Paints & coatings are applied on a surface of an object for protection, decoration or other purposes. According to the European Commission, paint is defined as a pigmented coating material. Conventional paints & coatings are manufactured using synthetic chemicals, while bio-based paints & coatings are made from bio-based materials such as vegetable oils & natural pigments. Companies are adopting bio-based paints & coatings owing to various advantages offered by bio-based paints & coatings. Greenhouse gases emitted during production of bio-based paints & coatings are lower than synthetic paints & coatings. Synthetic paints & coatings contain solvents which are made from volatile organic compounds (VOCs). VOCs have negative impact on human health and also contribute to climate change whereas bio-based paints & coatings contain fewer VOCs or zero VOCs.
Regulations imposed on the limited use of volatile organic solvents for manufacturing of paints & coatings have encouraged manufacturers to develop new technologies in paints & coatings market. Manufacturers are focused on producing new coatings that meet the performance expectations and also the stringent environmental regulations. For instance, the U.S. Environmental Protection Agency (EPA) through National Volatile Organic Compound Emission Standards for Architectural Coatings aims to limit the Volatile Organic Compounds (VOCs) emissions from the use of architectural coatings. The rule is estimated to reduce VOC emissions by 113,500 tons per year. This factor is expected to drive market growth of the bio-based paints & coatings.
Companies are investing in R&D to develop innovative products which have resulted in substantial growth of the bio-based paints & coatings market. For instance, in 2017, PPG Industries, Inc. launched a new bio-based wall paint, Sigma Air Pure, for consumer and professional markets. The new paint is developed by using DSM’s Decovery bio-based resin technology. The Decovery resins are made by using renewable sources such as starch from corn, sugar, natural oils, and agricultural waste.
Among regions, Asia Pacific is expected to be fastest-growing region in bio-based paints & coating market over the forecast period. Increasing government investments in developing corporate and commercial infrastructures is expected to potentially drive demand for decorative paints. This in turn is expected to drive market growth of the bio-based paints & coatings market. For instance, the Indian government has decided to increase investments in the infrastructure sector. For example, in 2015, the Indian Ministry of Road Transport, Highways and Shipping announced a target of US$ 376.53 Bn investment in infrastructure sector by 2018. This, in turn, creates a highly conducive environment for growth of the bio-based paints and coatings market.
Major players operating in the bio-based paints & coatings market include Sherwin-Williams Company, Produits MAULER, Derivery Sas, SCSO UNIKALO, AURO Pflanzenenchemie AG, PPG Industries, Inc., Eco Safety Products, Ralston Colour & Coatings, NDUSTRIA CHIMICA ADRIATICA SpA, and Tikkurila Oyj.
Players operating in the bio-based paints & coatings market are adopting strategies such as product development in order to expand their product portfolio and increase their market presence. For instance, in October 2018, Tikkurila Group launched Alcro A1, a new eco-labeled interior wall paint in Sweden. The product is made by using bio-based ingredients. The product will help the company to expand its product portfolio in bio-based paints & coatings market.
On the basis of application, the bio-based paints & coatings market is segmented into:
On the basis of region, the bio-based paints & coatings market is segmented into: