Pune, March 16, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider research, the growing demand for bio-based coatings in various applications such as architectural, automotive, packaging, and industrial coatings is also expected to boost the market growth.
SNS Insider reported that the Bio-Based Coatings Market had a value of USD 11.51 billion in 2022 and is anticipated to attain USD 24.15 billion by 2030, exhibiting a CAGR of 9.7% during the forecast duration of 2023-2030.
Bio-Based Coatings Market Report Scope
| Report Attributes | Details |
| Market Size in 2022 | USD 11.51 Billion |
| Market Size by 2030 | USD 24.15 Billion |
| CAGR 2023-2030 | 9.7% |
| Key Segments | • By Resin (Alkyd, Polyurethane, Acrylic, Others) • By Application (Architectural, Transportation, Woodworking, Packaging, Others) |
| Company Profiles | Stora Enso OYJ (Finland), AkzoNobel N.V. (Netherlands), Nippon Paint Holdings Co., Ltd. (Japan), PPG Industries (US), Sherwin-Williams Company (US), and other players. |
| Key Drivers | •Bio-based coatings' lower carbon emissions |
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Bio-based coatings are an emerging class of coatings that are derived from renewable resources, such as plant and animal-based materials. These coatings offer several advantages over conventional coatings, including a lower carbon footprint, reduced environmental impact, and improved sustainability. They are becoming increasingly popular in industries such as automotive, construction, and packaging, among others.
Market Analysis
The paint and coatings industry has been undergoing a remarkable shift in recent years, with the increasing demand for eco-friendly products driving the development of bio-based coatings market. This trend is expected to gain even more momentum in the coming years, with sales of bio-based coatings projected to increase significantly. As companies across various sectors recognize the importance of sustainability, they are increasingly investing in innovative solutions that reduce their carbon footprint and minimize their impact on the environment. As the demand for bio-based coatings continues to grow, we can expect to see significant investments in research and development, as well as in the scaling up of production capacities.
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Impact of Recession
The bio-based coatings market, like most industries, can be impacted by a recession. During a recession, many companies may reduce their budgets and cut back on expenses, including investing in new or alternative products like bio-based coatings. However, despite the potential negative impact of a recession, the market may also see an increase in demand during such times. Consumers may become more price-conscious and look for cost-effective and environmentally friendly alternatives, such as bio-based coatings, rather than traditional petroleum-based coatings.
Key Regional Development
The bio-based coatings market is experiencing substantial growth, driven by the strong economic growth rate and significant investments in various industries such as automotive, consumer goods and appliances, building and construction, and furniture. Key players in the industry are ramping up their production of bio-based paints and coatings, with a particular focus on the Asia Pacific region, especially China and India. This move to shift production to the region is driven by the lower cost of production and the ability to better serve the emerging local markets.
Recent Developments Related to Bio-Based Coatings Market
- Sherwin-Williams, one of the largest paint and coatings manufacturers in the world, has announced its acquisition of Industria Chimica Adriatica S.p.A. (ICA), an Italian wood coatings company. This move is expected to expand Sherwin-Williams' footprint in the European market, specifically in the wood coatings industry. Sherwin-Williams will be able to offer a more comprehensive portfolio of wood coatings to its customers, combining ICA's expertise in the industry with Sherwin-Williams' global reach and resources.
- Huntsman, a leading global chemical company, has recently introduced Mass Balance MDI for adhesives and coatings. This innovation is set to revolutionize the adhesive and coating industry, as it provides a more sustainable and environmentally-friendly option for manufacturers. This technology is a significant step forward for the adhesive and coating industry, as it addresses the growing concern for sustainable and environmentally-friendly manufacturing processes.
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Key Takeaway from Bio-Based Coatings Market Study
- The architectural segment of the coatings market is expected to be the largest segment, driven by the growing demand for high-quality coatings that offer superior performance and cost-effectiveness.
- Polyurethane is set to dominate the market in the coming years. This segment has emerged as a promising area of growth, thanks to its various advantages over conventional coatings. It is known for its excellent mechanical properties, resistance to wear and tear, and durability.
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