Bio-Based Coatings Global Market Report 2023
Major players in the bio-based coatings market are AURO Pflanzenenchemie AG, Benjamin Moore & Co., Eco Safety Products, BASF SE, Cargill Incorporated, AkzoNobel N.V., PPG Industries, Sherwin-Williams Company, Nippon Paint Holdings Co.
New York, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Bio-Based Coatings Global Market Report 2023" - https://www.reportlinker.com/p06424024/?utm_source=GNW
, AURO Pflanzenchemie AG, KCC PAINTS SDN BHD., NOROO Paint & Coatings Co.Ltd., Reliance Industries Ltd., Japan Polypropylene Corporation, BioShields and Stora Enso OYJ.
The global bio-based coatings market grew from $7.32 billion in 2022 to $8.66 billion in 2023 at a compound annual growth rate (CAGR) of 18.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The bio-based coatings market is expected to grow to $15.16 billion in 2027 at a CAGR of 15.0%.
The bio-based coatings market consists of sales of limonene, ethanol, glycerol, and 2-methyltetrahydrofuran (2-MeTHF).Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Bio-based coatings refer to the coatings made from biomaterials that lessen the reliance on scarce fossil resources.These solvents help in addressing social challenges, and bio-based coatings that can promote rural development and employment.
The bio-based coatings are used as raw materials for producing bio-based solvents such as resin, additives, and pigments made from renewable raw materials.
North America was the largest region in the bio-based coating market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the bio-based coating market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The various types of bio-based coating consists of ester solvents, d-limonene, alcohols, glycols and diols solvents, other types.Ester solvents that are used as a chemical compound that contains at least one acid in which the hydroxyl group has been changed to a -o-alkyl (alkoxy) group.
It refers to corrosion-prevention paints used to remove caffeine from coffee, for example, to extract organic solutes from aqueous solutions.Paint and nail polish are also removed using it.
Lacquers are created by dissolving cellulose nitrate in butyl and ethyl acetate.The various types of VOC comments includes zero VOC (VOC content less than 5 grams per liter), low VOC (VOC content less than 50 grams per liter) and VOC absorbing, natural paints.
The various sectors include commercial sector, industrial sector and residential sector. The various use include decorative paints, transportation, metal industrial coatings, industrial maintenance and protective, powder coatings, automotive refinish, wood coatings, marine coatings, coil coatings, packaging coatings. The various application include internal application, external application.
Increasing awareness in society apropos of environmentally-responsible products is expected to propel the growth of the bio-based coatings market going forward.Environmentally friendly products refer to oriented products that cause less environmental degradation and their production.
Bio-based coatings are used for paper packaging products such as paper cups, and paper plates that are used in the manufacture of waterproof, sustainable, recyclable, compostable, and bio-degradable products.For instance, according to study conducted in October 2021 by First Insight, a global experience management (XM) platform in association with Baker Retailing Center at the Wharton School of the University of Pennsylvania, the USA, since 2019, Gen X (those born between 1965 and 1980) consumers’ preference to buy sustainable brands grew by 25% and willingness to pay more for sustainable products by 42%.
In 2021, 90% of Gen X consumers were willing to pay an extra 10% or more for sustainable products, compared to just over 34% in 2019. Therefore, increasing awareness in society apropos of environmentally-responsible products is driving the growth of the bio-based coatings market.
Technological advancement is a key trend gaining popularity in the bio-based coatings market.Major companies in the bio-based coatings market are advancing in their new technologies such as Dulux better-living air clean which is manufactured by using 26% bio-based content.
For instance, in August 2020, Dulux, a UK-based manufacturer of paints, launched Dulux better living, an air-clean bio-based coating it is Bio-based paint that purifies indoor air. Using 26% bio-based content that helps to add more value, is the goodness of natural ingredients such as active bamboo charcoal and tea tree oil, which make it a smart and sustainable paint solution.
In February 2021, PPG a US- based manufacturer of paints, coatings and specialty materials acquired VersaFlex for an undisclosed amount.This acquisition will enable PPG focus on polyurea, epoxy, and polyurethane coatings for industrial applications, flooring, transportation infrastructure, and water and wastewater infrastructure.
VersaFlex is a Kansas – based protective coatings provider operating in bio-based coatings market.
The countries covered in the bio-based coating market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The bio-based coating market research report is one of a series of new reports that provides bio-based coating market statistics, including bio-based coating industry global market size, regional shares, competitors with a bio-based coating market share, detailed bio-based coating market segments, market trends and opportunities, and any further data you may need to thrive in the bio-based coating industry. This bio-based coating market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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