Bio-Based Coatings Market Size to Reach USD 29.4 Billion By 2032 Consumer Demand for Green Products Drive Market Growth , Research by SNS Insider

GlobeNewswire On September 3, 2024 18:00 IST

Bio-Based Coatings Market is growing due to advances in biotechnology and material science has led to the development of more efficient bio-based resins and binders.

Austin, Sept. 03, 2024 (GLOBE NEWSWIRE) — The SNS Insider report indicates that The Bio-Based Coatings Market size is projected to reach USD 29.4 billion by 2032 and grow at a CAGR of 9.75% over the forecast period of 2024-2032.

Advancements in Bio-Based Materials Drive Market Growth.

The development of biotechnology has led to a change in the performance of bio-based resins and polymers. Today, bio-based coatings can easily compete with the traditional petroleum variant. An example would be the creation of a new line of bio-based resins, introduced to the market in 2023 by BASF. Being made of raw renewable materials, this new type of resins also has an improved level of durability and resistance. This innovation is also tested according to the regulations, accepted by the company and decreasing the level of VOC. A similar product, realized by AkzoNobel, is a bio-based coating launched at about the same time, also in 2023. This coating in its technology and creation is the first in this sphere, introducing a new method of polymerization for improved results. Either way, the introduction of a high-performance bio-based coating can reduce the emissions by up to 50%. Additional examples could include products with similar experiences since the mutual quality of all the mentioned coatings is the result of the stable development and progress in the R&D field discussed in the paper.

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Key Players

Stora Enso OYJ
AkzoNobel N.V.
Nippon Paint Holdings Co., Ltd.
PPG Industries
Sherwin-Williams Company
Bioweg and Ginkgo Bioworks
Dow, and BASF SE
DSM Coating Resins
Nanotechnology

Moreover, the bio-based coating market has experienced significant growth due to increasing environmental regulations and government incentives promoting sustainable practices. According to the U.S. Environmental Protection Agency (EPA) and European Environment Agency (EEA), the adoption of bio-based coatings has been driven by stricter regulations on volatile organic compounds (VOCs) and a push towards reducing carbon footprints.

In the U.S., the EPA’s Greenhouse Gas Inventory Report (2023) highlighted a 15% increase in the use of low-VOC and bio-based coatings over the past year. Similarly, the European Union’s Environmental Action Programme (2023) reported a 20% rise in market adoption as part of its commitment to reducing industrial emissions and fostering greener products. This regulatory landscape, coupled with consumer demand for eco-friendly solutions, has accelerated the growth of bio-based coatings across various applications.

Moreover, one of the drivers of the bio-based coatings market is an increased development and transformation in the green building sector. Green building refers to the construction practice aimed at avoiding negative influences on the environment. Additionally, the focus is also targeted towards the occupants’ health and well-being. The development of a green building sector requires the implementation of a sustainable building construction process which leads to the usage of only environmentally friendly materials. It is crucial for the bio-based coatings market, as this type of coating is actually made of such organic and renewable components. In addition to that, they also produce much less VOC emission which also correlates with the green coatings.

Bio-Based Coatings Market Report Scope

Report Attributes	Details
Market Size in 2023	USD 12.74 Billion
Market Size by 2031	USD 26.82 Billion
CAGR	CAGR 9.7% From 2024 to 2031
Base Year	2023
Forecast Period	2024-2031
Historical Data	2020-2022
Report Scope & Coverage	Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments	• By Resin Type (Polyurethane, Alkyd, Acrylic, and Others) • By Application (Architectural, Packaging, Transportation, Woodworking, and Others)
Regional Analysis/Coverage	North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America)
Key Drivers	• Growing awareness about environmental issues and the need for sustainable solutions are driving the demand for bio-based coatings. • The abundant availability of renewable resources used in bio-based coatings production supports market expansion.
Market Restraints	• Higher production costs associated with bio-based coatings compared to conventional alternatives

