Global Bio-Based Paints & Coatings Market Is Expanding Owing To Growing Technological Innovations And Increasing Application-Specific Developments

Bio-Based Paints & Coatings Market
Bio-Based Paints & Coatings Market 

Overview:

The use of bio-based coatings is a growing trend as more consumers and businesses seek to reduce their carbon footprint. These bio-based products are a sustainable alternative to conventional coatings that are based on oil and coal. They help in reducing a company’s impact on the environment and contribute to global sustainability goals.

Bio-based materials may be produced using less energy or contain recycled or upcycled materials. These materials can also have lower VOC emissions, which are often important for public health. The cost of the renewable raw material is typically much higher, which makes it difficult for them to compete with petroleum-based products.

Market Dynamics:

Growing product launches are estimated to augment growth of the global Bio-Based Paints & Coatings Market over the forecast period. For instance, a UK-based manufacturer of paints Dulux, launched Dulux better living in August 2020. This is a bio-based paint that purifies indoor air, it contains natural ingredients like tea tree oil and active bamboo charcoal. Moreover, lack of awareness associated with bio-based paints is anticipated to restrain growth of the global bio-based paints & coatings for market over the forecast period.

Impact of COVID-19:

The pandemic had a huge impact on several industries. To stop further transmission of the disease governments across the world had to impose strict lockdowns in many nations. These strict measures led to shutting down of many manufacturing units, disrupting supply chains and also banned import and export activities.

The Strontium Bromide Market is anticipated to be driven by the increasing frequency of bone-related illnesses.

Strict lockdowns measures forced businesses to shut down their operations temporarily as there was a shortage of raw materials and skilled professionals. This led to decrease in demand for products and hampered the growth of the global bio-based paints & coatings for market. The market will regain its growth as several of these restrictions have now been eased.

Key Takeaways:

The global Bio-Based Paints & Coatings Market is expected to witness high growth, exhibiting CAGR of 9.5% over the forecast period, due to increasing product launches.

For instance, Soy Technologies was acquired by Eco Safety in June 2022. This acquisitions will help in expansion of Eco Safety’s portfolio of bio-based coatings. Asia Pacific is anticipated to witness significant growth in the global bio-based paints & coatings market over the forecast period, owing to growing investments in industries such as consumer goods & appliances, furniture building & construction, and automotive.

Major players operating in the global Bio-Based Paints & Coatings Market are Stora Enso OYJ, AURO Pflanzenenchemie AG, BioShields, Benjamin Moore & Co., Japan Polypropylene Corporation, Eco Safety Products, Reliance Industries Ltd., BASF SE, NOROO Paint & Coatings Co.Ltd., AkzoNobel N.V., KCC PAINTS SDN BHD., PPG Industries, AURO Pflanzenchemie AG, and Nippon Paint Holdings Co.

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