Press Release Description

Construction Sector Transition to Sustainability to Augment the Global Bio-based Paints & Coatings Market

The Global Bio-based Paints and Coatings Market is projected to grow at a CAGR of around 9.4% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. Globally, the construction industry has been transitioning to sustainability due to issues, such as environmental concerns and government initiatives to combat climate change. The construction industry has increased its attention on innovation, sustainability, and the circular economy in countries like the UAE, Germany, Norway, Singapore, and others. This entailed the use of environment-friendly construction methods and selecting sustainable materials and technology, which has enhanced the need for bio-based paints and coatings across the construction sector.

Additionally, real estate investments are expanding throughout the Middle East and Asia-Pacific in industries like logistics, manufacturing, and retail, which subsequently would enhance construction activities. This when combined with the sustainable transformation of the construction industry in nations like Singapore, the UAE, Saudi Arabia, etc., is expected to increase demand for bio-based paints and coatings in the coming years as well.

Moreover, a lot of real estate investors and developers in Singapore, UAE, Saudi Arabia, etc., are now giving priority to green building certifications like LEED and BREEAM, which support sustainable building techniques. These certifications call for the usage of environment-friendly materials, such as bio-based Paints and Coatings, in order to satisfy their environmental requirements, which would significantly contribute to market growth throughout the projection period, further states the research report, “Global Bio-based Paints and Coatings Market Analysis, 2024.”

Segmentation Analysis

Acrylic Resin to Showcase High Growth Prospectus in the Global Bio-based Paints and Coatings Market

Based on the resin type segment, the market is further bifurcated into, Alkyd Resin, Polyurethane Resin, Acrylic Resin, Others (Polylactic Acid (PLA) Resins, Cellulosic Resins, etc.). In the market for bio-based paints and coatings, acrylic resin has experienced the most significant growth among the resin types mentioned as it offers superior performance qualities, such as good adhesion, durability, weather resistance, and color retention. Owing to this, paints and coatings made from these resins are frequently used in a variety of applications, including those in the industrial, automotive, and architectural fields.

Global Bio-based Paints and Coatings Market

Further, acrylic resin's superior adhesion to a variety of substrates, such as concrete, wood, and metal, has played a major role in its increased adoption in the construction industry. Moreover, many nations are currently looking to replace concrete with wood in buildings as part of the global effort to meet sustainability standards. Hence, the demand for paints containing acrylic resins is expected to increase in the coming years because they are ideal for use on wood surfaces.

Europe Flourishing Significantly in the Global Bio-based Paints and Coatings Market

Geographically, Europe has been at the forefront of sustainable practices and has implemented strict regulations and policies to promote environment-friendly products, including coatings. As a result, it had seen the highest demand for bio-based paints and coatings. The region places a lot of emphasis on lowering carbon emissions, improving resource utilization, and advancing circular economy ideas. Owing to this, bio-based paints and coatings are being used in a variety of industries, such as packaging, automotive, and construction across the region.

Additionally, the European Union (EU) has set forth its ambition to transition to circular economies in various sectors by 2050, with the automotive industry playing a leading role in this transformation. As a result, the demand for bio-based paints and coatings is expected to rise significantly in the coming years as well, especially from the automotive sector across the Europe.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including Akzo Nobel N.V., Industria Chimica Adriatica SpA, PPG Industries, Inc, Sherwin Williams Company, NIPSEA Group, Tremco CPG Inc., Cortec Corporation, Baril Coatings B.V., Covestro AG, Industrias Químicas Masquelack, S.A., and others are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends influencing the current scenario of the market?
  3. What key factors would propel and impede the industry across the globe?
  4. How has the industry been evolving in terms of geography & product adoption?
  5. How has the competition been shaping across various regions?
  6. How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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