Green coatings are eco-friendly coatings employed for a widerange of applications including OEM, industrial manufacturing, aerospace,automotive, construction, etc. The manufacture of green coatings involvesenvironmentally friendly base materials including vegetable oil, soy bean,castor oil, milk, clay, etc. Vegetable oil acts as a corrosion inhibitor, thusproving to be of great use in applications involving exposure to extremeenvironmental conditions, temperatures, acids and highly reactive substances.Furthermore, castor oil-based green coatings prove to be highly effectiveagainst the harshest of chemicals and acids, thus making it suitable forapplications in the oil & gas industry and water & wastewaterindustries. Green coatings help improve the overall efficiency of the equipmentit is applied to, by minimizing the sun’s harmful infrared and UV radiations,thus reducing radiant heat transfer within a property, which allows theproperty to remain cool. This minimizes the need for cooling systems and theadditional fossil fuel costs associated with them. Green coatings do not emitharmful chemicals in the environment unlike their counterpart, traditionalchemical coatings that are generally employed in industrial applications.Chemical coatings are made of volatile organic compounds (VOC), which releasetoxins into the air at room temperature, thus leading to several environmentaland health hazards. The typical impact of the usage of VOC coatings on thehealth include headache, dizziness, and may even lead to damage of the kidneys.It also negatively impact the ozone layer, leading to its depletion and globalwarming. Furthermore, chemical coatings are added with toxic fungicides andbiocides in order to increase their shelf-life and prevent mildew growth. Thefungicides and biocides further add to the hazardous effects on the air andenvironment. Therefore, several governments in North America and Europe haveformulated stringent regulations for the usage and production of VOC coatings.These restrictions on the usage of VOC coatings and the stringent rules ®ulations are anticipated to drive the greencoatings market in the near future.
In termsof application, the green coatings market can be segmented into architectural,aerospace, automotive, defense, industrial, wood finishes, and construction.The architectural segment currently dominates the green coatings marketfollowed by automotive and industrial segments. The anticipated expansion ofthese end-user industries is estimated to drive the green coatings marketduring the forecast period. The architectural application segment isanticipated to continue its dominance during the forecast period. Moreover, theautomotive and industrial segments are anticipated to expand at a steady paceduring the forecast period.
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In termsof geography, the market can be segmented into Asia Pacific, North America,Latin America, Europe, and Middle East & Africa. North America, followed byEurope, dominates the green coatings market. This is majorly due to thestringent regulations enacted by the respective governments on the usage ofchemical coatings and rising environmental hazards due to usage of chemicalcoatings. However, Asia Pacific is likely to expand significantly due to theanticipated expansion of the end-user industries such as aerospace, architectural,and automotive in the region, during the forecast period.
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Keyplayers operating in the global green coatings market include AkzoNobel, PPGIndustries, Henkel, Sherwin-Williams, Axalta, Valspar, BASF, and Kansai.
Companiesare adopting aggressive marketing tactics and merger & acquisitionstrategies to expand their market share. They are also shifting theirproduction facilities to emerging economies such as China and India, in AsiaPacific due to the easy availability of land, inexpensive labor, and governmentsubsidies. Major drivers driving the green coatings market are risingenvironmental hazards, increasing awareness of health and environmental impactsdue to volatile organic compounds, and stringent government norms related tothe usage of volatile organic compounds.
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