Bio-based Paints & Coatings Market Expected to Flourish by Growing Demand for Sustainable and Eco-fr

Author : Purvaja Jadhao | Published On : 13 Jan 2024

Bio-based paints & coatings are manufactured using plant-derived materials like vegetable oils, plant resins, starch etc. instead of petroleum-based feedstocks. These coatings offer performance equal to or better than conventional counterparts with lower toxicity and odor. They find wide application in construction industry for interior and exterior applications such as wall paints, wood stains & varnishes, roof coatings etc. Eco-friendly nature and government regulations promoting adoption of green products are major drivers augmenting growth of this market. 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 Dynamics:
The growing demand for sustainable and eco-friendly products from consumers is a key driver augmenting growth of bio-based paints & coatings market. Regulation about emission of volatile organic compounds (VOCs) from paints and coatings coupled with various programs run by governments to promote adoption of green products are also propelling market growth. The bio-based paints & coatings market opportunity identified in heading, flourishing demand for sustainable products, is expected to significantly spur market growth over forecast period. Bio-based or natural ingredients improve performance properties like scrub resistance, water resistance and reduce odors making products more appealing. Rising environmental consciousness is compelling leading paint manufacturers to shift their product portfolios towards more sustainable bio-based offerings.

Segment Analysis
The global bio-based paints & coatings market is dominated by the architectural segment which accounts for over 55% of the total market share. This is attributed to the growing trend of using eco-friendly products in the construction industry. Within this segment, interior paints dominate due to increasing consumer awareness towards low VOC interior paints and coatings.

PEST Analysis
Political: Stringent regulations regarding the use of VOC in paints and coatings across major countries is driving the demand for bio-based alternatives. The governments are also providing various incentives for shifting towards greener products.
Economic: Factors such as rising disposable incomes and growing construction activities globally are boosting the overall paints and coatings market which in turn is propelling the bio-based paints & coatings market. However, high initial costs of these products act as a restraint.
Social: Consumers are increasingly choosing sustainable products for their health and environmental benefits. This change in customer preferences is having a positive impact on the bio-based paints & coatings market.
Technological: Manufactures are investing in R&D to develop advanced bio-based resins with improved properties. They are also focusing on reducing production costs through economical extraction and processing techniques.

Key Takeaways
The Global Bio-Based Paints & Coatings Market Demand is expected to witness high growth over the forecast period supported by stringent regulations and growing consumer awareness.

Regional perspective, Asia Pacific dominates currently due to major manufacturing shift and rising construction activities in countries like China and India. North America is also expanding significantly backed by favorable policies boosting green building activities 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. These companies are focused on new product development and geographic expansion to strengthen their market position.

For more details on the report, Read- https://www.ukwebwire.com/bio-based-paints-coatings-market-growth-market-size-share-analysis/

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