Bio-based paints & coatings are manufactured using raw materials derived from renewable sources like plant oils, acrylic acid and vegetable waxes. They come with various advantages like low or zero volatile organic compound (VOC) emissions, biodegradability and sustainability. Bio-based paints & coatings are used across industries like construction, automotive, transportation and packaging. They provide decoration and protection from corrosion and can be utilized for interior and exterior applications. The increasing focus on zero or low VOC content paints is driving the demand for bio-based variants. Furthermore, stringent regulations on emissions and sustainable products are prompting industries to adopt eco-friendly options.

The Global Bio-based Paints & Coatings Market is estimated to be valued at US$ 14.51 Mn in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period 2024 to 2030.

Key Takeaways
Key players operating in the bio-based paints & coatings are United Technologies Corporation (Carrier), LG Corporation, Daikin Industries. Ltd., AB Electrolux, Haier Inc., Lennox International Inc., Samsung Electronics, and Panasonic Corporation. These companies are focusing on developing advanced and sustainable solutions to cater to the rising needs of consumers and industries.

Global Bio-Based Paints & Coatings Market Size is witnessing strong growth owing to increasing demand from industries like construction and automotive that are rapidly adopting green products. Various government policies and regulations regarding energy-efficiency and eco-friendly construction are further driving the sales of bio-based paints & coatings.

Technological advancements like developing plant-based resins, binders and additives with properties comparable to petroleum-based alternatives is supporting the growth of this industry. Ongoing R&D for improving the durability, lifespan and performance of bio-based options without compromising on sustainability will promote wider acceptance.

Market Trends
Growing consumer awareness about sustainability and carbon footprint reduction is a major trend favoring the market. Individuals are increasingly demanding green housing options which is boosting the adoption of bio-based construction materials like paints & coatings.

Rise of green chemistry is another key trend as industry players are investing in developing building blocks and processes from renewable feedstock that can mimic petroleum-based equivalents. This will allow for improved properties, consistent quality and mass production of bio-based alternatives.

Market Opportunities
Increasing investments by major players in collaboration with research institutes to innovate advanced bio-based technologies present lucrative opportunities. Successful development of high-performance products can lead to rapid replacement of conventional options.

Emerging economies like China, India and Brazil witnessing rapid urbanization offer huge market potential. Rising disposable income is raising consumer preference for eco-friendly home décor and coating materials in these countries.

Impact of COVID-19 on Bio-based Paints & Coatings Market Growth

The COVID-19 pandemic has significantly impacted the growth of the global bio-based paints & coatings market. During the initial months of the pandemic, imposition of stringent lockdowns worldwide led to complete shutdown of construction activities across major nations. This drastically reduced the demand for bio-based paints & coatings as they find widespread application in construction and wood works. However, with lifting of restrictions and resumption of projects post lockdowns, the market has regained momentum gradually. Still, supply chain disruptions caused due to labor shortages and raw material procurement issues continue to pose challenges for smooth operations of market players.

In the post-COVID scenario, growing awareness about use of eco-friendly products is fueling demand for bio-based alternatives. Rising environmental consciousness among consumers and pushing of green building codes by governments are supporting the market growth. Further, market players are developing new bio-based formulations with enhanced properties like longer shelf life, corrosion resistance and lower VOC content to tap into opportunities. Research on production of bio-based resins from agricultural waste is also gaining traction. If health and economic crisis gets stabilized, the bio-based paints & coatings market is expected to witness accelerated growth in the forecast period on back of increased sustainable construction activities globally.

Geographical Regions with Major Market Concentration

Value-wise, the bio-based paints & coatings market is highly concentrated in Europe region. Countries like Germany, France, UK have stringent regulations regarding use of eco-friendly products in construction and other end-use industries. High living standards and environmental protection attitude among population in Europe drive sizable demand.

Asia Pacific region represents the fastest growing regional market owing to rapid urbanization and infrastructure growth especially in developing nations like China and India. Initiatives by governments in the region towards promotion of green buildings and support to local bio-based manufacturers are fueling regional market expansion. North America also captures substantial share in the global market backed by rising preference for sustainable solutions from paint formulators as well as contractors across U.S and Canada.

Fastest Growing Regional Market

Asia Pacific region demonstrates the fastest market growth rate globally for bio-based paints & coatings. Massive construction activities in the residential, commercial and industrial infrastructure sectors across developing Asian countries is the key growth rendering factor. Increasing stringency of regulations regarding emission of VOCs and use of eco-friendly products further propels the product adoption. Additionally, proactive government schemes to modernize public infrastructure and develop smart cities offer lucrative opportunities to bio-based paints & coatings manufacturers in Asia Pacific. Rising living standards, burgeoning middle class population and their growing concerns over use of non-toxic paints fortify the regional market expansion.

Get More Insights On This Topic: Bio-Based Paints & Coatings Market