According to Custom Market Insights (CMI), The Global Low VOC Paint Market size was estimated at USD 211.34 Million in 2021 and is expected to hit around USD 5188.95 Million by 2030, poised to grow at a compound annual growth rate (CAGR) of 5.8% from 2022 to 2030.
Low VOC paint contains a low or minimum amount of volatile organic compound. It is also considered a bio-based paint. It is a VOC solvent than traditional coatings. The paint won’t give off as much harmful gas as traditional paint because of low or minimum VOC. It should contain fewer than 50 grams of VOCs per litre. This paint is less harmful to the environment than traditional paint, due to which the market is overgrowing.
Browse the full “Low VOC Paints Market Size, Trends and Insights By Type (Low-VOC, No or Zero VOC, Natural), By Technology (Water borne, Solvent borne, Powder), By Application (Architecture and Decorative, General Industrial, Automotive OEM, Automotive Refinish, Marine, Consumer Durables, Other Applications), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” report at https://www.custommarketinsights.com/report/low-voc-paints-market/
Market Dynamics.
Drivers.
The growing trend of decorative infrastructure
Increasing demand from the architecture decorative trends is expected to act as one of the critical factors responsible for the growth of the global low VOC paints market. Low VOC paint is preferred over conventional coating materials due to their low volatile organic content, low toxicity, resistance to abrasion, and water retention capacity. As a result, low VOC paints are extensively used in the building infrastructure for interior and exterior protecting coating and decorative applications. According to an article published by the India Brand Equity Foundation, the paint market is expected to grow 20% annually in the next two years. These factors are anticipated to increase the demand for low-VOC paints in the architecture sector.
Restraints.
High price and entry of competitors
However, the production process for low-VOC paints is highly capital-intensive. In addition, fluctuation in raw material prices and sometimes unavailability of raw materials is expected to hamper the market.
In response to this, additional solvents and chemicals of low VOC paints may be toxic to people and the environment. This factor is expected to hamper the overall growth of the market.
Opportunities.
Robust demand for renovation activities
Furthermore, the growing trend of renovation activities based on modern theme infrastructure has surged the popularity of low VOC paints, which are used to decorate walls, aesthetically pleasing floors, and others. This factor is anticipated to increase the potential sales of low VOC paints, thus, offering the most lucrative opportunities for the market to grow.
Moreover, an increase in green building and construction activity has surged the popularity of low-VOC paints. In addition, the rapid shift toward eco-friendly chemicals and the recycling of low-VOC colors will likely provide the most lucrative opportunities for the market during the forecast period.
Challenges.
Higher-cost manufacturing process
Over the forecast period, low VOC paints lead to complexity in manufacturing requirements of huge capital expenditure, and expertise is expected to dampen the market. Furthermore, the availability of several substitutes over low VC paints is likely to act as a challenging factor during the forecast period.
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Report Highlights.
Based on type, the segment is low-VOC, no or zero VOC, and natural. It is expected that the global low VOC type segment to hold a dominant position during 2022 -2031 with a total share of 28.78%.
The emergence of high solid paints and coatings which produces no or low VOC has surged the popularity of low VOC paints. In addition, growing infrastructure activities in developed and developing economies have enhanced the need for low-VOC colors, which are extensively used in paints and coatings. In addition, advancements in technology, government support, and the initiation of bio-based paints have increased the demand for low-VOC paints. These factors are escalating the growth of low-VOC colors.
Depending upon the formulation type, the market is segmented into water-borne, solvent-borne, and powder. It is expected that the water-borne formulation type segment will be the dominant segment and account for a total share of 32.23% during the forecast period.
The water-borne type uses water as its solvent. It is eco-friendly and produces low fumes. In addition, it has a pleasant odor, which is widely used in painting. It contains filler, pigments, and binder, all dissolved in water. Their low level of volatile organic compound (VOC) made it a go-to paint after the new VOC regulations. This makes them environmentally friendly colors with minimal to zero harmful effects on your health. This factor is expected to act as one of the critical factors responsible for the growth of low-VOC paints in the upcoming years.
The global low VOC paint market is studied across architecture, decorative, general industrial, automotive OEM, automotive refinish, marine, consumer durables, and other applications. It is expected that the global architectural and ornamental segment will hold a dominant position from 2022 -2031 with a total share of 35%.
The growing population has surged the building and construction activities in developed and developing countries where low VOC paints are widely used to make attractive and aesthetically pleasing floors and walls. This factor is expected to increase the overall market growth in the upcoming years. Moreover, rising construction activities have also increased the demand for low-VOC paints owing to their eco-friendly, low toxicity, and sustainability. In addition, well-established auto components manufacturing plants have also enhanced the demand for low-VOC colors, which are used on auto components of the car as a coating and finishing agent.
Regional Snapshots.
Asia-Pacific is the dominant region in the low VOC paint market, with a total share of 36.89%. The utilization of low VOC paints has increased in the sectors such as building & construction, automotive, architecture and decorative, and other key market trends in the Asia-Pacific region. The building & construction sector is one of the booming sectors in the Asia-Pacific region owing to the rising population, increase in disposable income among people, and growing consumer demand for houses has surged the building and construction sector.
Key Players
- Benjamin Moore & Co.
- The Sherwin-Williams Company
- Akzo Nobel N.V.
- PPG Industries Inc.
- The Dow Chemical Company
- American Formulating & Manufacturing
- YOLO Colorhouse LLC
- Dunn-Edwards Corporation
- Wacker Chemie AG
- EcoProCote
- BASF SE
- Others
Table of Contents: https://www.custommarketinsights.com/report/low-voc-paints-market/#table-of-contents
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