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Bio-coatings Market is Expected to Reach Nearly USD 17.4 billion by 2033 | Says AMR
Bio-coatings Market
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Prime determinants of growth
The global bio-coatings market is experiencing growth due to several factors such as a growing awareness of environmental issues and the need for sustainable solutions is a primary driving force behind the adoption of bio coatings. Furthermore, the rise in consumer awareness and preferences for eco-friendly products drive demand for bio coatings. However, the high cost of bio coatings hinders market growth to some extent. Moreover, industries such as construction, automotive, packaging, and consumer goods are increasingly adopting bio coatings to align with sustainability goals and meet consumer expectations offers remunerative opportunities for the expansion of the global bio-coatings market.
The construction segment is expected to exhibit fastest growth throughout the forecast period.
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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Asia-Pacific to maintain its dominance by 2032.
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.
Access Full Summary Report: https://www.alliedmarketresearch.com/bio-coatings-market-A323751
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.
For More Details: https://www.globenewswire.com/news-release/2024/09/06/2942233/0/en/Bio-coatings-Market-to-Reach-17-4-Billion-Globally-by-2033-at-6-9-CAGR-Allied-Market-Research.html
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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