Global Bio-based Coatings Market (2022 to 2027) – Strategic Developments Across Value Chain to Offer Opportunities for Manufacturers – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Bio-based Coatings Market by Resin (Alkyd, Polyurethane, Acrylic), Application (Architectural, Transportation, Woodworking, Packaging), Region (Asia Pacific, North America, Europe, South America, Middle East & Africa) – Global Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.

The bio-based coatings market is projected to grow from USD 11.5 billion in 2022 to USD 18.2 billion by 2027, at a CAGR of 9.5% between 2022 and 2027.

Architectural segment is estimated to be the largest segment of the bio-based coatings market.

There is an interest in alternative raw materials, the quality, performance, and cost of architectural coatings, where bio-based coatings come into the picture. Different development activities have led to various bio-based building blocks becoming available for use in powder coating resins, which can deliver the required performance with careful formulation. There is also a drive for bio-based solutions with some paint companies specializing in these solutions.

Structures have different coating requirements in terms of esthetics and protective properties such as pollution, heavy foot traffic in public buildings, and regional climatic conditions (such as heavy rain and snow). Bio-based architectural paints and coatings help protect these structures with their properties, such as color and gloss retention, chemical and abrasion resistance, non-toxicity, and corrosion resistance.

Asia Pacific is forecasted to be the fastest-growing bio-based coatings market during the forecast period.

Asia Pacific encompasses a diverse range of economies with different levels of economic development and multiple industries. The development of the market is majorly attributed to the high economic growth rate followed by significant investments across industries such as automotive, consumer goods & appliances, building & construction, and furniture. Key players are expanding the production of paints and coatings in the Asia Pacific, especially in China and India. The advantages of shifting production to the region are the low cost of production and the ability to better cater to the emerging local markets.

Asia Pacific covers a vast region of the world which includes the largest and most dynamic economies such as China, Japan, South Korea, India, Australia, and Indonesia. China has been the driving force behind the rapid expansion of the bio-based coatings market in the Asia Pacific region. The market in China is fragmented with regional and international players co-existing.

Demand has also increased in other Asia Pacific countries such as South Korea, Singapore, India, and Indonesia, as residential construction activities in these countries have risen. Rising income levels, shift towards nuclear families, affordable interest rates, and modern attitudes towards home ownership in various countries are leading to a rapid increase in residential construction activities. These factors are leading to market growth.

Market Dynamics

Drivers

• Reduced Carbon Emissions of Bio-based Coatings
• Fast-Gaining Importance of Bio-based Resins in the Coatings Industry
• Preference for Bio-based Coatings in Decorative Coatings Segment

Restraints

• Less Awareness About Bio-based Paint and Coating Products
• Complexities Associated with Manufacturing Sustainable Products

Opportunities

• Consumer Demand for Eco-Friendly Products Encouraging Manufacturers to Use Plant-based Ingredients
• Strategic Developments Across Value Chain to Offer Opportunities for Manufacturers

Challenges

• Higher Price Range Than That of Fossil-based Coating Products
• Availability of Renewable Raw Materials

Companies Mentioned

• Akzonobel N.V.
• Arkema
• Chenyang Group
• Ciranova
• Copperant
• Cortec Corporation
• Covestro AG
• DSM
• Eco Safety Products
• Genomatica
• Ica Group
• Industrias Quimicas Masquelack SA (Masquelack)
• Kansai Paint Co. Ltd.
• Nippon Paint Holdings Co. Ltd.
• Ppg Industries
• Sherwin-Williams Company
• Stahl Holdings B.V.
• Stora Enso Oyj
• Teknos
• The Dow Chemical Company
• Tremco Roofing & Building Maintenance (Tremco)

For more information about this report visit https://www.researchandmarkets.com/r/i1x0ju

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