Green coatings are eco-friendly coatings employed for a wide range of applications including OEM, industrial manufacturing, aerospace, automotive, construction, etc. The manufacture of green coatings involves environmentally friendly base materials including vegetable oil, soy bean, castor oil, milk, clay, etc. Vegetable oil acts as a corrosion inhibitor, thus proving to be of great use in applications involving exposure to extreme environmental conditions, temperatures, acids and highly reactive substances. Furthermore, castor oil-based green coatings prove to be highly effective against the harshest of chemicals and acids, thus making it suitable for applications in the oil & gas industry and water & wastewater industries. Green coatings help improve the overall efficiency of the equipment it is applied to, by minimizing the sun’s harmful infrared and UV radiations, thus reducing radiant heat transfer within a property, which allows the property to remain cool. This minimizes the need for cooling systems and the additional fossil fuel costs associated with them. Green coatings do not emit harmful chemicals in the environment unlike their counterpart, traditional chemical coatings that are generally employed in industrial applications. Chemical coatings are made of volatile organic compounds (VOC), which release toxins into the air at room temperature, thus leading to several environmental and health hazards. The typical impact of the usage of VOC coatings on the health include headache, dizziness, and may even lead to damage of the kidneys. It also negatively impact the ozone layer, leading to its depletion and global warming. Furthermore, chemical coatings are added with toxic fungicides and biocides in order to increase their shelf-life and prevent mildew growth. The fungicides and biocides further add to the hazardous effects on the air and environment. Therefore, several governments in North America and Europe have formulated stringent regulations for the usage and production of VOC coatings. These restrictions on the usage of VOC coatings and the stringent rules & regulations are anticipated to drive the green coatings market in the near future.
In terms of 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 market followed by automotive and industrial segments. The anticipated expansion of these end-user industries is estimated to drive the green coatings market during the forecast period. The architectural application segment is anticipated to continue its dominance during the forecast period. Moreover, the automotive and industrial segments are anticipated to expand at a steady pace during the forecast period.
In terms of geography, the market can be segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America, followed by Europe, dominates the green coatings market. This is majorly due to the stringent regulations enacted by the respective governments on the usage of chemical coatings and rising environmental hazards due to usage of chemical coatings. However, Asia Pacific is likely to expand significantly due to the anticipated expansion of the end-user industries such as aerospace, architectural, and automotive in the region, during the forecast period.
Key players operating in the global green coatings market include AkzoNobel, PPG Industries, Henkel, Sherwin-Williams, Axalta, Valspar, BASF, and Kansai.
Companies are adopting aggressive marketing tactics and merger & acquisition strategies to expand their market share. They are also shifting their production facilities to emerging economies such as China and India, in Asia Pacific due to the easy availability of land, inexpensive labor, and government subsidies. Major drivers driving the green coatings market are rising environmental hazards, increasing awareness of health and environmental impacts due to volatile organic compounds, and stringent government norms related to the usage of volatile organic compounds.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.