Bio-based Coatings Market to Witness Widespread Expansion During 2018 to 2028
Evolving concerns apropos of sustainability have induced a massive shift toward bio based alternatives, with bio-based coatings being one of them. The transition of paint and coatings industry toward bio-based coatings remains immensely influenced by environmental reasons and this transition is likely to scale new heights in the upcoming years. With increasing awareness in the society apropos of environmentally-responsible products, the sales of bio-based coatings is set to increase by a significant margin in the upcoming years. Development of green products in the paints and coatings industry is one of the megatrends fostering demand for bio-based coatings.
Low emissions with optimal performance has spurred the sales of bio-based coatings and this demand is not likely to decline anytime soon. Manufacturers of bio-based coatings are increasingly investing in research and development initiatives to foster product development in a seamless manner. Long term resolutions of substantial reduction of CO2 emissions is also one of the key driving forces boosting growth of bio-based coatings market. Manufacturers of bio-based coatings are also focusing on integration of latest technologies to enable product amelioration, which in turn will be a key contributing factor for the year-over-year sales growth of bio-based coatings.
The bio-based coatings are formulated with “green” chemicals and are subjected to low or zero VOC (Volatile Organic Compound) content. The shift of consumer behavior from the traditional coatings to the newer bio-based coatings can be credited to the advanced benefits of low VOC products. These benefits include low toxicity, low groundwater and ozone depletion pollutants, easy maintenance, low environmental impact, reduced odor, low carbon footprint and easy disposal.
Coupled with the awareness, various initiatives and regulations by several environmental agencies have been put into effect to safeguard public interest. Such policies make it mandatory for the producers to manufacture lower toxic products containing low VOC compounds.
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Growing environmental and health concerns demand the use of bio-based coatings for several applications. It has been observed that there is a cut down in the use of toxic or hazardous materials by the paints & coatings industry. This move is a result of the growing demands for the bio-based coatings from the end use industries. Also, as there is an increasing awareness among the manufacturers and the end users of bio-based coatings around the sustainable products and solutions, there is a wide scope for bio-based coatings in the near future. Out of the few industries, paints and coatings industry is largely driven by the regional and global regulations and this will widely influence the market dynamics of the bio-based coatings as it is a budding segment of the coatings industry. Presently, the increasing regulatory pressure on reducing the use of mineral oil based coatings, is one of the main drivers of bio-based coatings market. Green chemical technology is to play a bigger role in the development of bio-based coatings.
Rising awareness around issues like environment and health are pushing the demand for bio-based coatings with minimal or no solvent content but there are several hurdles to be overcome by the bio-based coatings sector, before it can compete with the petrochemical based coatings. For instance, lack of available infrastructure is one such challenge. On the economic front, the cost of renewable materials used is much higher as compared to the petrochemical products. But the shift of the consumer demands to the bio-based coatings and investments in finding cheaper and greener alternatives will prove to be beneficial in the future.
Currently, in the global coatings market, bio-based coatings account for a very small share. However, the volumes of bio-based coatings being used globally is rising and the demand is set to follow an upward trajectory. A higher share of bio-based coatings is being used in the paints, surface coatings and printing inks sectors. The recent investments in research and development prominently focuses on the use of green chemicals in the formulations of bio-based coatings. Projects such as European ECOBIOFOR (Ecopaint Bio-Based Formulations) aim toward bringing advancements in the production of bio-based coatings.
The bio-based coatings market can be segmented on the basis of area of application, VOC content, sector and end use industries.
On the basis of area of application, bio-based coatings can be segmented by:
- Internal application
- External application
On the basis of VOC content, bio-based coatings can be segmented into:
- Zero VOC (VOC content less than 5 grams per liter)
- Low VOC (VOC content less than 50 grams per liter)
- VOC absorbing
- Natural paints
On the basis of sector, bio-based coatings can be segmented as:
- Commercial sector
- Industrial sector
- Residential sector
On the basis of end use, bio-based coatings can be segmented by:
- Paints, coatings, adhesives and printing inks
Region wise, Asia Pacific is a big market accounting for a larger global share of bio-based coatings. Asia Pacific is followed by Europe and North America. Latin America and Middle East and Africa regions are observed to generate almost equal demand and the global scenario is expected to remain the same.
Asia Pacific, Latin America and Middle East and Africa are expected to show double digit growth rates in the bio-based coatings during the forecast period while Europe and North America will have a steady growth. Asia Pacific, Europe and Americas (North and Latin) are under vast corporate investments in the research and development to enable the cost effective production of bio-based coatings. North America and Europe will be at the forefront of bio-based coatings innovation while the mass production is expected to occur in the Asia Pacific region due to lower production costs.
List of Key Market Players:
- AURO Pflanzenenchemie AG
- Benjamin Moore & Co.
- Eco Safety Products
- BASF SE
- Cargill Incorporated
- Nippon Paint Holdings Co., Ltd.
- KCC PAINTS SDN BHD.
- NOROO Paint & Coatings Co.,Ltd.
- Reliance Industries Ltd.
- Japan Polypropylene Corporation
- I. du Pont de Nemours and Company
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