Bio-based Paints and Coatings Market Will Hit Big Revenues in Future
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 the latest market research report title “Bio-based Paints and Coatings Market By Resin Type (Alkyd Resin, Polyurethane Resin, Acrylic Resin, Others), By Application (Architectural, Automotive, Woodworking, Packaging, Others), By Region (North America, South America, Europe, The Middle East & Africa, Asia-Pacific)–Forecast to 2030″, published by MarkNtel Advisors, 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.
The data present in the report exhibit from the historic years (2019-22) and the base year (2023) to put together estimations for the forecast period (2024-30). In the study, our researchers put together reliable, unbiased, and accurate data to enlighten investors about fluctuations in the industry & anticipations on what to expect in the future. Since the industry is dynamic and highly fragmented, this report enables the prominent players to make strategic moves associated with their investments in the coming years.
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Global Bio-based Paints and Coatings Market Challenge:
High Production Cost & Capital Expenditure to Hinder Market Growth – Bio-based paints and coatings are considerably more expensive than their petroleum-based counterparts, which has been limiting its market competitiveness and creating a challenge for market players to penetrate price-sensitive markets across the globe. The higher price of bio-based paints and coatings is attributed to high production costs, arising from the limited availability of bio-based feedstock and high capital expenditure. Bio-based raw materials, such as plant oils and natural resins, have a restricted supply chain compared to the abundant availability of fossil-based alternatives. The restriction in the supply chain has been mainly due to limited production arising from agricultural limitations.
Furthermore, the limited availability of bio-based raw materials and the need to develop and scale up production processes using these feedstocks require substantial investments. This includes specialized equipment, research and development efforts, and infrastructure enhancements, all of which contribute to higher capital expenditures. Thus, the higher prices of bio-based options have affected their sales in certain price-sensitive markets such as Egypt, South Africa, the Philippines, Cambodia, etc.
Bio-based Paints and Coatings Market Segmentation
The Bio-based Paints and Coatings Market is highly robust and fragmented into numerous segments;
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
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Key Players Operating in the Bio-based Paints and Coatings Market: –
Cortec Coporation
-Business Description
-Product Portfolio
-Strategic Alliances or Partnerships
-Recent Developments
-Financial Details
-Others
Baril Coatings B.V.
-Product Portfolio
-Strategic Alliances or Partnerships
-Recent Developments
-Financial Details
-Others
Covestro AG
-Product Portfolio
-Strategic Alliances or Partnerships
-Recent Developments
-Financial Details
-Others
Industrias Químicas Masquelack, S.A.
-Product Portfolio
-Strategic Alliances or Partnerships
-Recent Developments
-Financial Details
-Others
Key Questions Answered:
- What is the projected CAGR of the Bio-based Paints and Coatings Market during the forecast period?
- Which segment is expected to lead the Bio-based Paints and Coatings Market?
- Who are the prominent players driving market growth?
Key Offerings:
- Market Share, Size, and Revenue Forecast
- Market Dynamics: Growth drivers, restraints, investment opportunities, and key trends
- Landscape: Leading key players and other prominent participants
About MarkNtel Advisors
MarkNtel Advisors is a leading research, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.
Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.
Using such information, our clients can identify attractive investment opportunities & strategize their moves to yield higher ROI (Return of Interest) through an early mover advantage with top-management approaches.
We understand the mounting & diverse needs of our clients. Hence, our analysts focus on emerging industries to provide services that fulfilled their assessment of the current & future industry potential, identify white spaces & hotspots, & venture into new geographies or business segments in the future.
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