Green Coatings Market Global Opportunity Analysis and Industry Forecast, 2017-2023
Green Coatings Market Overview: Global Green Coatings Market was valued at $80,010 million in 2016, and is projected to reach at $118,990 million by 2023, growing at a CAGR of 5.8% from 2017 to 2023. Coating industry witnesses an increase in the use of ecofriendly materials as a part of green or sustainable chemistry in last few years owing to increasingly strict environmental regulations, growth in popularity of green building standards, and rise in consumer awareness for sustainable products. Green coatings are environment friendly materials, which consist of non-solvent borne technology and low or zero volatile organic compound (VOC) emissions. VOCs are the harmful components present in conventional solvent borne coatings reported to form ground-level ozone and urban smog resulting in various health hazards. Thus, coatings manufacturers shift their focus to create formulations with less solvent content, such as waterborne coatings, powder coatings, high-solids coatings, and radiation cured coatings. The aforementioned types are covered under green coatings category, and are mainly employed in architectural, industrial, automotive, and wood applications.
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