April 14, 2024
Bio-based Paints & Coatings Market

Bio-based Paints & Coatings Market Riding High on Sustainability Trends

The global bio-based paints & coatings market is one of the emerging industries riding high on sustainability trends. Bio-based paints and coatings are manufactured using plant-based raw materials like soybean oil, corn oil, vegetable oil and other biomass. These eco-friendly products offer superior performance along with low-VOC emission. The growing construction industry worldwide along with stringent environmental regulations are driving increased demand for these sustainable alternatives to conventional oil-based paints and coatings.

The Global bio-based paints & coatings Market is estimated to be valued at US$ 14.51 Bn  in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period from 2024 to 2030.

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 demand for bio-based paints and coatings is growing significantly owing to rising environmental awareness and growing construction industry globally. Stringent regulations regarding VOC emissions are further propelling the market growth. Major players are expanding their product portfolios and global footprint to capitalize on the vast opportunities in emerging markets like Asia Pacific and Latin America.

Market key trends
Sustainability is the biggest trend driving growth in the Global Bio-Based Paints & Coatings Market Size. With growing environmental consciousness, consumers are increasingly preferring eco-friendly products. Manufacturers are focusing on developing low-VOC and plant-based coatings utilizing renewable resources like vegetable oils, starch and resins. They offer comparable or even superior performance to petroleum-based alternatives. Such coating help qualify for green building certifications as well which is boosting their popularity in the construction industry.

Porter’s Analysis
Threat of new entrants: Low capital requirement.
Bargaining power of buyers: High availability of alternatives.
Bargaining power of suppliers: Raw materials widely available.
Threat of new substitutes: New technologies and raw materials can disrupt market.
Competitive rivalry: Market shaped by R&D investments and geographic expansions.

Asia Pacific accounts for the largest share in the global bio-based paints & coatings market, both in terms of value and volume. This is due to growing domestic demand from countries such as China, India, Malaysia and Indonesia. Favorable government policies towards renewable resources is also spurring the market growth in the region.

Europe is expected witness the fastest growth during forecast period owing to strict environmental regulations in the European Union. Countries like Germany, France, UK and Italy are at the forefront in utilizing bio-based products for paints & coatings to reduce carbon footprint. Supportive government schemes and increased customer awareness regarding sustainability will drive the European market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it