According to MarkNtel Advisors study the Global Bio-based Paints and Coatings Market size is valued at USD 12.05 billion in 2023 and estimated to grow at a CAGR of around 9.4% during the forecast period, i.e., 2024-30.
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Key Findings of the Study: Bio-based Paints and Coatings market
Global Bio-based Paints and Coatings Market Driver:
Transition of the Construction Sector Towards Sustainability to Drive the Demand – The construction sector globally has undergone a transition towards sustainability, which has been driven by various factors, including environmental concerns and government measures to meet climate change goals. The construction sector in countries such as the UAE, Germany, Norway, Singapore, etc., has enhanced its focus on innovation, sustainability, and the circular economy. Moreover, real estate investments across the residential and commercial sectors have been growing across the regions like Middle East and Asia-Pacific among others. For instance,
- In 2022, South Africa’s Ministry of Human Settlements, Water and Sanitation, announced the construction of six mega social housing projects in the coming two years, starting in the financial year 2022/23.
These activities combined with the transition of the construction sector toward construction techniques that were less damaging to the environment have enhanced the demand for bio-based paints and coatings in the sector. Furthermore, many real estate investors and developers in Singapore, the UAE, Saudi Arabia, etc., have prioritized green building certifications, such as LEED and BREEAM, which promote sustainable construction practices. These certifications often require the use of eco-friendly materials, including bio-based paints and coatings, to meet their environmental criteria, which would also play a major role in market expansion during the forecast period.
Global Bio-based Paints and Coatings Market Opportunity:
Surge in Eco-friendly Sustainable Furniture Companies to Create New Opportunity – Consumer preferences across the globe have evolved, with a greater emphasis on sustainable and ethical consumption, owing to which consumers have prioritized furniture that is manufactured using environment-friendly ways. Owing to this, many furniture manufacturers are introducing eco-friendly furniture to their portfolio. For instance,
- In 2023, Urban Ladder, a popular Indian furniture brand, introduced a sustainable furniture line called Karya. This range stands out by creatively utilizing biodegradable, safe materials to craft an eco-friendly board.
As furniture manufacturers seek to align with sustainability and environmental standards, they actively seek coating solutions that are low in volatile organic compounds (VOCs) and made from renewable resources. This would present a favorable landscape for bio-based paints and coating manufacturers to capitalize on the growing demand for sustainable and environment conscious solutions.
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Scope of the Report and Bio-based Paints and Coatings Market Segmentation:
By Resin Type
- Alkyd Resin - Market Size Forecast 2019-2030, Thousand Tons
- Polyurethane Resin - Market Size Forecast 2019-2030, Thousand Tons
- Acrylic Resin - Market Size Forecast 2019-2030, Thousand Tons
- Others (Polylactic Acid (PLA) Resins, Cellulosic Resins, etc.) - Market Size Forecast 2019-2030, Thousand Tons
By Application
- Architectural - Market Size Forecast 2019-2030, Thousand Tons
- Automotive - Market Size Forecast 2019-2030, Thousand Tons
- Woodworking - Market Size Forecast 2019-2030, Thousand Tons
- Packaging - Market Size Forecast 2019-2030, Thousand Tons
- Others (Agricultural Farm Equipment, Electronics, etc.) - Market Size Forecast 2019-2030, Thousand Tons
The architectural sector has registered the highest demand for bio-based coatings and paints, as this sector has been at the forefront of sustainability initiatives and green building practices. During recent years, there has been a consumer transition to options that reduce environmental impact and improve indoor air quality. Bio-based coatings and paints synchronize with these sustainability objectives which has led to increased demand for this application. Additionally, many countries are planning to decarbonize the construction process as well, and have been introducing regulations for the same.
Bio-based Paints and Coatings Market Development:
- 2023: PPGlaunched SIGMAGLIDE® 2390 marine coating, which is a biocide-free fouling release coating based on the PPG HYDRORESET™ technology, which modifies the coating when it is immersed in water to create a smooth surface.
- 2022: Cortec Corporationintroduced EcoAir bio-based outdoor coating powered by Nano VpCI. This shift toward a biobased ingredient enhances sustainability and reduces reliance on fossil fuels, contributing to a more environmentally responsible product
Geographical Analysis:
By Region
- North America
- South America
- Europe
- The Middle East Africa
- Asia-Pacific
Europe had registered the highest demand for bio-based paints and coatings, as the region has been at the forefront of sustainable practices and has implemented stringent regulations and policies to promote environment-friendly products, including coatings. The region has a strong focus on reducing carbon footprint, increasing resource efficiency, and promoting circular economy principles. This has resulted in higher adoption of bio-based paints and coatings in, automotive, and packaging.
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