by The global bio-based paints & coatings Market is primarily driven by the increasing consumer awareness regarding environmentally friendly products and growing environmental regulations to curb the usage of volatile organic compounds (VOCs) in paints and coatings. Bio-based paints & coatings are manufactured using renewable plant-based resources such as vegetable oils, plant resins, starch and proteins. They offer excellent performance in terms of adhesion and durability while reducing environmental footprint. With the eco-friendly attributes, bio-based paints and coatings are widely used in construction, automotive and packaging industries. 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:
One of the key trends in the bio-based paints & coatings market is the increasing adoption of bio-based acrylic resin. Acrylic resin is one of the largest types in the market accounting for over 50% of the global market share. Traditionally acrylic resins are produced from crude oil feedstock but with rising crude oil prices and environmental regulations, manufacturers are developing bio-based acrylic resins using plant-derived feedstocks such as castor oil and soybean oil. These bio-based acrylic resins offer equivalent performance to petrochemical-based acrylic resins while reducing carbon footprint. They have low VOC emissions, good durability and are cost-effective. Many coating manufacturers are replacing petroleum-based acrylic resins with bio-based versions to gain competitive edge in the market. This shift towards sustainable acrylic resin adoption is expected to accelerate the growth of overall bio-based paints & coatings market during the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements pose a low threat for new players entering this space. However, long product development and certification times pose barriers for new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes. However, shifting preferences towards sustainable products increase their dependence on bio-based products.
Bargaining power of suppliers: Suppliers of raw materials have moderate bargaining power due to the availability of substitutes and formulated products. However, industry focus on sustainability increases their dependence on bio-based inputs.
Threat of new substitutes: Substitutes like solvent-based and water-based paints pose a medium threat. However, stringent regulations and evolving standards limit the use of these substitutes.
Competitive rivalry: The market sees fair competition between global and regional players. Focus on R&D and new product development differentiate players.
Key Takeaways
The Global Bio-based Paints & Coatings Market Size is expected to witness high growth. Regional analysis related content comprises North America dominates the market currently due to strict environmental regulations and increasing consumer awareness. Asia Pacific is expected to witness the fastest growth over the forecast period owing to growing construction activities and shifting preference towards eco-friendly products.
Key players operating in the Bio-based Paints & Coatings 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. These companies are focusing on new product launches and partnerships to strengthen their foothold in the market.
