 4.1 percent through 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.3 percent and 3.4 percent respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.6 percent CAGR while rest of European market (as defined in the study) will reach $22 billion by the year 2027.
High-solids coatings segment Corners a 5.7 percent share in 2020
In the global high-solids coatings segment, USA, Canada, Japan, China and Europe will drive the 4.9 percent CAGR estimated for this segment. These regional markets accounting for a combined market size of $4.2 billion in the year 2020 will reach a projected size of $5.9 billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach $14.3 billion by the year 2027.
Competitors identified in the market
The key market players in the global green coatings industry are Akzo Nobel NV, Asian Paints (India) Ltd, Axalta Coating Systems LLC, BASF SE, Berger Paints India Ltd, Deutsche Amphibolin Works SE, Hempel A/S, Kansai Paint Co Ltd, Masco Corporation, Nippon Paint Co Ltd, PPG Industries Inc, RPM International Inc, The Sherwin-Williams Company, The Valspar Corporation and Tikkurila Oyj.
Source:
Research And Markets
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