The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Bio-Based Coatings Global Market Report 2024, the bio-based coatings market is expected to show significant growth in the forecast period.

The bio-based coatings market has experienced a rapid surge in recent years, climbing from $8.57 billion in 2023 to an estimated $10.05 billion in 2024. This remarkable growth is marked by a Compound Annual Growth Rate (CAGR) of 17.4%. Looking ahead, the market is poised for continued expansion, projected to reach $18.19 billion by 2028 at a robust CAGR of 16.0%.

Eco-Conscious Consumerism Driving Market Surge

The surge in the bio-based coatings market is significantly attributed to the growing emphasis on environmentally responsible products. As society becomes increasingly aware of ecological impacts, the demand for products with minimal environmental degradation has intensified. Bio-based coatings, notably used in the production of sustainable, recyclable, compostable, and bio-degradable paper packaging products, align with the eco-conscious consumer trend. A survey conducted in October 2021 revealed that 90% of Gen X consumers were willing to pay a premium for sustainable products, showcasing the rising awareness and preference for environmentally-friendly options.

Major companies contributing to the bio-based coatings market include AURO Pflanzenenchemie AG, BASF SE, AkzoNobel N.V., PPG Industries Inc., and others, highlighting their pivotal role in meeting the demands of an environmentally conscious market.

View More On The Bio-Based Coatings Market Report 2024 – https://www.thebusinessresearchcompany.com/report/bio-based-coatings-global-market-report

Innovation in Bio-Based Coatings: Sustainable Food Packaging

Leading companies in the bio-based coatings market are pushing the boundaries of innovation by introducing new products, such as sustainable food packaging coatings. These coatings are specialized materials applied to various food packaging surfaces, providing protection, functionality, and aesthetic appeal. In July 2023, Melodea Ltd., an Israel-based coating producer, launched MelOx NGen—a bio-based food packaging coating. Noteworthy for its water-based composition sourced from plants, this coating serves as a transparent layer within packaging materials. It replaces petroleum-based Ethyl Vinyl Alcohol copolymers (EVOH) commonly used in packaging. This innovative product aligns with the market’s focus on eco-friendly alternatives.

Strategic Acquisitions: PPG and VersaFlex

The bio-based coatings market has witnessed strategic acquisitions, exemplified by PPG’s acquisition of VersaFlex in February 2021. PPG, a renowned manufacturer of paints, coatings, and specialty materials, acquired VersaFlex—a protective coatings provider based in Kansas. This acquisition positions PPG to enhance its focus on polyurea, epoxy, and polyurethane coatings, particularly in industrial applications, flooring, transportation infrastructure, and water and wastewater infrastructure. Such strategic moves underscore the industry’s commitment to advancing bio-based coatings across diverse sectors.

Comprehensive Market Segmentation

The bio-based coatings market is intricately segmented based on:

1. Type: Ester Solvents, D-Limonene, Alcohols, Glycols And Diols Solvents, Other Types
2. VOC Content: Zero VOC, Low VOC, VOC Absorbing, Natural Paints
3. Sector: Commercial Sector, Industrial Sector, Residential Sector
4. Use: Decorative Paints, Transportation, Metal Industrial Coatings, Industrial Maintenance And Protective, Powder Coatings, Automotive Refinish, Wood Coatings, Marine Coatings, Coil Coatings, Packaging Coatings
5. Area Of Application: Internal Application, External Application

Regional Dynamics: North America Takes the Lead

In 2023, North America emerged as the largest region in the bio-based coatings market. This regional dominance underscores the market’s evolution and adaptability to changing consumer preferences and environmental considerations. However, Asia-Pacific is anticipated to be the fastest-growing region in the forecast period, signaling a global shift in the dynamics of the bio-based coatings landscape.

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The Bio-Based Coatings Global Market Report 2024  provides an in-depth analysis on the bio-based coatings market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the bio-based coatings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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