Bio-based Coatings Market by Resin (Acrylic, Alkyd, Epoxy), Application (Architectural, Packaging, Transportation) - Global Forecast 2024-2030

Bio-based Coatings Market by Resin (Acrylic, Alkyd, Epoxy), Application (Architectural, Packaging, Transportation) - Global Forecast 2024-2030

The Bio-based Coatings Market size was estimated at USD 14.07 billion in 2023 and expected to reach USD 15.30 billion in 2024, at a CAGR 9.23% to reach USD 26.12 billion by 2030.

Bio-based coatings are surface finishing products derived from renewable organic materials rather than traditional petrochemical sources. These coatings are developed to provide protective and aesthetic layers to various substrates, including wood, metals, plastics, and building materials. By using bio-based sources, such as plant oils, starches, cellulose, and proteins, these coatings aim to reduce environmental impact by minimizing VOC (volatile organic compound) emissions, increasing biodegradability, and potentially providing a safer option for the atmosphere and human health. The application scope of bio-based coatings extends across multiple industries, including automotive, construction, furniture, and packaging. The growing interest in bio-based coatings is largely driven by the global push for sustainability and eco-friendly products. Governments and industries are increasingly favoring these environmentally responsible alternatives to comply with stricter regulatory standards and to meet consumer demand for greener products. As a result, the bio-based coatings market shows signs of significant growth and innovation, with new formulations continually being developed that offer comparable or superior performance to traditional coatings. However, the adoption of bio-based costing is hindered by higher production costs relative to conventional coatings, concerns regarding performance, and limited awareness. On the other hand, accelerating investments in research to enable the cost-effective production of bio-based coatings and developments of innovative bio-based materials present potential opportunities for the bio-based coating market to grow in the coming years.

Regional Insights

Bio-based coatings are surface finishing products derived from renewable organic materials rather than traditional petrochemical sources. These coatings are developed to provide protective and aesthetic layers to various substrates, including wood, metals, plastics, and building materials. By using bio-based sources, such as plant oils, starches, cellulose, and proteins, these coatings aim to reduce environmental impact by minimizing VOC (volatile organic compound) emissions, increasing biodegradability, and potentially providing a safer option for the atmosphere and human health. The application scope of bio-based coatings extends across multiple industries, including automotive, construction, furniture, and packaging. The growing interest in bio-based coatings is largely driven by the global push for sustainability and eco-friendly products. Governments and industries are increasingly favoring these environmentally responsible alternatives to comply with stricter regulatory standards and to meet consumer demand for greener products. As a result, the bio-based coatings market shows signs of significant growth and innovation, with new formulations continually being developed that offer comparable or superior performance to traditional coatings. However, the adoption of bio-based costing is hindered by higher production costs relative to conventional coatings, concerns regarding performance, and limited awareness. On the other hand, accelerating investments in research to enable the cost-effective production of bio-based coatings and developments of innovative bio-based materials present potential opportunities for the bio-based coating market to grow in the coming years.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Bio-based Coatings Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

• Growing use of green chemicals in the formulations of bio-based coatings
• Increasing government investments in developing corporate and commercial infrastructures
• Rising regulatory pressure on reducing the use of mineral oil based coatings

Market Restraints

• Fluctuating cost of bio-based coatings

Market Opportunities

• Accelerating investments in the research to enable the cost effective production of bio-based coatings
• Developments of innovative biobased materials

Market Challenges

• Concerns regarding performance and limited awareness

Market Segmentation Analysis

• Resin: Increasing preference for epoxy bio-based coatings for its chemical resistance
• Application: Expanding demand for bio-based coatings in architectural applications

Market Disruption Analysis

• Porter’s Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Bio-based Coatings Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Bio-based Coatings Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Covestro Launches Partially Bio-based PUD for Textile Coatings

Covestro AG has introduced Impranil CQ DLU, a state-of-the-art aliphatic polyester carbonate polyether polyurethane (PU) dispersion for textile coatings. This new product contains approximately 34 % of its carbon content from biologically derived sources, showcasing a significant stride toward sustainability in the industry. The launch aligns with Covestro's strategic initiative to reduce reliance on fossil fuels, opting instead for renewable biomass as a key raw material.

AkzoNobel Creates Bio-Based Interior Coating for KIA Motors

Kia Motors has integrated cutting-edge, eco-friendly technology into the interior design of their new EV9 electric SUV, utilizing an innovative bio-based paint developed by AkzoNobel N.V. This sustainable coating comprises two types of bio-rosin, one derived from rapeseed and the other from pine resin, applied to the SUV's interior door switch panels.

AkzoNobel completes acquisition of Chinese Decorative Paints business from Sherwin-Williams

AkzoNobel N.V. has completed the acquisition of Sherwin-Williams Company’s Decorative Paints division, marking a strategic enhancement of its market presence in China. With this move, AkzoNobel strengthens its segmentation capabilities and reinforces its foothold beyond the high-end market tier.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Bio-based Coatings Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Bio-based Coatings Market, highlighting leading vendors and their innovative profiles. These include AkzoNobel N.V., Arkema S.A., Axalta Coating Systems, LLC, BASF SE, Chenyang Group, Ciranova by Blanchon Group, Copperant-Het Y Coatings B.V., Cortec Corporation, Covestro AG, Eco Safety Products, Genomatica, Inc., ICA SpA, Industrias Quimicas Masquelack S.A., Jotun A/S, Kansai Paint Co., Ltd., Koninklijke DSM N.V., Nippon Paint Holdings Co., Ltd., PPG Industries, Inc., Sherwin-Williams Company, Stahl Holdings B.V., Stora Enso Oyj, Teknos Group Oy, The Dow Chemical Company, and Tremco Incorporated.

Market Segmentation & Coverage

This research report categorizes the Bio-based Coatings Market to forecast the revenues and analyze trends in each of the following sub-markets:

• Resin
• Acrylic
• Alkyd
• Epoxy
• Polyurethane
• Application
• Architectural
• Packaging
• Transportation
• Woodworking

Region

• Americas
• Argentina
• Brazil
• Canada
• Mexico
• United States
• California
• Florida
• Illinois
• New York
• Ohio
• Pennsylvania
• Texas
• Asia-Pacific
• Australia
• China
• India
• Indonesia
• Japan
• Malaysia
• Philippines
• Singapore
• South Korea
• Taiwan
• Thailand
• Vietnam
• Europe, Middle East & Africa
• Denmark
• Egypt
• Finland
• France
• Germany
• Israel
• Italy
• Netherlands
• Nigeria
• Norway
• Poland
• Qatar
• Russia
• Saudi Arabia
• South Africa
• Spain
• Sweden
• Switzerland
• Turkey
• United Arab Emirates
• United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year