Bio-coatings Market to Reach $17.4 Billion, Globally, by 2033 at 6.9% CAGR: Allied Market Research
The global bio-coating in the construction market is experiencing growth due to several factors such, Sept. 06, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Bio-coatings Market by Resin (Alkyd, Polyurethane, Acrylic, and Others) , and Application (Transportation, Construction, Woodworking, Packaging, and Other) : Global Opportunity Analysis and Industry Forecast, 2024-2033”. The global bio-coatings market was valued at $9.3 billion in 2023 and is estimated to reach $17.4 billion by 2033, exhibiting a CAGR of 6.9% from 2024 to 2033.
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.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $9.3 billion |
| Market Size in 2033 | $17.4 billion |
| CAGR | 6.9% |
| No. of Pages in Report | 288 |
| Segments Covered | Resin, Application and Region |
| Drivers | Technological advancements in the bio-coatings industry Increase in promotion of sustainability coating products Surge in construction activities in Asia-Pacific Surge in government incentives for environmental issues |
| Opportunities | Rapid industrialization and urbanization Surge in changing consumer preferences towards eco-friendly and sustainable products |
| Restraint | High-cost consideration |
The alkyd segment is expected to exhibit fastest growth throughout the forecast period.
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.
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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.
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.
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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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