The global low VOC paint market size was USD 9.12 Billion in 2022 and is likely to reach USD 15.73 Billion by 2031, expanding at a CAGR of 6.40% during the forecaast period, 2023–2031. The growth of the market is attributed to increasing awareness about harmful effect from conventional paints.
The low VOC paints contains a less volatile organic compounds or VOC solvents than the traditional paints. The low VOC paints are used mainly in construction and automotive sector. Volatile organic compounds are emitted gases by various liquids and solids. The low VOC paints enhance indoor air quality and reduce urban smog. The characteristics of the low VOC paints offers such as protection from bacteria, corrosion, fungus, UV radiation and as well as excellent durability and a washable finish.
The Covid-19 pandemic affected the demand and supply of low VOC paints market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Low VOC Paint Market Trends, Drivers, Restraints, and Opportunities
- Changing preference towards eco-friendly chemicals and recycling of low VOC paints in the construction of green building is estimated to drive the market during the forecast period.
- The increasing demand of low VOC paints for architectural and decorative industry is projected to fuel the market.
- Increasing investment of government in the construction sector is expected to boost the low VOC paint market during the forecast period.
- The production cost of low VOC paints is high than the conventional paints. This is hampering the market.
- An imbalanced supply and demand of raw material is negative impact on the low VOC paint market.
- The research and development in the low VOC paints for reducing cost is fueling the market during the forecast period.
Scope of Low VOC Paint Market Report
The report on the low VOC paint market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Low VOC Paint Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Low-VOC, No or Zero VOC, and Natural), Formulation Types (Water-borne, Solvent-borne, and Powder), Applications (Architecture & Decorative, General Industrial, Automotive OEM, Automotive Refinish, Marine, and Consumer Durables)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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BASF SE; Asian paints Ltd; Axalta Coating System LLC; AkzoNobel NV; The Sherwin-Williams Company
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Low VOC Paint Market Segment Insights
Type Segment Analysis
Based on types, the low VOC paint market is segmented into low-VOC, no or zero VOC and natural. The low VOC segment is expected to grow at a rapid pace during the forecast period because of the increasing demand in the architecture and construction sector.
Formulation Types Segment Analysis
On the basis of formulation types, the market is segregated into water-borne, solvent-borne, and powder. The water-borne segment is projected to expand at a considerable CAGR during the forecast period due to growing awareness and demand of low VOC paints.
Applications Segment Analysis
Base on applications, the low VOC market is segmented into architecture & decorative, general industrial, automotive OEM, automotive refinish, marine, and consumer durables. The architectural & decorative segment is anticipated to register significant market share during the forecast period because the low VOC paints helps to protect from weather, termite attacks, make the surface waterproof, and increase the surface durability.
On the other hand, the automotive OEM segment is anticipated to account for a major market share during the forecast period due to increasing investment and consumption of low VOC paints in the automotive industries.
Regional Analysis
In terms of regions, the low VOC paint market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia pacific is expected to constitute a key market share during the projected period owing to increasing investment in commercial and residential construction. In China numerous airport construction projects are on development or planning stage. In India, government targeted to invest USD 120.5 billion for developing 27 industrial clusters, which is estimated to boost the market during the forecast period.
Segments
The low VOC paint market has been segmented on the basis of
Types
- Low-VOC
- No or Zero VOC
- Natural
Formulation types
- Water-borne
- Solvent-borne
- Powder
Applications
- Architecture & Decorative
- General Industrial
- Automotive OEM
- Automotive Refinish
- Marine
- Consumer Durables
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Some of the key players competing in the low VOC paint market include BASF SE; Asian paints Ltd; Axalta Coating System LLC; AkzoNobel NV; The Sherwin-Williams Company. These key players are constantly implementing several marketing strategies such as merger & acquisitions, capital investments, partnerships, and new product development to sustain industry position in the market.