Bio-Based Coatings Market Statistics, Emerging Trends, Key Drivers And Forecast To 2033

The bio-based coatings market size has grown rapidly in recent years. It will grow from $8.57 billion in 2023 to $10.05 billion in 2024 at a compound annual growth rate (CAGR) of 17.4%. The growth in the historic period can be attributed to infection prevention, biocompatibility, advanced drug delivery, performance enhancement, regulatory compliance:.

The bio-based coatings market size is expected to see rapid growth in the next few years. It will grow to $18.19 billion in 2028 at a compound annual growth rate (CAGR) of 16.0%. The growth in the forecast period can be attributed to nanotechnology advancements, minimally invasive surgery, remote monitoring, personalized medicine, biodegradable solutions. Major trends in the forecast period include antimicrobial coatings, drug-eluting coatings, biocompatible coatings, hydrophilic coatings, anti-adhesion coatings.

Market Overview -
Bio-based coatings refer to the coatings made from biomaterials that lessen the reliance on scarce fossil resources. These solvents help in addressing social challenges, and bio-based coatings that can promote rural development and employment. The bio-based coatings are used as raw materials for producing bio-based solvents such as resin, additives, and pigments made from renewable raw materials.

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Growing Emphasis On Environmentally-Responsible Products Boosts Bio-Based Coatings Market
Increasing awareness in society apropos of environmentally-responsible products is expected to propel the growth of the bio-based coatings market going forward. Environmentally friendly products refer to oriented products that cause less environmental degradation and their production. Bio-based coatings are used for paper packaging products such as paper cups, and paper plates that are used in the manufacture of waterproof, sustainable, recyclable, compostable, and bio-degradable products. For instance, according to study conducted in October 2021 by First Insight, a global experience management (XM) platform in association with Baker Retailing Center at the Wharton School of the University of Pennsylvania, 90% of Gen X consumers were willing to pay an extra 10% or more for sustainable products in 2021, compared to just over 34% in 2020. Therefore, increasing awareness in society apropos of environmentally-responsible products is driving the bio-based coatings market growth.

Competitive Landscape -
Major companies operating in the bio-based coatings market include AURO Pflanzenenchemie AG, Benjamin Moore & Co., Eco Safety Products, BASF SE, Cargill Incorporated, AkzoNobel N.V., PPG Industries Inc., RPM International Inc., The Sherwin-Williams Company, Nippon Paint Holdings Co. Ltd., Stora Enso OYJ, BioShields, KCC Paints Sdn Bhd, NOROO Paint & Coatings Co.Ltd., Reliance Industries Ltd., Japan Polypropylene Corporation, Jiangsu Heshili New Material Co. Ltd., Lotte Chemical Corporation, SK Chemicals Co. Ltd., Polyplastics Co. Ltd., Sumitomo Chemical Co. Ltd., Asahi Kasei Corporation, Axalta Coating Systems, Behr Paint Co., Hempel A/S, Jotun A/S, Kansai Paint Co. Ltd., Tikkurila Oyj, Valspar Corporation, Bollom Fire Protection, Chugoku Marine Paints Ltd., Cloverdale Paint Inc., Diamond Vogel Inc.

Bio-Based Coating Manufacturers Expand Offerings With Sustainable Food Packaging Coatings
Major companies operating in the bio-based coating market are developing new products such as food packaging coatings to meet larger customer bases, more sales, and increase revenue. Food packaging coating refers to a specialized material applied to the surface of food packaging materials, such as paper, cardboard, plastic, or metal, to serve various protective, functional, and aesthetic purposes. For instance, in July 2023, Melodea Ltd., an Israel-based coating producer, launched MelOx NGen, a new bio-based food packaging coating. This product stands out with its water-based composition sourced from plants. It is specifically formulated to be applied as a coating on the interior surfaces of various types of plastic food packaging, including films, pouches, bags, lidding, and blister packs, which are commonly used for consumer packaged goods (CPG). When applied as a transparent layer within the packaging, this product serves as an eco-friendly and economical substitute for petroleum-based Ethyl Vinyl Alcohol copolymers (EVOH). EVOH is extensively utilized in packaging due to its food preservation attributes, and it's also a common material for manufacturing met-PET plastic lids.

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Key Segments -
The bio-based coatings market covered in this report is segmented -
1) By Type: Ester Solvents, D-Limonene, Alcohols, Glycols And Diols Solvents, Other Types
2) By VOC Content: Zero VOC (VOC Content Less Than 5 Grams Per Liter), Low VOC (VOC Content Less Than 50 Grams Per Liter), VOC Absorbing, Natural Paints
3) By Sector: Commercial Sector, Industrial Sector, Residential Sector
4) By Use: Decorative Paints, Transportation, Metal Industrial Coatings, Industrial Maintenance And Protective, Powder Coatings, Automotive Refinish, Wood Coatings, Marine Coatings, Coil Coatings, Packaging Coatings
5) By Area Of Application: Internal Application, External Application

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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