Bio-Based Coatings Global Market Report 2024

Bio-based coatings are coatings derived from biomaterials, reducing reliance on scarce fossil resources. These coatings contribute to addressing social challenges and can support rural development and employment. They serve as raw materials for producing bio-based solvents, including resins, additives, and pigments made from renewable sources.

There are various types of bio-based coatings, such as ester solvents, d-limonene, alcohols, glycols and diols solvents, among others. Ester solvents, for instance, are chemical compounds with at least one acid, where the hydroxyl group has been replaced with a -o-alkyl (alkoxy) group. These solvents have applications in corrosion-prevention paints, caffeine extraction, and lacquer production. VOC content in coatings is categorized into zero VOC (less than 5 grams per liter), low VOC (less than 50 grams per liter), and VOC-absorbing, with applications in decorative paints, transportation, industrial coatings, automotive refinishing, wood coatings, marine coatings, coil coatings, packaging coatings, and more. These coatings find use in the commercial, industrial, and residential sectors, covering internal and external applications.

The bio-based coating market research report is one of a series of new reports that provides bio-based coating market statistics, including bio-based coating industry global market size, regional shares, competitors with a bio-based coating market share, detailed bio-based coating market segments, market trends and opportunities, and any further data you may need to thrive in the bio-based coating industry. This bio-based coating market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The bio-based coatings market size has grown rapidly in recent years. It will grow from $8.57 billion in 2023 to $10.05 billion in 2024 at a compound annual growth rate (CAGR) of 17.4%. The growth observed in the historic period can be attributed to factors such as infection prevention, biocompatibility, advancements in drug delivery, performance enhancement, and adherence to regulatory compliance.

The bio-based coatings market size is expected to see rapid growth in the next few years. It will grow to $18.19 billion in 2028 at a compound annual growth rate (CAGR) of 16.0%. The anticipated growth in the forecast period can be attributed to advancements in nanotechnology, the adoption of minimally invasive surgery, the implementation of remote monitoring, the rise of personalized medicine, and the utilization of biodegradable solutions. Notable trends expected in the forecast period encompass antimicrobial coatings, drug-eluting coatings, biocompatible coatings, hydrophilic coatings, and anti-adhesion coatings.

The growth of the bio-based coatings market is anticipated to be propelled by increasing awareness in society regarding environmentally responsible products. Products considered environmentally friendly are those that contribute to less environmental degradation, particularly during their production. In the context of bio-based coatings, these are utilized in paper packaging products, such as paper cups and plates, contributing to the creation of waterproof, sustainable, recyclable, compostable, and biodegradable items. A study conducted in October 2021 by First Insight, a global experience management platform in collaboration with the Baker Retailing Center at the Wharton School of the University of Pennsylvania, revealed that 90% of Gen X consumers were willing to pay an extra 10% or more for sustainable products in 2021, compared to just over 34% in 2020. This demonstrates the increasing preference for environmentally responsible products and the potential for driving the growth of the bio-based coatings market.

The surge in the popularity of electric vehicles is expected to further boost the bio-based coating market. Electric vehicles (EVs) are becoming increasingly popular, and manufacturers of these vehicles are actively seeking sustainable and eco-friendly materials for various components, including coatings. Bio-based coatings, being derived from renewable resources, align with the eco-conscious image of electric vehicles. According to a report from the US Department of Energy in March 2022, electric vehicle sales increased by 85% between 2020 and 2021, with the number of new light-duty plug-in electric vehicle sales nearly doubling from 308,000 in 2020 to 608,000 in 2021. The surge in electric vehicle popularity offers a significant opportunity for the bio-based coating market to cater to the evolving needs of the automotive industry.

In response to the growing market demand, major companies operating in the bio-based coating market are developing innovative products such as food packaging coatings. These coatings, applied to the surfaces of food packaging materials, serve various protective, functional, and aesthetic purposes. For example, Melodea Ltd., an Israel-based coating producer, launched MelOx NGen in July 2023 - a new bio-based food packaging coating. This product, derived from plants and composed of water-based materials, is designed to be applied as a coating on the interior surfaces of various types of plastic food packaging. It offers an eco-friendly and economical alternative to petroleum-based Ethyl Vinyl Alcohol copolymers (EVOH) commonly used in food packaging. MelOx NGen contributes to sustainable practices in consumer packaged goods (CPG) packaging, aligning with the growing demand for environmentally friendly solutions.

Major companies within the bio-based coating market are innovating and introducing new products, such as bio-based monomer coatings, to cater to broader customer bases, increase sales, and drive revenue growth. Bio-based monomer coatings are derived from renewable and sustainable sources, such as plant-based or bio-derived feedstocks. A notable example is BASF, a Germany-based chemical company, which launched bio-based 2-Octyl Acrylate in September 2023. This product stands out due to its balanced solvency, offering a viable bio-based alternative to fossil-based monomers like 2-Ethylhexyl Acrylate (2-EHA) and n-Butyl Acrylate (BA). The 2-Octyl Acrylate is suitable for use in adhesive formulations and coating applications, demonstrating enhanced scrub resistance in coatings, shear resistance in adhesives, and exceptional weather resistance. BASF's 2-Octyl Acrylate is recognized for its exceptional purity, ensuring consistently high quality, low volatile organic compounds (VOC), and providing customers with flexibility across a wide range of applications.

In February 2021, PPG, a US-based manufacturer of paints, coatings, and specialty materials, strategically expanded its capabilities in the bio-based coatings market through the acquisition of VersaFlex for an undisclosed amount. VersaFlex, based in Kansas, is a protective coatings provider specializing in polyurea, epoxy, and polyurethane coatings for various applications, including industrial, flooring, transportation infrastructure, and water and wastewater infrastructure. This acquisition positions PPG to focus on and strengthen its offerings in bio-based coatings, aligning with the market trends and demands for sustainable and environmentally friendly coating solutions.

Major companies operating in the bio-based coatings market include AURO Pflanzenenchemie AG, Benjamin Moore & Co., Eco Safety Products, BASF SE, Cargill Incorporated, AkzoNobel N.V., PPG Industries Inc., RPM International Inc., The Sherwin-Williams Company, Nippon Paint Holdings Co. Ltd., Stora Enso OYJ, BioShields, KCC Paints Sdn Bhd, NOROO Paint & Coatings Co.Ltd., Reliance Industries Ltd., Japan Polypropylene Corporation, Jiangsu Heshili New Material Co. Ltd., Lotte Chemical Corporation, SK Chemicals Co. Ltd., Polyplastics Co. Ltd., Sumitomo Chemical Co. Ltd., Asahi Kasei Corporation, Axalta Coating Systems, Behr Paint Co., Hempel A/S, Jotun A/S, Kansai Paint Co. Ltd., Tikkurila Oyj, Valspar Corporation, Bollom Fire Protection, Chugoku Marine Paints Ltd., Cloverdale Paint Inc., Diamond Vogel Inc.

North America was the largest region in the bio-based coating market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bio-based coating market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the bio-based coating market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

The bio-based coatings market consists of sales of limonene, ethanol, glycerol, and 2-methyltetrahydrofuran (2-MeTHF). Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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