The latest study from ResearchAndMarkets assesses the current status and the future prospects of the global bio-based coatings, adhesives, and sealants (CAS) market. It covers the volumes and the revenues generated from bio-based materials from 2017 to 2027. Revenues are recorded at the raw material (resins, pigments, solvents, and additives) level.
Over the past few years, the bio-based CAS market has been recording substantial growth due to the growing focus on sustainability among manufacturers, governments, and end-consumers. In addition, consumer preference for environmentally friendly and naturally sourced products is rising in several countries.
This is especially true in construction applications where indoor air quality concerns are on the rise and end-consumers are switching to healthier and cleaner CAS products.
The cost-performance index, however, remains a crucial part of the bio-based ecosystem. It is becoming increasingly important to identify and develop bio-based feedstock that can be directly used in a wide range of applications. Owing to minimal production changes, value-chain stakeholders are preferring drop-in substitutes.
Falling oil prices have also reduced the cost competitiveness of bio-based materials, but the growing scale of production will diminish costs in future.
For bio-based raw materials to replace existing chemical counterparts, the following aspects will remain imperative:
- Performance: Ease of processing and performance that is comparable to crude oil-based systems will remain crucial.
- Availability: Raw materials must be made available without interferences and be offered in small quantities, within reasonable time frames.
- Cost: In an optimum scenario, the costs of bio-based materials will match those of petrochemical-based derivatives. Raw materials will gain traction only when there is assurance that the prices of bio-based materials will match those of conventional raw materials when volumes increase.
Key issues addressed in the study:
- What stage is the market at? At what rate is it expected to grow during the forecast period?
- What are the growth opportunities for bio-based CAS products?
- How will the regulatory scenario shape the market?
- What are the key technological developments observed across the major segments?
- Which competitive factors impact the market? Which companies are expected to lead the market in future?
Currently, Europe is at the forefront in terms of the adoption of bio-based raw materials across a wide range of applications, but other countries are not far behind as government mandates for sustainability rise.