Bio-based paints and coatings are environmental friendly paints and coatings made using raw materials from plant or animal sources. They are widely used in construction, automotive, packaging and other industrial sectors as an alternative to conventional petroleum-based paints and coatings. Bio-based paints and coatings uses renewable resources such as vegetable or plant oils, plant resins, soya and corn for production. They offer low volatile organic compound (VOC) emission.
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.
Growing environmental concerns is driving the global bio-based paints & coatings market growth. There is rising awareness regarding air pollution and its impact on environmental and human health due to emissions from paints & coatings. Bio-based variety emits less VOC and are plant-based which is considered more environment friendly. Moreover, bio-based paints & coatings decompose naturally within few months of application, unlike petrochemical-based coatings which remain in environment for longer duration. Government regulations in many countries are also supportive for bio-based products further boosting the market growth. Supportive government initiatives like subsidies are aiding new product development. However, high raw material prices due to supply constraints and lack of awareness among consumers continue to restrain the market growth.
Strength: Bio-based paints and coatings are more environment friendly and sustainable as compared to conventional paints. They produce less greenhouse gases and are derived from renewable resources like plant oils and resins, making them a greener alternative. They also have improved performance in terms of durability, scratch and corrosion resistance. Many governments are promoting the use of bio-based products in order to reduce dependence on petroleum.
Weakness: Bio-based paints have higher production costs compared to petroleum-based paints which makes them more expensive. Their availability is also currently limited as they have a relatively small market share compared to conventional paints. More research needs to be done to improve their properties and reduce costs to make them more competitive.
Opportunity: With growing environmental concerns and sustainability becoming a key priority, the demand for eco-friendly products is increasing significantly. Many companies are investing heavily in R&D to develop new bio-based technologies. Also, supportive government policies through incentives and regulations are helping to drive the adoption of green products. The market is expected to witness steady growth as bio-based paints gain more popularity and acceptance.
Threats: Fluctuations in raw material prices directly impact the cost of bio-based paints. Sudden rise in prices of plant oils, resins or other biomass feedstocks can reduce their competitiveness against petro-based alternatives. Strict environmental standards also increase production costs. Trade barriers and import/export restrictions of certain biomass sources by some countries pose a challenge.
The Global Bio-Based Paints & Coatings Market Demand is expected to witness high growth.
Regional analysis: North America currently dominates the global market and is expected to maintain its leading position over the forecast period. This can be attributed to high construction spending, strict environmental regulations and presence of major paint manufacturers in the region promoting green products. Asia Pacific is projected to be the fastest growing market for bio-based paints stimulated by rapid industrialization and infrastructure development especially in China and India.
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.
Source: Coherent Market Insights, Public sources, Desk research
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