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Report Scope & Overview:

Bio-Based Coatings Market Size was valued at USD 11.51 billion in 2022, and expected to reach USD 24.15 billion by 2030, and grow at a CAGR of 9.7 % over the forecast period 2023-2030.

A significant shift toward bio-based alternatives, including bio-based coatings, has been caused by growing sustainability concerns. Environmental factors continue to have a significant impact on the transition of the paint and coatings industry toward bio-based coatings, and this transformation is anticipated to reach new heights in the future years. Sales of bio-based coatings are expected to rise significantly in the next years due to rising societal awareness of ecologically friendly products. One of the megatrends driving demand for bio-based coatings is the development of green products in the paints and coatings sector.

Bio-Based Coatings Market Revenue Analysis

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Market Dynamics:

Drivers:

  • Bio-based coatings' lower carbon emissions

  • Market Demand for Sustainable Products

The rising demand for sustainable products extends beyond coatings, encompassing diverse industries. Bio-based coatings find application in construction, automotive, packaging, and more, effectively addressing the need for eco-friendly solutions. This versatility aligns with the demand for greener alternatives, propelling the growth of the market into various sectors.

Restraints:

  • Bio-based paint and coatings are less widely known.

  • Limited Market Infrastructure

The existing infrastructure for producing, distributing, and applying bio-based coatings is often less established when compared to the well-developed infrastructure of conventional coatings. This disparity can result in logistical hurdles, as companies may need to invest in new processes, equipment, and supply chains to effectively integrate and deliver bio-based coatings to the market.

Opportunity:

  • Plant-based components are increasingly being used by manufacturers due to consumer desire for more products.

  • Advancements in Technology

Advancements in bio-based materials and coatings technology through research and development have enhanced key performance traits such as adhesion, durability, and resistance to environmental stressors. These improvements have bolstered the suitability of bio-based coatings for a wide array of applications, fueling their increased adoption and contributing to the expansion of the market.

Challenge:

  • Price range that is greater than that of products with fossil-based coatings

  • Market Education

The limited awareness and understanding of the advantages and correct utilization of bio-based coatings can impede their adoption. This lack of knowledge among consumers, industries, and professionals may lead to skepticism, reluctance to switch from conventional options, and missed opportunities to leverage the environmental and performance benefits that bio-based coatings offer.

Impact of Covid-19:

Companies who are rapidly increasing capacity to meet the short-term COVID-induced demand must exercise caution when interpreting these rare demand patterns. The future of the Bio-based Paints and Coatings Market business will be shaped between 2021 and 2025 by post-pandemic changes in social, economic, trade, and political factors as well as anticipated changes in environmental legislation. During COVID 19, the bio-based paints and coatings market revealed conflicting findings for several applications and regions. The study highlights the pandemic's segment-specific effects and presents various case studies that illustrate the market's growth potential through 2030 for bio-based paints and coatings.

IMPACT Of RUSSIA UKRAIN WAR

The Russia-Ukraine conflict may have impact on the bio-based coatings market, and it could affect global supply chains and raw material availability. Russia and Ukraine both contribute to the manufacturing of bio-based feedstocks used in coatings. The chemical industry has a strong link with Russia. In 2021, Russia received 2.4% of chemical exports, valued approximately $6 billion. Any disruptions in the supply chain could cause shortages and cost increases in the bio-based coatings market. Geopolitical conflicts may also cause market uncertainty, impacting investment decisions and even changing demand patterns. The war will have a limited direct impact on chemical industry, Russia, accounts for less than 10% of the company's overall sales.

IMPACT OF ONGOING RECESSION

During a recession, the bio-based coatings market may encounter obstacles such as decreased demand from industries, constricted budgets leading to a preference for less expensive alternatives, and potential supply chain disruptions. Growing energy costs, high raw material prices, raw material shortages, and growing inflation impacted many industries in 2022, including the coatings business. As urgent financial concerns take precedence, the emphasis on sustainability may decrease, harming market growth. 

Price increases were insufficient, and most paint companies absorbed the impact of rising expenses. We estimate that It took in increasing expenses by 25% while passing on only 8%. This, of course, has an impact on its margin, and in line with our dedication to increasing the size of market, profitability has dropped to low but reasonable levels. Government incentives and policies may help, but the delayed adoption of bio-based coatings due to unfamiliarity and performance variances may continue as businesses become more risk-averse

Market Segment:

By Resin:

  • Alkyd

  • Polyurethane

  • Acrylic

  • Others

By Application:

  • Architectural

  • Transportation

  • Woodworking

  • Packaging

  • Others

Bio-Based Coatings Market Segmentation Analysis

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Regional Analysis:

Asia Pacific - Asia Pacific is predicted to have the highest growth potential for the bio-based coatings market. Increased research and development efforts to produce bio-based coatings in an economical manner are major causes of this situation. Rapid economic expansion and urbanisation are occurring in countries such as China and India. This expansion has resulted in increasing industrial activity, construction, and manufacturing, all of which are significant users of coatings. As these economies strive to solve environmental issues, demand for bio-based coatings is increasing.

