Bio-based paints and coatings offer better performance at lower production costs while also having minimal environmental impact. Made from renewable plant-based resources rather than petrochemicals, these products are free from volatile organic compounds (VOCs) that emit toxic fumes. Bio-based paints are breathable and allow walls to absorb carbon dioxide while releasing oxygen. Their light coloration and heat reflective properties additionally help lower electricity bills by reducing the need for cooling. With climate change and air quality emerging as pressing concerns, consumers are increasingly favoring greener options. The global bio-based paints and coatings market is estimated to be valued at US$ 12.59 billion in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030.
Market key trends: Governments across nations are promoting the manufacture and use of eco-friendly products through policies and regulations. Stricter VOC emission norms, for instance, have driven paint makers to develop low-emission formulations. Meanwhile, certification schemes now highlight labels that meet certain environmental standards, making it simpler for customers to identify sustainable options. Major corporations have also committeed to reducing their carbon footprints and are increasingly procuring 'green' supplies. These measures coupled with rising environmental awareness among public are helping bio-based products gain wider acceptance in the constructions and industrial coatings spaces.
Porter's Analysis
Threat of new entrants: Low capital requirements and the availability of raw materials allow small players to enter the market easily, posing a moderate threat.
Bargaining power of buyers: The buyers have moderate bargaining power due to the presence of several players offering varied products.
Bargaining power of suppliers: The suppliers of raw materials have low to moderate bargaining power as raw materials like oils and resins are widely available.
Threat of new substitutes: Alternatives like mineral-based paints pose a moderate threat as they fulfill requirements. However, bio-based paints have advantages in terms of sustainability.
Competitive rivalry: Intense as players compete based on product quality, pricing, and expansion.
Key Takeaways
The Global Bio-Based Paints & Coatings Market Demand is expected to witness high growth.
Regional analysis: North America holds the highest share currently due to strict environmental regulations and awareness. However, Asia Pacific is expected to witness the fastest growth due to high construction activities and growth in industries in countries like China and India.
Key players operating in the bio-based paints & coatings market are United Technologies Corporation (Carrier), LG Corporation, Daikin Industries. Ltd., AB Electrolux, Haier Inc., Lennox International Inc., Samsung Electronics, and Panasonic Corporation. Among these, United Technologies Corporation (Carrier) and LG Corporation are the industry leaders in manufacturing and sale of bio-based paints & coatings.
For more details on the report, Read- https://www.insightprobing.com/bio-based-paints-coatings-market-size-and-share/
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