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.
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Source: Coherent Market Insights, Public sources, Desk research
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
