The bio-based paints & coatings market is gaining traction due to the increasing awareness about green building and construction products. These eco-friendly paints are made from natural and renewable sources like plant oils, resins, and other biomaterials instead of petroleum sources. They offer superior performance in terms of washability, application, and durability. In addition, bio-based paints release fewer VOCs and are non-toxic.
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 2031.
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. The growing demand from construction and automotive sectors is fueling the adoption of bio-based paints and coatings. Also, stringent government regulations regarding VOC emissions from conventional paints and coatings are positively impacting the market growth. Major players are actively expanding their business globally, especially in developing regions to tap the increasing opportunities.
Market key trends
Sustainability is becoming an important trend in the coatings industry. Due to the rising awareness about carbon footprint of petroleum-derived products, many consumers are shifting to Bio-Based Paints & Coatings Market Demand. Key players are focusing on developing eco-friendly product formulations using bio-polyols, plant oils, and other natural ingredients without compromising on performance characteristics. This is expected to drive the bio-based paints and coatings market significantly over the forecast period.
Porter’s Analysis
Threat of new entrants: Bio-Based Paints & Coatings Market manufacturers face moderate threat due to moderate capital requirements and brand loyalty for established brands.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and undifferentiated products.
Bargaining power of suppliers: Suppliers of raw materials like cellulosic polymers, protein, and resins have moderate bargaining power due to switching costs and availability of substitute inputs.
Threat of new substitutes: Threat from new substitutes is high with advancements in other sustainable coating technologies like powder coatings.
Competitive rivalry: The market is fragmented with presence of large and small players competing on sustainability attributes, performance, and pricing.
Geographical Regions
North America dominates the global bio-based paints and coatings market accounting for over 35% of the total market value in 2024 led by strict environmental regulations in the US and Canada favoring bio-based products.
The Asia Pacific region is expected to witness the fastest growth during the forecast period till 2031 driven by infrastructure developments and rapid industrialization in China, India and other developing economies in the region generating strong demand for bio-based construction coatings.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
