Bio-based Coatings Market

Bio-based Coatings Market Outlook (2022-2032)

The global bio-based coating market stands at USD 11.5 Billion in the year 2022. This market is growing with a CAGR value of 9.5% in the forecast duration. The valuation of the Bio-based Coating market is expected to surpass USD 28.50 Billion by end of 2032.

Report Attributes	Details
Bio-based Coatings Market size (2022 A)	USD 11.5 Billion
Base Year for Estimation	2022
Forecast duration for this research	2022-2032
Forecasted Market value (2032 F)	USD 28.50 Billion
Global Market Growth rate (2022-2032 E)	CAGR 9.5%
Key Companies Profiled	AURO Pflanzenenchemie AG Benjamin Moore & Co. Eco Safety Products BASF SE Cargill Incorporated BioShields Nippon Paint Holdings Co., Ltd. KCC PAINTS SDN BHD. NOROO Paint & Coatings Co., Ltd. Reliance Industries Ltd. Japan Polypropylene Corporation I. du Pont de Nemours and Company

Factors driving Bio-based Coating Market

The major push for shifting to bio-based coating solutions is derived from environmental considerations. The rising awareness among manufacturers has resulted in accelerated demand for the bio-based coating material. The paint industry manufacturers looking to cut down on toxic materials are ideally promoting the growth of the Bio-based coating market share. Bio-based materials are partially made with natural materials which intend to absorb carbon and reduce the environmental impact in terms of reduced carbon footprint.

The automotive owners, furniture, and packaging industry players are driving bright opportunities and high-value applications of bio-based coating materials. These companies are now investing and introducing new products in the markets owing to the need for renewable options.

There is a surge in demand for no-solvent coatings is projected to rise in the forecast duration. Global warming and climate change have got the attention of manufacturers, and it is expected to drive growth in the forecast duration. The European Union’s regulations affecting the companies in terms of restrictions on Carbon emission are prime concerns behind the shift to bio-based explorations.

What are the Hurdles for Bio-based Coatings Manufacturers to Overcome?

There is a lack of awareness about the benefits of bio-based solvents across users, which is making people reluctant. Regional restrictions include government regulations on solvent-based coatings, and their applications have to impact on companies’ sales. The fluctuations in raw materials are imposing another channel for companies affecting their profit margins.

While companies in bio-based products are improving sales statistics by focusing on more informative promotions, due to complex processing, the prices of bio-based coatings are higher than other coatings, which tends to push customers away and is a challenge for vendors. At the same time, process modifications and rising awareness are key strategies needed by manufacturers in order to stop customers from choosing cheaper alternatives over bio-based coating products.

Plant-based Coating Solutions to take over Fossil Solvents

Resins and soya beans are widely used to make the plant-based coating. Other plant products such as sugarcane, castor beans, cashew nuts shells, and algae are used for bio-based coating solutions. The fossil-based solvents are set to be replaced by plant-based options owing to environmental regulations. Moreover, increasing consumer demand for sustainable options and government pressure on vendors have an impact on the coating sector.

Ranging from closed production units to many combinations, these industry players have been exposed to demands and toxicity concerns associated with the products, which are fostering factors behind the demand of plants based solvents over fossil ones.

Green chemicals are widely used by manufacturers in the processing of bio-based coatings, which is expected to follow an upward growth trajectory. European ECOBIOFOR (Eco paint Bio-Based Formulations) is a project working towards bringing advancements in the manufacturing of bio-based coating. North America dominated the global share of bio-based epoxy resins in 2021, owing to the wider applicability of resin-based epoxy coatings.

Regional Insights

The Asia Pacific to dominate global share of the bio-based coatings market

Asia is expected to be the largest market for bio-based coating in the forecast duration. The region consists of economies of different shapes and includes a diversified range of industries making it widely attractive for bio-based coating manufacturers. The key industries propelling demand for bio-based coating material in this region are construction, automotive, furniture, and consumer goods.

Progressive change is expected in countries like China and India, owing to cheap labor and the ability to better target markets in the region. The progressive shift in incomes and inclination towards nuclear families are driving forces behind the increasing construction industry. These factors are leading to make the Asia Pacific region promising for forecast duration.

Segment Analysis

Based on the applications, Paints are a dominant section in internal applications of bio-based coatings. The internal application of these paints is expected to keep clean air inside homes and should not affect human health. However, external coating is done in food packaging, hydrogels and films, and emulsions. Moreover, the coating is widely used in marine structures, automotive, and energy items packaging. The largest part of bio-based coating research is centered around bio-plastic food packaging, personal care products, and paper coating.

On the basis of VOC content, zero VOC is preferred the most as it has no additional chemical solvents and is considered as least harmful to the environment. The volatile organic compounds level in paint determines the class of chemicals in it which begin to vaporize in indoor temperatures. Zero VOC is widely demanded because its environmental and health impacts are expected to notice high revenue in the forecast duration. However, low VOC and natural paints are also expected to see larger acceptance and demand in the bio-based coatings market.

Industrial usage of bio-based coatings is more dominating than that of commercial usage owing to the quantity required. Chitosan is among mostly preferred biopolymers drawing the attention of industry players because of its inherent properties such as biodegradability, antimicrobial and film-forming ability. The automobile industry has wide scope for coating solutions owing to the rising demand for automobiles globally.

Recent Developments

Strategic Partnership to Be a Regular Episode in the Market

Paint manufacturers are using strategic partnerships and collaboration to increase geographical reach and brand loyalty. These firms are focused on product sustainability and research on organic components. Maintaining a profit margin with the minimum VOC products is a challenge faced by vendors. However, investment in research and ingredients has served as beneficial for companies in order to maintain their market position.

• In June 2022, Eco Safety company acquired Soy Technologies leading to the expansion of its bio-based coatings and alternatives for methylene chloride. The company has opted for this strategic collaboration as it was likely to benefit in terms of the customer base of Soy technology and growth opportunities.
• Benjamin Moore paint company is working on the development of Color Lock technology which is based on a color system meant to be gold standard VOC compliance and colour matching fast durable paint options.
• Akzo Nobel is exploring the alternatives of bio-based ingredients for a fossil-based economy including the paints product segment. The company is dedicatedly to using recycled and bio-based products.

Bio-based Coating Market – Segmentation

The bio-based coating market can be bifurcated on the basis of :

• By Application :

  • Internal application
  • External application

• By VOC Content :

  • Zero VOC
  • Low VOC
  • VOC absorbing

• By Sector :

  • Commercial
  • Industrial

• By Region :

  • Asia Pacific
  • North America
  • Europe
  • MEA
  • Latin America