(EMAILWIRE.COM, March 17, 2023 ) According to a research report “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 to 2027″ published by MarketsandMarkets, 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. Consumer demand for greater products encouraging manufacturers to use plant-based ingredients. The global bio-based coatings major players have made several strategic developments across value chain to focus on changing customer preferences.
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Architectural is the fastest-growing segment of the overall bio-based coatings market.
Architectural coatings possess various favorable properties such as high corrosion and temperature resistance, increased durability of end-products, and low fire-hazards risks; thus, they are preferred for use in various commercial and industrial applications. With the growing population and increasing migration of population to the developed nations, the construction industry is estimated to develop substantially in the coming years.
China is the largest bio-based coatings market in Asia Pacific during the forecast period.
The construction industry in China is expected to witness increasing growth due to the implementation of industrial policies and market promotion. Therefore, the demand for decorative paints and coatings in construction is expected to increase. The rising construction of new villages is expected to significantly stimulate the popularization and application of various architectural coatings. The country is expected to significantly increase its investments in real estate and non-residential construction and the export of construction services and building products to key global markets. Growth of the industrial coatings market in China is driven by foreign investments, cost-effective labor, and the availability of low-cost raw materials. The highest consumption of coatings is in the general industrial, wood, and automotive OEM industries. China is increasingly focusing on producing high-quality environment-friendly coatings.
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Browse in-depth TOC on “Bio-based Coatings Market
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The key players operating in the bio-based coatings 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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