Get more insights on Bio-Based Paints & Coatings Market
Bio-based Paints & Coatings Market is driven by Growing Awareness about Environmentally Sustainable Products
The bio-based paints & coatings market has witnessed significant growth in recent years owing to rising environmental consciousness. Bio-based paints are manufactured using plant-based components like vegetable oils, nuts, resins and food products, which can be utilized in paint manufacturing without undermining performance quality. They are safer options for indoor and outdoor paints as they contain low or no volatile organic compounds (VOCs) that release fumes containing various chemicals. Rapid urbanization and infrastructure growth have increased the demand for building & construction activities. This has prompted builders to opt for environment-friendly materials like bio-based paints and coatings to develop green buildings. Water-borne bio-based paints have lower viscosity and give smooth finish to exteriors of homes, commercial spaces and bridges. Moreover, they are durable and provide protection from fungi, moss, algae growth and UV radiation.
The Global Bio-based Paints & Coatings Market is estimated to be valued at US$ 14.51 Mn in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the bio-based paints & coatings are United Technologies Corporation (Carrier), LG Corporation, Daikin Industries. Ltd., AB Electrolux, Haier Inc., Lennox International Inc., Samsung Electronics, and Panasonic Corporation.
The growing awareness about green products and environmental protection is driving the demand for Bio-Based Paints & Coatings Market Growth and coatings across both developing and developed parts of the world. Stringent regulations regarding VOC emissions from conventional paints are further propelling the market growth.
Leading manufacturers are focusing on expanding their production facilities in Asia Pacific and South American countries to tap the immense market potential. Various programs have been launched by governments worldwide to promote usage of bio-based products in construction industry.
Market Drivers
Strict environmental norms around the world regarding emissions from synthetic paints and coatings is a key driver for bio-based paints & coatings market. Governments are imposing penalties on manufacturers not complying with green product standards. This has accelerated the shift towards natural and sustainable options like bio-based paints which contribute to cleaner surroundings. Growing consumer preference for non-toxic interior decoration materials is another crucial factor augmenting the market demand.
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