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Bio-Coatings Market Set to Hit $17.4 Billion by 2033 with 6.9% CAGR, Asia-Pacific at the Forefront
Bio-coatings Market
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Based on resin, the alkyd segment held the highest market share in 2023 and is likely to retain its dominance throughout the forecast period. Bio-based alkyd coatings, derived from renewable resources such as plant oils or bio-based resins, offer a more environmentally friendly option compared to petroleum-based alkyd coatings. Alkyd could be up to 100% bio-based and performing efficiently. The basic components used in the production of an alkyd are fatty acids, di-acids and polyol. The demand for alkyd in bio coatings is driven by packaging and construction industry. As construction activities expand globally, the need for bio-based alkyd rises to meet the escalating demands of the sector.
Based on application, the construction segment held the highest market share in 2023 and is likely to retain its dominance throughout the forecast period. Bio coatings offer durability, weather resistance, and other functional properties which meet the performance requirements of building materials. Advances in bio coating technologies have improved their performance characteristics, making them suitable for a wide range of applications in the construction and architectural industry. Moreover, the rising desire for bio coatings is propelled by urbanization, population expansion, and the necessity for infrastructure. As construction endeavors within the country escalate, it is expected to increase the demand for bio coatings in the construction sector.
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Based on region, Asia-Pacific held the highest market share in terms of revenue in 2023 and is expected to rule the roost in terms of revenue throughout the forecast timeframe. The rapid industrialization in countries such as China and India have led to the establishment and expansion of manufacturing facilities, including automotive, construction, and packaging. These industries rely heavily on paint and coating products to maintain the quality of the product.
Players: -
Akzo Nobel N.V.
BASF SE
PPG Industries, Inc.
The Sherwin-Williams Company
Axalta Coating Systems Ltd.
Hempel A/S
RPM International Inc.
Arkema SA
DuPont
Asian Paints Limited
The report provides a detailed analysis of these key players in the global bio-coatings market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Recent industry development:
On March 9, 2023, PPC industries decided to launch SIGMAGLIDE 2390 marine coating product. The coating is expected to help ship owners lower power consumption and carbon emissions, meeting the demand for higher performance with no adverse impact on the marine environment.
On December 8, 2022, BASF company launches automotive coatings named "ColorBrite" using renewable raw materials according to a certified biomass balance approach. This development helps the company to increase the product portfolio and revenue in the near future.
On November 21, 2022, Arkema announced a major step forward in its innovative sustainable offer with the certification of a range of bio-attributed acrylic monomer. The development of these bio-attributed acrylic materials is an important step on the sustainable development roadmap of Arkema and its Coating Solutions segment.
On April 1, 2022, PPG industry announced that the company has completed the acquisition of the powder coatings manufacturing business of Arsonsisi, an industrial coatings company based in Milan, Italy. This development helped the company to increase the customer base and revenue.
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