Global Bio-Based Coatings market trends 2024, Forecast To 2033
25 Jan, 2024
The bio-based coatings market has demonstrated rapid growth, increasing from $8.57 billion in 2023 to $10.05 billion in 2024 at a CAGR of 17.4%. The growth in the historic period is attributed to infection prevention, biocompatibility, advanced drug delivery, performance enhancement, and regulatory compliance. Projecting into 2028, the market is expected to reach $18.19 billion at a CAGR of 16.0%. The forecasted growth is driven by nanotechnology advancements, minimally invasive surgery, remote monitoring, personalized medicine, and biodegradable solutions. Major trends in the forecast period include antimicrobial coatings, drug-eluting coatings, biocompatible coatings, hydrophilic coatings, and anti-adhesion coatings.
Global Bio-Based Coatings Market Key Driver
Increasing societal awareness regarding environmentally responsible products is driving the growth of the bio-based coatings market. In 2021, a study revealed that 90% of Gen X consumers were willing to pay extra for sustainable products, showcasing a growing preference for environmentally conscious choices. Bio-based coatings, being sustainable and environmentally friendly, are gaining traction, with consumers increasingly valuing their impact on the planet. This heightened awareness is expected to continue fostering the growth of the bio-based coatings market in 2023, 2024, and beyond.
Get A Free Sample Of The Global Bio-Based Coatings Market ReportGlobal Bio-Based Coatings Market Segments
The global bio-based coatings market covered in this report is segmented –
1) By Type: Ester Solvents, D-Limonene, Alcohols, Glycols And Diols Solvents, Other Types
2) By VOC Content: Zero VOC (VOC Content Less Than 5 Grams Per Liter), Low VOC (VOC Content Less Than 50 Grams Per Liter), VOC Absorbing, Natural Paints
3) By Sector: Commercial Sector, Industrial Sector, Residential Sector
4) By Use: Decorative Paints, Transportation, Metal Industrial Coatings, Industrial Maintenance And Protective, Powder Coatings, Automotive Refinish, Wood Coatings, Marine Coatings, Coil Coatings, Packaging Coatings
Major Bio-Based Coatings Industry Players
AURO Pflanzenenchemie AG, Benjamin Moore & Co., Eco Safety Products, BASF SE, Cargill Incorporated, AkzoNobel N.V., PPG Industries Inc., RPM International Inc., The Sherwin-Williams Company, Nippon Paint Holdings Co. Ltd., Stora Enso OYJ, BioShields, KCC Paints Sdn Bhd, NOROO Paint & Coatings Co.Ltd., Reliance Industries Ltd., Japan Polypropylene Corporation, Jiangsu Heshili New Material Co. Ltd., Lotte Chemical Corporation, SK Chemicals Co. Ltd., Polyplastics Co. Ltd., Sumitomo Chemical Co. Ltd., Asahi Kasei Corporation, Axalta Coating Systems, Behr Paint Co., Hempel A/S, Jotun A/S, Kansai Paint Co. Ltd., Tikkurila Oyj, Valspar Corporation, Bollom Fire Protection, Chugoku Marine Paints Ltd., Cloverdale Paint Inc., Diamond Vogel Inc.
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Bio-Based Coatings Market Overview
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.
Bio-Based Coatings Global Market Report 2023 provides data on the global bio-based coatings market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The bio-based coatings market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.