The global Bio-based Paints & Coatings Market Growth Accelerated by Extensive Use of Bio-based Resins

 

Bio-Based Paints & Coatings Market

Bio-based paints & coatings offer superiority over conventional oil-based paints & coatings such as reduced emissions of volatile organic compounds (VOCs), lesser toxicity and biodegradability. Bio-based paints & coatings contain plant-based raw materials such as corn starch, soy oil and coconut oil as resins. These resins provide properties like water resistance and durability to the paints & coatings. Bio-based paints & coatings are increasingly being used in construction and transportation industries due to stringent environmental norms. The global bio-based paints & coatings market is estimated to be valued at US$ 12.59 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market key trends:

The extensive use of bio-based resins derived from plant and vegetable sources such as soybean oil, corn starch and vegetable glycerols is a key trend driving the growth of the global bio-based paints & coatings market. The plant-derived resins offer advantages like lesser VOC emissions, reduced toxicity and biodegradability over petroleum-based resins. This makes bio-based resins an attractive sustainable alternative for manufacturers. Also, supportive government policies and regulations regarding VOC emission control are boosting adoption of bio-based paints & coatings especially in North America and Europe. Large paints & coatings manufacturers are focusing on development of new product lines containing high proportion of bio-based content to cater to the growing demand.

Segment Analysis

 

The global bio-based paints & coatings market is segmented based on type, end-use industry, and region. By type, the market is divided into architectural coatings, automotive coatings, wood coatings, and others. The architectural coatings segment dominates the market and accounts for over 30% share of the overall market. This is because of the growing environmental concerns and stringent regulations regarding the use of conventional solvent-based coatings.

 

Key Takeaways

 

The Global Bio-based Paints & Coatings Market Size is expected to witness high growth during the forecast period of 2023-2030. Regional analysis comprises- North America dominates the global market with over 35% share owing to early adoption of sustainable and eco-friendly products in the region. The Asia Pacific region is expected to be the fastest growing market during the forecast period.

 

Key players operating in the bio-based paints & coatings market are Invacare Corporation, Sunrise Medical (US) LLC, Permobil Inc., Pride Mobility Products Corporation, Drive Devilbiss Healthcare, Hoveround Corporation, Ottobock Healthcare, 21st Century Scientific, Inc., Meyra GmbH, LEVO AG, Merits Co. Ltd., Segway Inc., Scewo, GF Health Products Inc., Karman Healthcare, Inc., KYMCO Healthcare, SOWECARE B.V, and Nanjing Jin Bai He Medical Apparatus Co., Ltd.


Get More Insights Here

https://www.newsstatix.com/bio-based-paints-coatings-market-size-share-growth-outlook-2023/

Comments

Post a Comment

Popular posts from this blog

Uninterruptible Power Supply Market Poised for Significant Growth Accelerated by Adoption of Renewable Energy Sources

Image
  Uninterruptible Power Supply Market  An uninterruptible power supply (UPS) is a power supply system designed to provide emergency power to a load when the input power source fails. UPS systems provide transient voltage protection from power surges and spikes and consistent power even under brownout conditions. They are most commonly used in data centers, telecommunication systems, medical equipment, industrial processes that require continuous operation, and other critical applications where power disruptions cannot be tolerated. The global uninterruptible power supply market is estimated to be valued at US$ 9.95 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.   Market Dynamics: The uninterruptible power supply market is expected to witness significant growth over the forecast period. This is mainly attributed to the rising focus on improving power reliability acro
Read more

Yacht Charter Market is Estimated to Witness High Growth Owing to Opportunity of Increasing Recreational Boating

Image
  Yacht Charter Market Yacht charter is the business of renting or leasing yachts and sailing boats for pleasure and touring. Yachts are primarily used for entertainment of guests, luxury experience, and recreational enjoyment. Large yachts come equipped with various amenities such as ocean-view staterooms, gourmet galley kitchens, lavish lounges and sundecks. Some of the popular uses include dinners, parties, family trips, weekend getaways, and corporate events. The global yacht charter market is estimated to be valued at US$ 68809.83 Bn in 2024 and is expected to exhibit a CAGR of 18% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.   Market Dynamics: The global yacht charter market is witnessing high growth owing to the rising popularity of luxury yachts among high-net-worth individuals as a preferred leisure activity. Yacht charters allow individuals to experience the luxury lifestyle without the steep costs associ
Read more

The Global Switchgear Market Growth Accelerated By Increased Demand For Switchgear From Renewable Energy Sector

Image
Switchgear Market   Switchgear equipment are devices consisting of circuit breakers, fuses or any other associated equipment used for operating, isolating, protecting and managing electricity distribution in an electrical power system. These equipment are used in transmission and distribution systems to control the flow of power and limit electrical currents. They protect circuits and equipment in the system by limiting electrical currents to safe levels in the event of a short circuit or any sudden overloading. The growing demand for ensured power supply across manufacturing industries and commercial spaces has been driving increased adoption of switchgear.   The global switchgear market is estimated to be valued at US$ 127.13 Mn in 2024 and is expected to exhibit a CAGR of 4.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.   Market Dynamics: One of the key drivers for the growth of the switchgear market has be
Read more