by Bio-based paints and coatings are products developed from renewable sources rather than fossil fuel and natural gas feedstocks. They offer various advantages over conventional oil-based products such as reduced volatile organic compound (VOC) emissions, biodegradability, and sustainability. With the growing awareness about adverse effects of VOCs and the need for eco-friendly products, the demand for bio-based paints and coatings is increasing rapidly. The global Bio-based Paints & Coatings Market is estimated to be valued at US$ 12.59 Bn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
With sustainability gaining increasing attention, bio-based products are being preferred across industries. Strict regulations regarding VOC emissions and initiatives to reduce carbon footprint are promoting the adoption of bio-based paints and coatings. Major players are investing in R&D activities to develop new bio-based technologies and product offerings using renewable raw materials such as plant oils, resins, and powders. Growing construction industry worldwide is another major factor driving the demand for bio-based architectural coatings.
Segment Analysis
The global bio-based paints & coatings market is segmented based on type, technology, and end-use industry. Based on type, the market is segmented into acrylic, polyurethanes, polyesters, epxies, and others. Among these, the acrylic segment dominates the market and accounts for more than 30% share of the global market. This is because acrylic resin-based paints & coatings provide features like quick-drying, water-resistance, durability and are cost-effective. Based on technology, the market is segmented into water-based, solvent-based, high solid, and powder coating technology. The water-based technology dominates as it uses minimum organic solvents during the manufacturing process.
Key Takeaways
The Global Bio-Based Paints & Coatings Market Demand is expected to witness high growth in the coming years.
Regional analysis: Asia Pacific dominates the global market with more than 35% share. The consumption of bio-based paints & coatings is increasing in the region due to growing construction activities in India and China. North America is the second largest market for bio-based paints & coatings due to strict environmental regulations pertaining to use of conventional solvent-based coatings in the region.
Key players operating in the bio-based paints & coatings market are United Technologies Corporation (Carrier), LG Corporation, Daikin Industries. Ltd., AB Electrolux, Haier Inc., Lennox International Inc., Samsung Electronics, and Panasonic Corporation. United Technologies Corporation (Carrier) is a global leader in commercial air-conditioning and heating systems. Similarly, other players like LG Corporation, Daikin Industries and Samsung are some of the leading brands in the air-conditioning domain. These companies continuously focus on product innovations and expanding their presence globally.
Note:
Source: Coherent Market Insights, Public sources, Desk research
We have leveraged AI tools to mine information and compile it
