Rising demand of eco-friendly and non-hazardous coating solutions from architectural and automotive industries is a major factor driving growth of the global green coatings market. A major factor hampering growth of the global market is fluctuating raw material prices.
The global market is segmented on the basis of coating type, application, and region. On the basis of the coating type, the global market is segmented into waterborne coatings, powder coatings, high-solids coatings, and radiation cure coatings. The waterborne coatings segment is expected to account for highest revenue share in the global market during the forecast period.
On the basis of application, the global market is segmented into architectural coatings, automotive coatings, industrial coatings, packaging coatings, and others. The others segment includes high performance coatings and wood coatings. The architectural coatings segment is estimated to witness highest growth in the global market during the forecast period, followed by automotive coatings segment.
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On the basis of region, the global green coatings market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Europe market accounts for highest revenue share in the global market and is expected to maintain its dominance over the forecast period. Asia Pacific green coatings market is projected to witness highest growth in terms of revenue in next 10 years, owing to increasing demand from manufacturing and automotive industries in countries in the region. The North America green coatings market is estimated to register a moderate share in terms of revenue during the forecast period.
Key players operating in the global green coatings market include Akzo Nobel N.V., BASF SE, Axalta Coating Systems, LLC, PPG Industries, Inc., The Valspar Corporation, The Sherwin-Williams Company, Kansai Paint Co., Ltd., RPM International Inc., VPL Coatings GmbH & Co KG, TIGER Coatings GmbH & Co. KG, and Altana AG.