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This Frost & Sullivan study assesses the current status and the future prospects of the global bio-based coatings, adhesives, and sealants (CAS) market. It discusses 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. Europe is at the forefront in terms of the adoption of bio-based raw materials across a wide range of applications; for example, the Dutch and the Swiss Governments encourage the production of bio-based materials through environmental labeling systems and public tenders for raw materials. In addition, consumer preference for environmentally friendly and naturally sourced products is rising in several countries, including Germany, France, Italy, and Scandinavia. This is especially true in construction applications where indoor air quality concerns are on the rise; therefore, end consumers are switching to healthier and cleaner CAS products.The cost-performance index, however, remains a crucial part of the bio-based ecosystem, and it is becoming increasingly important to identify and develop bio-based feedstock that can be directly used in a wide range of applications (this will minimize technical hurdles and processing difficulties). Owing to minimal production changes, value chain stakeholders are preferring drop-in substitutes. Falling oil prices have reduced the cost competitiveness of bio-based materials; however, the growing scale of production will diminish costs in future. For bio-based raw materials to replace existing petrochemical 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 to the human or the animal food chains; if raw materials are available in small quantities, initially, it is important to have a clear plan to quickly upscale to large quantities within a defined timeframe.• Price: In an optimum scenario, the prices 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
Author: Janani Balasundar
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