Global Bio Based Coatings Market to be Dominated by architectural applications Through 2028
Growing demand for
sustainable coatings is expected to drive the demand for Bio Based Coating
Market in forecast period, 2024-2028.
According to TechSci Research report, “Bio Based Coatings Market - Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, Global Bio Based
Coatings Market is projected to increase at an impressive rate in the forecast
period, 2024-2027 on account of growing environmental awareness and shift
towards sustainability approach.
The need for greener
alternatives has prompted manufacturers to review their compositions carefully.
A coating formulation comprises numerous key components: Resin (Binder), Liquid
(Solvent or Water), Pigments, and Additives. Industry experts have typically
recognized paint industry resins as having the most potential for bio-based
solution replacement. Bio resins are made up entirely or mostly of monomers
from biological sources. Since they use plant-based compounds instead of those
derived from petrochemicals, these resins have an ecological appeal. The most
popular plant materials used to make bio resins include algae, corn, soybeans,
sugarcane, sugar beets, castor beans, lignocellulose, and cashew nut shells.
They have been used since before petrochemicals. However, most paints and
varnishes made today are based on fossil ingredients. The shift towards cleaner
technologies is increasing the demand for paints & coatings made up of
greener sources.
However, high costs of
bio-based coatings as compared to fossil fuel derived coating products can slow
down the market growth especially in the emerging economies. Also, lack of
awareness and adoption can further restrict the market growth in growing
economies.
Browse over XX market
data Figures spread through XX Pages and an in-depth TOC on "Global Bio Based Coatings Market"
Global Bio Based Coatings
Market is segmented based on source, VOC Content, end user, and region. Based
on VOC content, the market is divided into Zero VOC, Low VOC, and VOC absorbing.
Zero VOC segment dominated the market in 2022 and will continue maintaining its
dominance through 2028 since it has no additional chemical solvents and is
considered as least harmful to the environment. Based on end-user, the market is divided into architectural,
woodwork, and packaging. The woodwork application segment is expected to
register the highest growth in the forecast period on account of the fact that
bio-based wood coatings are highly sustainable and provide high hardness,
chemical resistance and are ecofriendly in nature.
Major companies operating
in Global Bio Based Coatings Market
are:
- Akzo Nobel N.V.
- PPG Industries, Inc
- Sherwin-Williams Company
- Nippon Paint Holdings Co. Ltd.
- Kansai Paint Co. Ltd
- The Dow Chemical Company
- Koninklijke DSM N.V.
- Covestro AG
- Arkema S.A.
- Genomatica Inc.
Download Sample Report
Customers can also request for 10% free customization on this report.
The
oldest bio-based resins still in use in the coatings sector are alkyds.
However, alkyd formulations in solvents result in significant VOCs derived from
fossil fuels. The use of reduced VOC alternatives is necessary due to tighter
rules on air pollution and growing public awareness of health risks. Alkyd
resin-based coatings age by turning yellow over time. Whites, light colors, and
clear coatings suffer significantly from the issue, which is exacerbated in
paints with more significant solid contents. The increasing adoption of
energy-efficient technologies, and reducing carbon footprint for
sustainability, has increased demand from Bio-Based Coatings, thereby creating
lucrative opportunities for the growth of bio-based coatings market till 2028.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Bio Based Coatings Market- Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented Source (Corn,
Soybean, Bio Diesel, Sugarcane, and Others), By Volatile Organic Components
(VOC) (Zero VOC, Low VOC, and VOC absorbing), By End User (Architectural,
Woodwork, and Packaging), By Region, and Competition,
has evaluated the future growth potential of Global Bio Based Coatings Market and
provides statistics & information on market size, structure, and future
market growth. the report intends to provide cutting-edge market intelligence
and help decision-makers make sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Bio Based Coatings Market.”
Contact
Mr. Ken Mathews
708 Third
Avenue,
Manhattan, NY,
New York –
10017
Tel:
+1-646-360-1656
Email: [email protected]
Website: https://www.techsciresearch.com