With growing concerns about the sustainability, there is remarkable shift among major sectors across the globe using bio-based alternatives. This situation has resulted into increased demand among many industries such as paint and coatings for bio-based coatings. Therefore, the global bio-based coatings market is estimated to experience prominent growth opportunities in the forthcoming years.
TMR’s upcoming research report on the bio-based coatings market provides complete study of important factors such as growth opportunities, restraints, drivers, and challenges in the market. Apart from this, the study provides dependable data on shares, volume, and revenues of the market for bio-based coatings. Thus, the report works as a helpful tool to gain reliable data on the bio-based coatings market during the forecast period of 2020 to 2030.
The study performs segmentation of the global bio-based coatings market based on many vital factors including resin type, application, and region. Based on resin type, the market for bio-based coatings is classified into urethane, alkyds, acrylic, polyester, epoxy, and others.
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The global bio-based coatings market is estimated to show prodigious growth during the assessment period of 2020 to 2030. One of the key reasons attributed to this growth is growing application of bio-based coatings in a wide range of end-use industries such as wood, automotive, building and construction, paper, and food packaging. This aside, the growing pressure from government authorities to reduce the use of mineral oil-based coatings is likely to boost the growth of the global bio-based coatings market in the upcoming years.
In recent years, there is noteworthy increase in health and environmental concerns. This situation has resulted into significant growth in demand for bio-based coatings for many applications. At the same time, there is noteworthy decline in the utilization of hazardous or toxic materials in the paints and coatings industry. These factors are working in favor of the global bio-based coatings market.
There is increased awareness among producers and end users of bio-based coatings about the sustainable products and solutions. This factor is estimated to generate promising demand for bio-based coatings in the upcoming years. Thus, the global bio-based coatings market is predicted to grow at rapid pace during the forecast period of 2020 to 2030.
The competitive landscape of the global bio-based coatings market is highly intense due to presence of many active players in it. To sustain in this competition, players are utilizing several strategic moves. Major vendors operating in the global bio-based coatings market are investing heavily in research and development activities. This move is helping them in boosting their production capabilities. This aside, many players are pouring efforts to incorporate advanced technologies to achieve superior quality of their products. All these activities are indicative of the expansion of bio-based coatings market at superlative pace.
The list of key players in the global bio-based coatings market includes:
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On regional front, the bio-based coatings market shows presence in many regions such as North America, Europe, South America, Asia Pacific, and the Middle East and Africa. Among all geographical regions, the market for bio-based coatings is estimated to gain lucrative avenues in Asia Pacific. Key reasons attributed to this situation is increased research and development activities to achieve the production of bio-based coatings in cost-effective manner.
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