North America- North America, which includes both the United States and Canada, is a major player in the worldwide bio-based coatings market. The region has demonstrated a strong dedication to environmental sustainability, resulting in an increase in demand for eco-friendly and renewable products, such as bio-based coatings. This need is being driven by governmental pressures as well as customer desires for more ecologically friendly solutions.

Europe- Europe has been at be at the head of promoting sustainability and environmental awareness, and this mindset extends to the market for bio-based coatings. Because of the region's dedication to decreasing carbon emissions, minimising environmental effect, and supporting circular economy practises, demand for bio-based coatings has increased significantly.

REGIONAL COVERAGE:

North America

  • US

  • Canada

  • Mexico

Europe

  • Eastern Europe

    • Poland

    • Romania

    • Hungary

    • Turkey

    • Rest of Eastern Europe

  • Western Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Netherlands

    • Switzerland

    • Austria

    • Rest of Western Europe

Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Vietnam

  • Singapore

  • Australia

  • Rest of Asia Pacific

Middle East & Africa

  • Middle East

    • UAE

    • Egypt

    • Saudi Arabia

    • Qatar

    • Rest of Middle East

  • Africa

    • Nigeria

    • South Africa

    • Rest of Africa

Latin America

  • Brazil

  • Argentina

  • Colombia

  • Rest of Latin America

Key Players:

Stora Enso OYJ (Finland), AkzoNobel N.V. (Netherlands), Nippon Paint Holdings Co., Ltd. (Japan), PPG Industries (US), Sherwin-Williams Company (US).

Stora Enso OYJ (Finland)-Company Financial Analysis

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RECENT DEVELOPMENTS

  • In February 2023, Bioweg and Ginkgo Bioworks are partnering to develop enhanced bio-based materials, particularly bacterial cellulose variants, to combat microplastic pollution.

  • In July 2022, Dow partnered with BSB Nanotechnology to utilize premium rice husk-based specialty silica in personal care products.

Bio-Based Coatings Market Report Scope
Report Attributes Details
Market Size in 2022 USD 11.51  Billion
Market Size by 2030 USD 24.15 Billion
CAGR CAGR 9.7% From 2023 to 2030
Base Year 2022
Forecast Period 2023-2030
Historical Data 2019-2021
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Resin (Alkyd, Polyurethane, Acrylic, Others)
• By Application (Architectural, Transportation, Woodworking, Packaging, Others)
Regional Analysis/Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)
Company Profiles Stora Enso OYJ (Finland), AkzoNobel N.V. (Netherlands), Nippon Paint Holdings Co., Ltd. (Japan), PPG Industries (US), Sherwin-Williams Company (US),
Key Drivers • Bio-based coatings' lower carbon emissions
• Market Demand for Sustainable Products
Market Restraints • Bio-based paint and coatings are less widely known.
• Limited Market Infrastructure

Frequently Asked Questions

The growth rate of the Bio-Based Coatings Market is 9.7 % over the forecast period 2023-2030.

Bio-based paint and coatings are less widely known is the hindering factor of the Bio-Based Coatings Market.

The key players of the Bio-Based Coatings Market are Stora Enso OYJ (Finland), AkzoNobel N.V. (Netherlands), Nippon Paint Holdings Co., Ltd. (Japan), PPG Industries (US), and Sherwin-Williams Company (US).

The Covid-19 pandemic impacted the Bio-Based Coatings Market significantly. The detailed analysis is included in the final report.

Asia Pacific is predicted to have the highest growth potential for the bio-based coatings market during the forecast period.

Table of Contents

1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges

4. Impact Analysis
4.1 Impact of Ukraine- Russia War
4.2 Impact of Ongoing Recession
4.3. Introduction
4.3.1 Impact on major economies
4.3.1.1 US
4.3.1.2 Canada
4.3.1.3 Germany
4.3.1.4 France
4.3.1.5 United Kingdom
4.3.1.6 China
4.3.1.7 Japan
4.3.1.8 South Korea
4.3.1.9 Rest of the World

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. Bio-Based Coatings Market Segmentation, By Resin
8.1 Alkyd
8.2 Polyurethane
8.3 Acrylic
8.4 Others

9. Bio-Based Coatings Market Segmentation, By Application
9.1 Architectural
9.2 Transportation
9.3 Woodworking
9.4 Packaging
9.5 Others

