The bio-based coating materials are eco-friendly which plays an important role in coating and sustainability. The increase in the use of green products in coating industry is one of the megatrends forecasting demand for bio-based coatings over the forecast period. The bio-based coatings are categorized into internal applications, as well as external applications.
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The increase in demand for bio-based coating materials in various end use industries such as Automotive, Wood, Paper, Building & Construction, Food Packaging, and Others is the key driving factor which expected to boost the global bio-based coatings market growth. Furthermore, the increase in industrialization, infrastructure development, and urbanization will positively influence the market growth over the forecast period. Also, the rise in government initiatives will fuel the global bio-based coatings market growth. Moreover the rise in demand from end use industries in developing countries is anticipated to drive the regional market growth in near future. In addition to that, growing building and construction sector in emerging economies is expected to support the bio-based coatings market growth during this forecast timeline.
Availability of alternatives is the major restraint which is expected to hinder the global bio-based coatings market growth over the forecast period.
The Global Bio-Based Coatings Market is segmented into application such as internal application, and External application, by VOC Content such as Zero VOC, Low VOC, VOC Absorbing, and Natural Paints. Further, market is segmented into end use such as Automotive, Wood, Paper, Building & Construction, Food Packaging, and Others.
Also, Global Bio-Based Coatings Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
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Market Key Players
Some key operating players are discussed in global bio-based coatings market report such as BASF SE, AURO Pflanzenenchemie AG, Benjamin Moore & Co., Cargill Incorporated, BioShields, Nippon Paint Holdings Co., Ltd., NOROO Paint & Coatings Co.,Ltd, Reliance Industries Ltd., I. du Pont de Nemours and Company, etc.
However, the global bio-based coatings market is quite fragmented and it is a tough competition which is going on, owing the presence of various established names vying for the top position. The target market is also witnessing an ingress of new entrants who are posing challenges to established names with tactical moves like product innovation & new product portfolios. Major companies are countering these challenges by having their own collaboration, merger, acquisition, and other strategies. The global bio-based coatings market report is also keeping an eye on the geographies to understand demographical features.
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