Bio-based paints & coatings offer superiority over conventional oil-based paints & coatings such as reduced emissions of volatile organic compounds (VOCs), lesser toxicity and biodegradability. Bio-based paints & coatings contain plant-based raw materials such as corn starch, soy oil and coconut oil as resins. These resins provide properties like water resistance and durability to the paints & coatings. Bio-based paints & coatings are increasingly being used in construction and transportation industries due to stringent environmental norms. 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 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The extensive use of bio-based resins derived from plant and vegetable sources such as soybean oil, corn starch and vegetable glycerols is a key trend driving the growth of the global bio-based paints & coatings market. The plant-derived resins offer advantages like lesser VOC emissions, reduced toxicity and biodegradability over petroleum-based resins. This makes bio-based resins an attractive sustainable alternative for manufacturers. Also, supportive government policies and regulations regarding VOC emission control are boosting adoption of bio-based paints & coatings especially in North America and Europe. Large paints & coatings manufacturers are focusing on development of new product lines containing high proportion of bio-based content to cater to the growing demand.
Segment Analysis
The global bio-based paints & coatings market is segmented based on type, end-use industry, and region. By type, the market is divided into architectural coatings, automotive coatings, wood coatings, and others. The architectural coatings segment dominates the market and accounts for over 30% share of the overall market. This is because of the growing environmental concerns and stringent regulations regarding the use of conventional solvent-based coatings.
Key Takeaways
The Global Bio-based Paints & Coatings Market Size is expected to witness high growth during the forecast period of 2023-2030. Regional analysis comprises- North America dominates the global market with over 35% share owing to early adoption of sustainable and eco-friendly products in the region. The Asia Pacific region is expected to be the fastest growing market during the forecast period.
Key players operating in the bio-based paints & coatings market are Invacare Corporation, Sunrise Medical (US) LLC, Permobil Inc., Pride Mobility Products Corporation, Drive Devilbiss Healthcare, Hoveround Corporation, Ottobock Healthcare, 21st Century Scientific, Inc., Meyra GmbH, LEVO AG, Merits Co. Ltd., Segway Inc., Scewo, GF Health Products Inc., Karman Healthcare, Inc., KYMCO Healthcare, SOWECARE B.V, and Nanjing Jin Bai He Medical Apparatus Co., Ltd.
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