10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 North America Bio-Based Coatings Market by Country
10.2.2 North America Bio-Based Coatings Market by Resin
10.2.3 North America Bio-Based Coatings Market by Application
10.2.4 USA
10.2.4.1 USA Bio-Based Coatings Market by Resin
10.2.4.2 USA Bio-Based Coatings Market by Application
10.2.5 Canada
10.2.5.1 Canada Bio-Based Coatings Market by Resin
10.2.5.2 Canada Bio-Based Coatings Market by Application
10.2.6 Mexico
10.2.6.1 Mexico Bio-Based Coatings Market by Resin
10.2.6.2 Mexico Bio-Based Coatings Market by Application
10.3 Europe
10.3.1 Eastern Europe
10.3.1.1 Eastern Europe Bio-Based Coatings Market by Country
10.3.1.2 Eastern Europe Bio-Based Coatings Market by Resin
10.3.1.3 Eastern Europe Bio-Based Coatings Market by Application
10.3.1.4 Poland
10.3.1.4.1 Poland Bio-Based Coatings Market by Resin
10.3.1.4.2 Poland Bio-Based Coatings Market by Application
10.3.1.5 Romania
10.3.1.5.1 Romania Bio-Based Coatings Market by Resin
10.3.1.5.2 Romania Bio-Based Coatings Market by Application
10.3.1.6 Hungary
10.3.1.6.1 Hungary Bio-Based Coatings Market by Resin
10.3.1.6.2 Hungary Bio-Based Coatings Market by Application
10.3.1.7 Turkey
10.3.1.7.1 Turkey Bio-Based Coatings Market by Resin
10.3.1.7.2 Turkey Bio-Based Coatings Market by Application
10.3.1.8 Rest of Eastern Europe
10.3.1.8.1 Rest of Eastern Europe Bio-Based Coatings Market by Resin
10.3.1.8.2 Rest of Eastern Europe Bio-Based Coatings Market by Application
10.3.2 Western Europe
10.3.2.1 Western Europe Bio-Based Coatings Market by Country
10.3.2.2 Western Europe Bio-Based Coatings Market by  Resin
10.3.2.3 Western Europe Bio-Based Coatings Market by Application
10.3.2.4 Germany
10.3.2.4.1 Germany Bio-Based Coatings Market by Resin
10.3.2.4.2 Germany Bio-Based Coatings Market by Application
10.3.2.5 France
10.3.2.5.1 France Bio-Based Coatings Market by Resin
10.3.2.5.2 France Bio-Based Coatings Market by Application
10.3.2.6 UK
10.3.2.6.1 UK Bio-Based Coatings Market by Resin
10.3.2.6.2 UK Bio-Based Coatings Market by Application
10.3.2.7 Italy
10.3.2.7.1 Italy Bio-Based Coatings Market by Resin
10.3.2.7.2 Italy Bio-Based Coatings Market by Application
10.3.2.8 Spain
10.3.2.8.1 Spain Bio-Based Coatings Market by Resin
10.3.2.8.2 Spain Bio-Based Coatings Market by Application
10.3.2.9 Netherlands
10.3.2.9.1 Netherlands Bio-Based Coatings Market by Resin
10.3.2.9.2 Netherlands Bio-Based Coatings Market by Application
10.3.2.10 Switzerland
10.3.2.10.1 Switzerland Bio-Based Coatings Market by Resin
10.3.2.10.2 Switzerland Bio-Based Coatings Market by Application
10.3.2.11 Austria
10.3.2.11.1 Austria Bio-Based Coatings Market by Resin
10.3.2.11.2 Austria Bio-Based Coatings Market by Application
10.3.2.12 Rest of Western Europe
10.3.2.12.1 Rest of Western Europe Bio-Based Coatings Market by Resin
10.3.2.12.2 Rest of Western Europe Bio-Based Coatings Market by Application
10.4 Asia-Pacific
10.4.1 Asia Pacific Bio-Based Coatings Market by Country
10.4.2 Asia Pacific Bio-Based Coatings Market by Resin
10.4.3 Asia Pacific Bio-Based Coatings Market by Application
10.4.4 China
10.4.4.1 China Bio-Based Coatings Market by Resin
10.4.4.2 China Bio-Based Coatings Market by Application
10.4.5 India
10.4.5.1 India Bio-Based Coatings Market by Resin
10.4.5.2 India Bio-Based Coatings Market by Application
10.4.6 Japan
10.4.6.1 Japan Bio-Based Coatings Market by Resin
10.4.6.2 Japan Bio-Based Coatings Market by Application
10.4.7 South Korea
10.4.7.1 South Korea Bio-Based Coatings Market by Resin
10.4.7.2 South Korea Bio-Based Coatings Market by Application
10.4.8 Vietnam
10.4.8.1 Vietnam Bio-Based Coatings Market by Resin
10.4.8.2 Vietnam Bio-Based Coatings Market by Application
10.4.9 Singapore
10.4.9.1 Singapore Bio-Based Coatings Market by Resin
