Growing demand for sustainable coatings is expected to drive the demand for Bio Based Coating Market in forecast period, 2024-2028.
According to TechSci Research report, “Bio Based Coatings Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, Global Bio Based Coatings Market is projected to increase at an impressive rate in the forecast period, 2024-2027 on account of growing environmental awareness and shift towards sustainability approach.
The need for greener alternatives has prompted manufacturers to review their compositions carefully. A coating formulation comprises numerous key components: Resin (Binder), Liquid (Solvent or Water), Pigments, and Additives. Industry experts have typically recognized paint industry resins as having the most potential for bio-based solution replacement. Bio resins are made up entirely or mostly of monomers from biological sources. Since they use plant-based compounds instead of those derived from petrochemicals, these resins have an ecological appeal. The most popular plant materials used to make bio resins include algae, corn, soybeans, sugarcane, sugar beets, castor beans, lignocellulose, and cashew nut shells. They have been used since before petrochemicals. However, most paints and varnishes made today are based on fossil ingredients. The shift towards cleaner technologies is increasing the demand for paints & coatings made up of greener sources.
However, high costs of bio-based coatings as compared to fossil fuel derived coating products can slow down the market growth especially in the emerging economies. Also, lack of awareness and adoption can further restrict the market growth in growing economies.
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Global Bio Based Coatings Market is segmented based on source, VOC Content, end user, and region. Based on VOC content, the market is divided into Zero VOC, Low VOC, and VOC absorbing. Zero VOC segment dominated the market in 2022 and will continue maintaining its dominance through 2028 since it has no additional chemical solvents and is considered as least harmful to the environment. Based on end-user, the market is divided into architectural, woodwork, and packaging. The woodwork application segment is expected to register the highest growth in the forecast period on account of the fact that bio-based wood coatings are highly sustainable and provide high hardness, chemical resistance and are ecofriendly in nature.
Major companies operating in Global Bio Based Coatings Market are:
- Akzo Nobel N.V.
- PPG Industries, Inc
- Sherwin-Williams Company
- Nippon Paint Holdings Co. Ltd.
- Kansai Paint Co. Ltd
- The Dow Chemical Company
- Koninklijke DSM N.V.
- Covestro AG
- Arkema S.A.
- Genomatica Inc.
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The oldest bio-based resins still in use in the coatings sector are alkyds. However, alkyd formulations in solvents result in significant VOCs derived from fossil fuels. The use of reduced VOC alternatives is necessary due to tighter rules on air pollution and growing public awareness of health risks. Alkyd resin-based coatings age by turning yellow over time. Whites, light colors, and clear coatings suffer significantly from the issue, which is exacerbated in paints with more significant solid contents. The increasing adoption of energy-efficient technologies, and reducing carbon footprint for sustainability, has increased demand from Bio-Based Coatings, thereby creating lucrative opportunities for the growth of bio-based coatings market till 2028.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Bio Based Coatings Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented Source (Corn, Soybean, Bio Diesel, Sugarcane, and Others), By Volatile Organic Components (VOC) (Zero VOC, Low VOC, and VOC absorbing), By End User (Architectural, Woodwork, and Packaging), By Region, and Competition, has evaluated the future growth potential of Global Bio Based Coatings Market and provides statistics & information on market size, structure, and future market growth. the report intends to provide cutting-edge market intelligence and help decision-makers make sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Bio Based Coatings Market.”
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