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Segmentation Analysis

By Resin Type

In terms of resin types, polyurethane resins lead the bio-based coating market. As of 2023, polyurethane resins captured around 40% of the market share, as reported by the U.S. Department of Energy (DOE) and the European Resins Association. Polyurethane’s dominance is attributed to its superior performance characteristics, such as durability, flexibility, and resistance to environmental factors, which make it suitable for a wide range of applications, from industrial to consumer products. Additionally, advancements in bio-based polyurethane formulations have enhanced their appeal, as they offer comparable performance to traditional resins while reducing environmental impact. This shift aligns with industry efforts to adopt more sustainable materials and reduce reliance on fossil fuels.

By Application

The architectural application leads in the bio-based coatings market. The conditions for this are the increasing use of the product and the growing consumer demand for sustainable and natural solutions in the field of building and construction. Architectural coatings are primarily paints and finishes used in residential, commercial, and industrial buildings, which serve to enhance the aesthetic properties, durability, and protection of the buildings from weathering and pollutants. Accounting for the bulk of the market. Nevertheless, government regulations and growth incentives related to green building standards and energy and material efficiency contributed to the increased use of architectural coatings.

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Regional Landscape:

In 2023, North America emerged as the dominant region in the bio-based coating market, holding a market share of approximately 38.12%. The region’s leadership is driven by robust regulatory support for sustainable practices, substantial investment in research and development, and a high level of consumer awareness regarding environmental issues. The U.S. has implemented various initiatives, such as the Green Seal Certification and the Environmental Protection Agency’s Design for the Environment program, which encourage the adoption of bio-based coatings. Furthermore, North America’s well-established manufacturing infrastructure and growing demand for eco-friendly coatings in both residential and industrial applications reinforce its market leadership.

Recent Developments

In 2023, AkzoNobel, a global leader in paints and coatings, introduced its new range of bio-based architectural coatings under the “Sikkens” brand. These coatings are formulated with renewable raw materials, aiming to reduce the environmental impact of construction projects.
In 2023, PPG Industries launched a new line of bio-based coatings designed for the packaging industry. The coatings use bio-derived materials to replace conventional petroleum-based components, providing a more sustainable option for packaging solutions.

Key Takeaways:

The bio-based coatings market is expanding rapidly due to the increasing emphasis on sustainability and eco-friendly products.
Major companies like AkzoNobel, BASF, Sherwin-Williams, and Axalta Coating Systems are actively developing and launching new bio-based coatings.
Bio-based coatings are making inroads in multiple sectors, including architecture, packaging, woodworking, and transportation.

Table of Contents – Major Key Points

1. Introduction

1.1 Market Definition

1.2 Scope (Inclusion and Exclusions)

1.3 Research Assumptions

2. Executive Summary

2.1 Market Overview

2.2 Regional Synopsis

2.3 Competitive Summary

3. Research Methodology

3.1 Top-Down Approach

3.2 Bottom-up Approach

3.3. Data Validation

3.4 Primary Interviews

4. Market Dynamics Impact Analysis

4.1 Market Driving Factors Analysis

4.1.1 Drivers

4.1.2 Restraints

4.1.3 Opportunities

4.1.4 Challenges

4.2 PESTLE Analysis

4.3 Porter’s Five Forces Model

5. Statistical Insights and Trends Reporting

5.1 Production Capacity and Utilization, by Country, by Type, 2023

5.2 Feedstock Prices, by Country, by Type, 2023

5.3 Regulatory Impact, by l Country, by Type, 2023.

5.4 Environmental Metrics: Emissions Data, Waste Management Practices, and Sustainability Initiatives, by region

5.5 Innovation and R&D, by Type, 2023

6. Competitive Landscape

7. Bio-Based Coatings Market Segmentation, by Resin Type

8. Bio-Based Coatings Market Segmentation, by Application

9. Regional Analysis

10. Company Profiles

11. Use Cases and Best Practices

12. Conclusion

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