Overview and Scope
Bio-based coatings refer to the coatings made from biomaterials that lessen the reliance on scarce fossil resources. These solvents help in addressing social challenges, and bio-based coatings that can promote rural development and employment. The bio-based coatings are used as raw materials for producing bio-based solvents such as resin, additives, and pigments made from renewable raw materials.
Sizing and Forecast
The bio-based coatings market size has grown rapidly in recent years. It will grow from $8.57 billion in 2023 to $10.05 billion in 2024 at a compound annual growth rate (CAGR) of 17.4%. The growth in the historic period can be attributed to infection prevention, biocompatibility, advanced drug delivery, performance enhancement, regulatory compliance:.
The bio-based coatings market size is expected to see rapid growth in the next few years. It will grow to $18.19 billion in 2028 at a compound annual growth rate (CAGR) of 16.0%. The growth in the forecast period can be attributed to nanotechnology advancements, minimally invasive surgery, remote monitoring, personalized medicine, biodegradable solutions. Major trends in the forecast period include antimicrobial coatings, drug-eluting coatings, biocompatible coatings, hydrophilic coatings, anti-adhesion coatings:
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Segmentation & Regional Insights
The bio-based coatings market covered in this report is segmented –
1) By Type: Ester Solvents, D-Limonene, Alcohols, Glycols And Diols Solvents, Other Types
2) By VOC Content: Zero VOC (VOC Content Less Than 5 Grams Per Liter), Low VOC (VOC Content Less Than 50 Grams Per Liter), VOC Absorbing, Natural Paints
3) By Sector: Commercial Sector, Industrial Sector, Residential Sector
4) By Use: Decorative Paints, Transportation, Metal Industrial Coatings, Industrial Maintenance And Protective, Powder Coatings, Automotive Refinish, Wood Coatings, Marine Coatings, Coil Coatings, Packaging Coatings
5) By Area Of Application: Internal Application, External Application
North America was the largest region in the bio-based coating market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bio-based coatings market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
Increasing awareness in society apropos of environmentally-responsible products is expected to propel the growth of the bio-based coatings market going forward. Environmentally friendly products refer to oriented products that cause less environmental degradation and their production. Bio-based coatings are used for paper packaging products such as paper cups, and paper plates that are used in the manufacture of waterproof, sustainable, recyclable, compostable, and bio-degradable products. For instance, according to study conducted in October 2021 by First Insight, a global experience management (XM) platform in association with Baker Retailing Center at the Wharton School of the University of Pennsylvania, 90% of Gen X consumers were willing to pay an extra 10% or more for sustainable products in 2021, compared to just over 34% in 2020. Therefore, increasing awareness in society apropos of environmentally-responsible products is driving the bio-based coatings market growth.
Key Industry Players
Major companies operating in the bio-based coatings market include AURO Pflanzenenchemie AG, Benjamin Moore & Co., Eco Safety Products, BASF SE, Cargill Incorporated, AkzoNobel N.V., PPG Industries Inc., RPM International Inc., The Sherwin-Williams Company, Nippon Paint Holdings Co. Ltd., Stora Enso OYJ, BioShields, KCC Paints Sdn Bhd, NOROO Paint & Coatings Co.Ltd., Reliance Industries Ltd., Japan Polypropylene Corporation, Jiangsu Heshili New Material Co. Ltd., Lotte Chemical Corporation, SK Chemicals Co. Ltd., Polyplastics Co. Ltd., Sumitomo Chemical Co. Ltd., Asahi Kasei Corporation, Axalta Coating Systems, Behr Paint Co., Hempel A/S, Jotun A/S, Kansai Paint Co. Ltd., Tikkurila Oyj, Valspar Corporation, Bollom Fire Protection, Chugoku Marine Paints Ltd., Cloverdale Paint Inc., Diamond Vogel Inc.
The bio-based coatings market report table of contents includes:
1. Executive Summary
2. Bio-Based Coatings Market Characteristics
3. Bio-Based Coatings Market Trends And Strategies
4. Bio-Based Coatings Market – Macro Economic Scenario
5. Global Bio-Based Coatings Market Size and Growth
…..
31. Global Bio-Based Coatings Market Competitive Benchmarking
32. Global Bio-Based Coatings Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Bio-Based Coatings Market
34. Bio-Based Coatings Market Future Outlook and Potential Analysis
35. Appendix
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