LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global green coating market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global green coating market will grow at a CAGR of over 6% during the forecast period. The implementation of solar-reflective coatings is a major factor driving the market’s growth.
When sun rays strike the exterior of a building, the absorbed infrared light is converted to heat, which results in an overall increase in the building temperature. This problem, when combined with urbanization, increases due to the presence of smog, asphalt, and a lack of vegetation and results in a phenomenon known as the heat island effect. This effect increases the cost of air conditioning and electricity expenditure for building owners. Manufacturers are concentrating on solar reflective pigments that reflect infrared radiation while still absorbing the same amount of visible light to counter the heat island effect.
Manufacturers were able to incorporate these pigments and develop solar reflective coatings, which help the exteriors of buildings to remain much cooler than the buildings painted with non-reflective pigments. Solar reflective coatings aid in lowering the energy cost without compromising the durability, performance, or aesthetics. They also offer a vast option of colors, which have an enhanced light absorption capacity. Roofs with higher reflectance have lower surface temperatures, which help reduce ambient air temperatures and save money on air-conditioning costs.
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In this report, Technavio highlights encouraging green building construction as one of the key emerging trends driving the global green coating market:
Encouraging green building construction
The European Parliament made a commitment to the United Nations Framework Convention on Climate Change regarding widening the levels of carbon reductions as per the Kyoto Protocol, in 2010. The protocol stated the increase of renewable energy supplies along with the adoption of passive building strategies. EU members had committed to achieving nearly zero-energy buildings by 2020.
“Performance metric has been the primary focus for Europe. The introduction of the German Passivhaus performance standard has helped this passive design methodology in gaining extensive popularity. In countries such as Belgium, Sweden, and Switzerland, certain variations in metrics and style of approach have been introduced,” says a senior analyst at Technavio for research on paints, coatings, and pigments.
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Global green coating market segmentation
This market research report segments the global green coating market into the following types (waterborne coatings, powder coatings, high-solid coatings, and radiation cure coatings) and key regions (APAC, Europe, North America, and ROW).
The waterborne coatings segment held the largest market share in 2017, accounting for nearly 79% of the market. The market share for this type is expected to decrease by 2022. The fastest growing type is high-solid coatings, which will account for nearly 8% of the total market share by 2022.
APAC was the leading region for the global green coating market in 2017, accounting for a market share of nearly 33%. By 2022, APAC is expected to continue dominating the market and register a market growth of nearly 2%.
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