Recent Developments & New Revenue Opportunities in Bio-Based Coatings Market Industry

The bio-based coatings market is projected to grow from USD 11.5 billion in 2022 to USD 18.2 billion by 2027, at a CAGR of 9.5% between 2022 and 2027. Asia Pacific is estimated to be the largest consumer of bio-based coatings. The global bio-based coatings major players have made several strategic developments across value chain to focus on changing customer preferences.

Browse?172 market data Tables and?40 Figures spread through?185 Pages and in-depth TOC on "Bio-based Coatings Market by Resin (Alkyd, Polyurethane, Acrylic), Application (Architectural, Transportation, Woodworking, Packaging), Region (Asia Pacific, North America, Europe, South America, Middle East & Africa) - Global Forecast"

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The key players operating in the market are AkzoNobel N.V. (Netherlands), PPG Industries (US), Sherwin-Williams Company (US), Nippon Paint Holdings Co., Ltd. (Japan), and Stora Enso OYJ (Finland).

AkzoNobel N.V. is a diversified chemical company and one of the market leaders in the fields of decorative paints, performance coatings, and specialty chemicals. It operates through two business segments, namely, decorative paints and performance coatings. AkzoNobel N.V. offers specialty paints, powder paints, and other coatings for various applications such as architectural and decorative, automotive, industrial, marine, protective, and yachts. Coral, Dulux, Flexa, Hammerite, Sadolin, Sikkens, Awlgrip, International, Interpon, Dissolvine, Eka, Expancel, Jozo, Levasil, and Kromasil are some of the renowned brands of the company.

PPG Industries, Inc. manufactures and distributes coatings, optical & specialty materials, and glass products. The company operates through two major segments, namely, performance coatings and industrial coatings. It also provides industrial and automotive coatings to manufacturing companies, adhesives & sealants to the automotive industry, metal pre-treatments & related chemicals for industrial and automotive applications, and packaging coatings to aerosol, food, and beverage container manufacturers. PPG Industries also offers architectural coatings which are used by painting and maintenance contractors and consumers to decorate and maintain residential & commercial building structures.

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Recent Developments in Bio-based Coatings Market

• In August 2021, AkzoNobel N.V. launched this product in the Indian market. The product is India’s first USDA-certified bio-based paint.
• In October 2020, AkzoNobel N.V. launched this product in the Vietnam market. Air Clean Bio-based (Vietnam) contains 22 percent USDA-Certified bio-based content.

The bio-based coatings market is projected to grow from USD 11.5 billion in 2022 to USD 18.2 billion by 2027, at a CAGR of 9.5% between 2022 and 2027. Asia Pacific is the largest and fastest-growing bio-based coatings market in the world. Fast-gaining importance of bio-based resins in coatings industry is one of its driving factor.

Europe accounted for 33%, in terms of value, of the global bio-based coatings market in 2021. The economic slowdown during the past decade affected the growth of most of the industries in Europe. However, demand for decorative paints and coatings is expected to gradually recover through initiatives and safety regulations implemented by various governments in the region. Western European countries such as Germany, the UK, and France, are driving the market. The paints & coatings market in Europe is mature and is witnessing slow growth primarily because of the gradual shift of the manufacturing industries to countries with high demand and lower production costs. Market players are focusing on increasing construction activities related to remodeling and restoration, thus driving the paints & coatings market in the region. Significant investments in the construction industry in Europe by private companies also favor bio-based coatings market growth.

The architectural application has the largest market share of bio-based coatings market. Bio-based coatings are applied to the interior and exterior walls of all types of residential, commercial, industrial, and institutional buildings. Apart from their decorative features, architectural paints & coatings also possess some protective features. For instance, exterior architectural paints & coatings protect a building from extreme rain, sunlight, and wind. These are applied either by building contractors or directly by customers as do-it-yourself (DIY). Architectural coatings also are used for decorative interiors such as furniture, wood flooring, wall paintings, and sculptures. An increase in environmental awareness among consumers and manufacturers has led to technological innovations in the coating industry to provide quality products that are biodegradable and environmentally friendly, affordable, of high quality, possess value-added features, and meet global trends. The growing safety and health standards have raised the demand for bio-based coatings in the segment.

AkzoNobel N.V. (Netherlands), PPG Industries (US), Sherwin-Williams Company (US), Nippon Paint Holdings Co., Ltd. (Japan), and Stora Enso OYJ (Finland) are the key players in the global bio-based coatings market. These top 5 players together accounted for a share of 40% of the total bio-based coatings market, while the rest was secured by small and medium-sized enterprises in 2021.