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| Global Bio-Based Paints & Coatings Market Size |
Market Overview
Bio-based paints & coatings are manufactured from plant-based renewable
resources like vegetable fats and oils instead of traditional petroleum-based
solvents. They provide various advantages like low odor, fewer volatile organic
compounds (VOCs) emissions and eco-friendliness. Rapid urbanization and
increasing infrastructure development have been boosting the demand for
construction activities which in turn is driving the need for paints & coatings.
The Global bio-based paints & coatings market is
estimated to be valued at US$ 14.51 Mn in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period
2024 to 2030.
Key Takeaways
Key players operating in the bio-based paints & coatings are United
Technologies Corporation (Carrier), LG Corporation, Daikin Industries. Ltd., AB
Electrolux, Haier Inc., Lennox International Inc., Samsung Electronics, and
Panasonic Corporation. The rising environmental concerns are fueling demand for
more sustainable products which is opening up opportunities for bio-based
paints & coatings manufacturers to expand their offerings. Major players
are focusing on ramping up production capacities and expanding geographic
footprint to capitalize on growth opportunities in emerging markets like Asia
Pacific and Latin America.
Market Drivers
One of the key drivers for the Global
Bio-Based Paints & Coatings Market Size is growing awareness about
environmental protection. Increasing health concerns associated with VOCs
emissions from petroleum-based paints and strict environmental regulations
regarding their use are compelling consumers as well as manufacturers to shift
to eco-friendly bio-based alternatives. This is expected to significantly drive
the demand for bio-based paints & coatings over the forecast period.
Market Restraints
High raw material and manufacturing costs associated with bio-based paints
& coatings is one of the major challenges for market growth. Their prices
are 10-15% higher as compared to traditional solvent-based paints which act as
a hindrance for widespread adoption. Issues regarding durability and limited
color options are also restraining the bio-based paints & coatings market
growth to some extent.
Segment Analysis
The bio-based paints & coatings market can be segmented based on type as
bio-polyurethanes, bio-polyesters, and bio-epoxy. Among these, the
bio-polyurethanes segment dominates the market as they exhibit superior
properties like durability, chemical resistance, hardness, and abrasion
resistance as compared to other products. This makes bio-polyurethanes suitable
for various applications across industries like construction, automotive,
furniture, etc. Thereby, the bio-polyurethanes segment is expected to continue
dominating the overall market during the forecast period.
Global Analysis
The Asia Pacific region is projected to be the fastest-growing market for
bio-based paints & coatings during the forecast period. This is attributed
to the growing construction industry across emerging economies like China and
India coupled with supportive government policies promoting the use of
sustainable and eco-friendly materials for infrastructure development.
Countries like China, Japan, and South Korea also have a large automotive
manufacturing base, thereby further driving the demand for bio-based coatings
in the region. North America and Europe currently dominate the global market
and the demand is expected to remain high in these regions due to stringent
environmental regulations and growing consumer preference for green products.
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