Bio-based Coating Market is Projected to Reach US$ 30.83 Billion , Expanding at a 8.6% CAGR by 2034 | Fact.MR Report

The global bio-based coating market is now worth US$ 13.56 billion in 2024 and is expected to grow at a CAGR of 8.6% to reach US$ 30.83 billion by 2034.

Increased environmental issues and sustainable solution-friendly policies are boosting the market for bio-based coatings. Technological advancements and demand from consumers for green products are propelling innovation in the formulations of bio-based coatings. Markets are embracing bio-based alternatives due to increasing realization of the negative effect of traditional coatings on the environment and human health.

Development and utilization of renewable resources are facilitated by government support and incentives, which stimulate market growth. In addition, market growth is fueled by the expanding list of industries where bio-based coatings are used, such as paint and coatings, automotive, construction, and packaging. With all this, the East Asia market is growing tremendously with the presence of giant economies such as China and Japan the total East Asia market is projected to develop at a CAGR of 8.7% from 2024 to 2034.

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Key Takeaways from Market Study:

The global bio-based coating market is expected to grow from US$ 13.56 billion in 2024 to US$ 30.83 billion by 2034, at a CAGR of 8.6%.
The North American market is valued at US$ 3.97 billion in 2024.
The United States is projected to reach US$ 6.67 billion by 2034.
Mexico is expected to attain a market value of US$ 1.47 billion by 2034.
The external application segment is forecasted to grow at a CAGR of 8.2% from 2024 to 2034.

Leading Players Driving Innovation in the Bio-based Coating Market:

IBM Corporation; Microsoft; H2O.ai; Google; SAP; Abzoids; TruEra; Protopia AI; Arthur; Kintsugi; MOSTLY AI; Scale AI.

Drivers of Bio-based Coating Market:

The primary impetus for moving to bio-based coating solutions comes from environmental concerns. The growing concern among manufacturers has led to enhanced demand for bio-based coating material.

The paint industry manufacturers in an effort to reduce toxic content are optimally driving the development of the Bio-based coating market share. Bio-based materials are partly constructed using natural materials that aim to consume carbon and decrease the environmental effect in terms of lower carbon footprint.

The players in the furniture, automobile owners, and packaging industry are pushing for sparkling opportunities and value-hungry applications of coating materials that are bio-based. These businesses have been investing and launching new products into the market due to demand for renewable supplies.

Bio-based Coating Market News:

In June 2022, Eco Safety Company acquired Soy Technologies resulting in its growth in bio-based coatings and methylene chloride alternatives. The firm has chosen this strategic partnership, since it was poised to gain in customer base of Soy technology and growth prospects.

Benjamin Moore paint company is currently developing Color Lock technology, which is founded on a color system intended to be gold standard VOC compliance and color matching quick durable paint options.

Akzo Nobel is venturing into alternatives of bio-based ingredients for a fossil-based economy such as the paints product category. Akzo Nobel is committed to utilizing recycled and bio-based products.

Browse Full Report: https://www.factmr.com/report/1048/bio-based-coatings-market

More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the the bio-based coating market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study reveals essential insights on the basis of the application, VOC content, and sector. By application, it is categorized into internal application and external application. Based on VOC content, the market is divided into zero VOC, low VOC, and VOC absorbing coatings. In terms of sector, the market serves both commercial and industrial applications.

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