Bio-based paints and coatings are manufactured using plant-based, renewable materials and are a more environmentally sustainable alternative to traditional petroleum based paints and coatings. These paints consist of plant based pigments, solvents and resins which impart various properties such as durability, water and corrosion resistance. The increasing awareness about environmental hazards of petroleum based products has boosted demand for bio-based paints and coatings. The growing preference for products derived from sustainable resources has accelerated the adoption of bio-based variants across residential and commercial applications. 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 growing demand for eco-friendly products has been a major driving factor for the bio-based paints and coatings market. Customers are increasingly preferring sustainable products to reduce environmental footprint. With rising environmental consciousness, many industries have been shifting towards plant based raw materials to manufacture their products. The paint and coatings industry is no exception to this trend. In order to meet the rising demand for green products, major manufacturers have introduced new product lines of bio-based paints and coatings. Significant investments are being made for research and development of innovative bio-based formulations. This focus on new product development and expanded product portfolios by leading companies is expected to provide opportunities for market growth over the forecast period.
SWOT Analysis
Strength: Bio-based paints & coatings are environment-friendly and sustainable in nature as they are made from renewable resources like plants instead of petroleum. They have lower VOC emissions.
Weakness: Higher cost of production compared to conventional oil-based paints & coatings. Limited product portfolio and availability compared to established conventional products.
Opportunity: Increasing regulations regarding emission of volatile organic compounds from paints & coatings provide growth opportunity. Growing consumer preference for green and sustainable products especially in construction industry.
Threats: Competition from established conventional paint & coating companies. Fluctuation in prices of raw materials.
Key Takeaways
The Global Bio-based Paints & Coatings Market Size is expected to witness high growth.
Regional analysis: North America region currently dominates the global market and is expected to maintain its position over the forecast period. Growing construction activities along with strict environmental regulations in the US and Canada support the regional market growth. Asia Pacific is projected to be the fastest growing region on account of increasing infrastructure development and rising eco-conscious population in nations such as China and India.
Key players: 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.
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.