10.4.9.2 Singapore Bio-Based Coatings Market by Application
10.4.10 Australia
10.4.10.1 Australia Bio-Based Coatings Market by Resin
10.4.10.2 Australia Bio-Based Coatings Market by Application
10.4.11 Rest of Asia-Pacific
10.4.11.1 Rest of Asia-Pacific Bio-Based Coatings Market by Resin
10.4.11.2 Rest of Asia-Pacific Bio-Based Coatings Market by Application
10.5 Middle East & Africa
10.5.1 Middle East
10.5.1.1 Middle East Bio-Based Coatings Market by Country
10.5.1.2 Middle East Bio-Based Coatings Market by Resin
10.5.1.3 Middle East Bio-Based Coatings Market by Application
10.5.1.4 UAE
10.5.1.4.1 UAE Bio-Based Coatings Market by Resin
10.5.1.4.2 UAE Bio-Based Coatings Market by Application
10.5.1.5 Egypt
10.5.1.5.1 Egypt Bio-Based Coatings Market by Resin
10.5.1.5.2 Egypt Bio-Based Coatings Market by Application
10.5.1.6 Saudi Arabia
10.5.1.6.1 Saudi Arabia Bio-Based Coatings Market by Resin
10.5.1.6.2 Saudi Arabia Bio-Based Coatings Market by Application
10.5.1.7 Qatar
10.5.1.7.1 Qatar Bio-Based Coatings Market by Resin
10.5.1.7.2 Qatar Bio-Based Coatings Market by Application
10.5.1.8 Rest of Middle East
10.5.1.8.1 Rest of Middle East Bio-Based Coatings Market by Resin
10.5.1.8.2 Rest of Middle East Bio-Based Coatings Market by Application
10.5.2 Africa
10.5.2.1 Africa Bio-Based Coatings Market by Country
10.5.2.2 Africa Bio-Based Coatings Market by Resin
10.5.2.3 Africa Bio-Based Coatings Market by Application
10.5.2.4 Nigeria
10.5.2.4.1 Nigeria Bio-Based Coatings Market by Resin
10.5.2.4.2 Nigeria Bio-Based Coatings Market by Application
10.5.2.5 South Africa
10.5.2.5.1 South Africa Bio-Based Coatings Market by Resin
10.5.2.5.2 South Africa Bio-Based Coatings Market by Application
10.5.2.6 Rest of Africa
10.5.2.6.1 Rest of Africa Bio-Based Coatings Market by Resin
10.5.2.6.2 Rest of Africa Bio-Based Coatings Market by Application
10.6 Latin America
10.6.1 Latin America Bio-Based Coatings Market by Country
10.6.2 Latin America Bio-Based Coatings Market by Resin
10.6.3 Latin America Bio-Based Coatings Market by Application
10.6.4 Brazil
10.6.4.1 Brazil Bio-Based Coatings Market by Resin
10.6.4.2 Brazil Bio-Based Coatings Market by Application
10.6.5 Argentina
10.6.5.1 Argentina Bio-Based Coatings Market by Resin
10.6.5.2 Argentina Bio-Based Coatings Market by Application
10.6.6 Colombia
10.6.6.1 Colombia Bio-Based Coatings Market by Resin
10.6.6.2 Colombia Bio-Based Coatings Market by Application
10.6.7 Rest of Latin America
10.6.7.1 Rest of Latin America Bio-Based Coatings Market by Resin
10.6.7.2 Rest of Latin America Bio-Based Coatings Market by Application

11 Company Profile
11.1 Stora Enso OYJ (Finland),
11.1.1 Company Overview
11.1.2 Financials
11.1.3 Product/Services Offered
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 AkzoNobel N.V. (Netherlands),
11.2.1 Company Overview
11.2.2 Financials
11.2.3 Product/Services Offered
11.2.4 SWOT Analysis
11.2.5 The SNS View
11.3 Nippon Paint Holdings Co., Ltd. (Japan),
11.3.1 Company Overview
11.3.2 Financials
11.3.3 Product/Services Offered
11.3.4 SWOT Analysis
11.3.5 The SNS View
11.4 PPG Industries (US),
11.4 Company Overview
11.4.2 Financials
11.4.3 Product/Services Offered
11.4.4 SWOT Analysis
11.4.5 The SNS View
11.5 Sherwin-Williams Company (US),
11.5.1 Company Overview
11.5.2 Financials
11.5.3 Product/Services Offered
11.5.4 SWOT Analysis
11.5.5 The SNS View

12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions

13. USE Cases and Best Practices

14. Conclusion

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Secondary Research

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Primary Research

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Data Bank Validation

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