The Global Bio-based Paints and Coatings Market size is valued at USD 12.05 billion in 2023 and estimated to grow at a CAGR of around 9.4% during the forecast period, i.e., 2024-30. According to MarkNtel Advisors Study.
Global Bio-based Paints and Coatings Market Driver:
Transition of the Construction Sector Towards Sustainability to Drive the Demand – The construction sector globally has undergone a transition towards sustainability, which has been driven by various factors, including environmental concerns and government measures to meet climate change goals. The construction sector in countries such as the UAE, Germany, Norway, Singapore, etc., has enhanced its focus on innovation, sustainability, and the circular economy. Moreover, real estate investments across the residential and commercial sectors have been growing across the regions like Middle East and Asia-Pacific among others. For instance,
In 2022, South Africa’s Ministry of Human Settlements, Water and Sanitation, announced the construction of six mega social housing projects in the coming two years, starting in the financial year 2022/23.
These activities combined with the transition of the construction sector toward construction techniques that were less damaging to the environment have enhanced the demand for bio-based paints and coatings in the sector. Furthermore, many real estate investors and developers in Singapore, the UAE, Saudi Arabia, etc., have prioritized green building certifications, such as LEED and BREEAM, which promote sustainable construction practices. These certifications often require the use of eco-friendly materials, including bio-based paints and coatings, to meet their environmental criteria, which would also play a major role in market expansion during the forecast period.
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Key Market Reports Highlights
· Market Dimensions & Projections
· Pricing Evaluation
· Recent Strategic Moves by Companies
· Primary Stakeholders
· Import/Export Trend Analysis
· Competitive Landscape Assessment
· Emerging Opportunities
· Market Trends and Indicators
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Global Bio-based Paints and Coatings Market Segmentation:
The market report categorizes the market based on different segments and geographical analysis.
Study Timeline:
-Base Year: 2023
-Historical Period: 2019 to 2022
-Forecast Period: 2024 to 2030
- By Resin Type
- Alkyd Resin - Market Size & Forecast 2019-2030, Thousand Tons
- Polyurethane Resin - Market Size & Forecast 2019-2030, Thousand Tons
- Acrylic Resin - Market Size & Forecast 2019-2030, Thousand Tons
- Others (Polylactic Acid (PLA) Resins, Cellulosic Resins, etc.) - Market Size & Forecast 2019-2030, Thousand Tons
- By Application
- Architectural - Market Size & Forecast 2019-2030, Thousand Tons
- Automotive - Market Size & Forecast 2019-2030, Thousand Tons
- Woodworking - Market Size & Forecast 2019-2030, Thousand Tons
- Packaging - Market Size & Forecast 2019-2030, Thousand Tons
- Others (Agricultural & Farm Equipment, Electronics, etc.) - Market Size & Forecast 2019-2030, Thousand Tons
- By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including - Akzo Nobel N.V., Industria Chimica Adriatica SpA, PPG Industries, Inc, Sherwin Williams Company, NIPSEA Group, Tremco CPG Inc., Cortec Coporation, Baril Coatings B.V., Covestro AG, Industrias Químicas Masquelack, S.A., Others are looking forward to strengthening their market positions.
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