by Bio-based paints & coatings are gaining prominence as they are manufactured using renewable agricultural resources and pose less impact on the environment. These eco-friendly coatings help reduce volatile organic compound (VOC) emissions and lessen dependency on fossil fuel-derived chemicals. Bio-based resins present in paints & coatings offer properties similar to petroleum-derived resins and improve a building’s energy efficiency.
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 2031.
Strict regulatory norms pertaining to VOC emission and emphasis on green building concepts are major factors contributing to the increased uptake of sustainable bio-based coatings.
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 Bio-Based Paints & Coatings Market Growth is anticipated to witness lucrative opportunities owing to rising commercial and residential infrastructure development projects globally. Governments of many countries provide subsidies and incentives to promote use of eco-friendly coating materials in construction activities.
Advancements in biomass pretreatment technologies have enabled large-scale production of bio-based monomers from agricultural waste. This has intensified replacement of petrochemical feedstocks with renewable resources for paints & coatings formulation.
Market Drivers
Stringent regulations regarding VOC emissions from paints and coatings spurred demand of bio-based variants. Additionally, growing consumer inclination towards sustainable products has driven sales of bio-based paints and coatings. Efforts by leading manufacturers to develop bio-based polymers from agricultural waste at competitive prices boost the industry outlook.
Current Challenges in Bio-based Paints & Coatings Market:
The Bio-Based Paints & Coatings Market is still at a nascent stage. Limited availability of raw materials required for manufacturing bio-based resins is one of the key challenges faced by players in this market. Bio-based polymers used in coatings have relatively lower durability and increased costs compared to conventional petroleum-based polymers. This acts as a deterrent for widespread adoption. Strict environmental regulations surrounding volatile organic compounds also increase production costs. Additionally, lack of consumer awareness about the benefits of bio-based products poses a significant challenge.
SWOT Analysis
Strength: Bio-based paints & coatings have lower environmental footprint and are more sustainable compared to conventional oil-based variants.
Weakness: Relatively higher costs and limited availability of raw materials are weaknesses.
Opportunity: Growing environmental consciousness and implementation of strict regulations will drive market growth.
Threat: Intense competition from incumbent petroleum-based brands poses a threat.
Geographical Regions of Concentration:
North America holds the largest share of the global bio-based paints & coatings market, both in terms of value and volume. This can be attributed to stringent environmental policies and regulations regarding VOC emissions in the region. The European market is another lucrative regional market driven by growing emphasis on sustainability. The Asia Pacific region is expected to be the fastest growing market over the forecast period due to increasing industrial and construction activities coupled with supportive government initiatives and policies promoting use of bio-based products.
Fastest Growing Geographical Region:
The Asia Pacific market for bio-based paints & coatings is projected to expand at the fastest CAGR during the forecast period. Rapid urbanization, population growth, and rising disposable incomes are fueling infrastructure development and construction activities in the region. This will drive the demand for paints and coatings. Additionally, government initiatives promoting sustainable practices are encouraging manufacturers as well as end-use sectors to adopt bio-based alternatives. Improving environmental regulations and rising awareness levels regarding benefits of using eco-friendly products also contribute to market growth. Developing nations like India and China will dominate future demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
