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Asia-Pacific Shows Remarkable Potential & Opportunity
The global green coatings market is emerging with a robust growth due to the increasing number of applications in building & construction, packaging, automotive, etc. There is a continuous need of innovations in the applications and products to help sustain against the different substitutes and solvent-based coatings available in the market. Therefore, all major companies have created advanced application technology centers for research and development worldwide.
The rising attention towards the protection of human health and environmental risks has promoted various government regulations, which have further resulted in increased consumption of solvent-borne coatings in different industries as well as in different regions. In order to achieve this hike, innovations are being undertaken to cater to consumer needs as per their requirements. The demand for green, nonhazardous, and sustainable green coatings are now dominating this industry.
The Asia-Pacific market has tremendous opportunities for green coatings and applications. This region has emerged to be the driving factor for this market, contributing to more than one-third of the global demand. China is the global market leader in the consumption of waterborne coatings due to the increasing population and the increasing demand of buildings, automotive, and packaging industries. The other emerging economies such as Brazil, the Middle East, Russia, India, etc. are further lined up for the brighter future in this market. Asian Paints Limited, headquartered in Mumbai (India), aims to increase its presence in the Indian market particularly by increasing its application development capability and production infrastructure. Being a matured market in Japan, Kansai Paint Co. Ltd. aims to increase its presence in Indonesia, Vietnam, South Africa, China, and other regions of Asia-Pacific due to the growing demands from the end-user industries.
Through organic growth strategies like geographic expansion and new product developments, the companies are opting to expand their green coatings business worldwide. The major companies operating in this market such as AkzoNobel N.V. (The Netherlands), BASF S.E. (Germany), PPG Industries Inc. (U.S.), The Valspar Corporation (U.S.), and others are engaged in bringing innovations in their products as well as enhancing their penetration in the Asia-Pacific green coatings market.
Green Coatings Market by Types (Waterborne, Powder, High-Solids, Radiation Cure) & by Applications (Architectural Coatings, Automotive Coatings, Industrial Coatings, High Performance Coatings, Wood Coatings, Packaging Coatings, & Product Finishes) - Global Trends & Forecast to 2018
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