Bio-based paints & coatings are a type of sustainable paints and coatings that utilize biomass-based renewable resources as raw materials. Some common plant-based raw materials used in bio-based paints include soy, corn, plant oils, resins and binders. Bio-based paints offer various benefits such as low odor, low toxicity, biodegradability and sustainability. They are widely used in indoor and outdoor architectural applications as well as for automotive and industrial coatings. The global bio-based paints & coatings market is estimated to be valued at US$ 12.59 Bn in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Stringent government regulations on VOC emissions is driving the growth of the bio-based paints & coatings market. Various governments across the globe are implementing stringent regulations regarding the use of VOC emission based conventional paints & coatings due to their adverse impact on the environment and human health. For instance, countries in European Union have capped the VOC content limit in decorative paints, varnishes and vehicle refinishing products. Similarly, U.S. Environmental Protection Agency has stipulated VOC emission standards under National Emission Standards for Hazardous Air Pollutants. Hence, growing environmental regulations regarding emission from conventional solvent-based paints is fueling the demand for sustainable and eco-friendly bio-based paints & coatings.
The bio-based paints & coatings market is also being driven by its various operational benefits over petrochemical-based paints. Bio-based paints emit little to no VOCs and have very low odor. They are non-toxic and do not pollute water resources. Most bio-based resins, binders and solvents used in these paints are renewable plant-based resources and biodegradable. They also have good durability and corrosion resistance properties. Owing to these advantages, bio-based paints are gaining higher acceptance across industries and are being increasingly preferred over regular paints.
SWOT Analysis
Strength: Bio-based paints & coatings are manufactured using renewable resources like plant-derived materials, which makes them more environmentally sustainable. They emit less volatile organic compounds (VOCs) compared to conventional solvent-borne coatings, resulting in improved indoor air quality. Bio-based resins offer excellent adhesion properties and weather resistance.
Weakness: Bio-based resins are generally more expensive to produce than traditional petroleum-derived resins. Their availability is also limited since they rely on agricultural feedstocks. Changes in crop yields and prices can impact supply stability.
Opportunity: Strict regulations around VOC emissions are driving increased demand for eco-friendly coating alternatives. Growing consumer awareness of sustainability issues offers a huge market potential. Supportive government policies in major economies are promoting bioeconomy to reduce reliance on non-renewable resources.
Threats: Limited production capacities of bio-based materials pose constraints to scaling up. Intense competition from inexpensive conventional coatings threats market expansion. Fluctuations in raw material costs due to weather conditions or subsidies can impact profit margins.
Key Takeaways
The Global Bio-based Paints & Coatings Market Size is expected to witness high growth. Supported by increasing regulatory push for green building codes and favorable policy measures incentivizing bio-products adoption. The North America region currently dominates the market owing to strict emission norms in the U.S. and Canada and presence of major bio-based coating manufacturers. In Europe, supportive green policies and technical expertise are catalyzing market expansion at over 10% annually.
Key players operating in the bio-based paints & coatings market are Invacare Corporation, Sunrise Medical (US) LLC, Permobil Inc., Pride Mobility Products Corporation, Drive Devilbiss Healthcare, Hoveround Corporation, Ottobock Healthcare, 21st Century Scientific, Inc., Meyra GmbH, LEVO AG, Merits Co. Ltd., Segway Inc., Scewo, GF Health Products Inc., Karman Healthcare, Inc., KYMCO Healthcare, SOWECARE B.V, and Nanjing Jin Bai He Medical Apparatus Co., Ltd.
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