Global Low VOC Paints and Coatings Market Introduction
Increase in regulatory pressure and growth in public awareness regarding environmental effects and health issues have created greater demand for low VOC paints and coatings, which has led to the development of low-solvent or solvent-free water-based decorative paints and coatings. The low VOC paints and coatings use water as a carrier instead of petroleum solvents.
In some cases, specialised solvents, such as de-aromatized (aromatic content less than 1%) solvents, are also used to reduce the volatile organic content in low VOC paints and coatings. Exposure to toxic paints and coatings fumes released during application and drying has led to a severe health problems such as asthma & other allergies.
Thus, there has been significant growth in the demand for low VOC paints and coatings. Paints and coatings with VOC content less than 5 grams are often referred to as zero VOC paints and coatings.
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Global Low VOC Paints and Coatings Market Dynamics
Low VOC Paints and Coatings Market Drivers
Stringent regulations by the government and environmental agencies regarding the emission of harmful VOCs has encouraged manufacturers to focus on the development of alternative solutions, i.e. low VOC paints & coatings and conventional oil-based or hydrocarbon solvent-based paints & coatings.
The emission of harmful VOCs has resulted in an increase in the number of health problems such as asthma, allergies and other breathing problems. This is driving the demand for low VOC paints and coatings.
Increase in awareness among the consumers and the ongoing technological advancements has also created an upsurge in the demand for low VOC paints and coatings. As a result, there have been significant investments for the research & development of low VOC paints & coatings.
Low VOC Paints and Coatings Market Restraints
One of the major challenges faced by the global low VOC paints and coatings market is the high cost associated with the manufacture of low VOC paints and coatings. The specialised solvents used in low VOC paints and coatings are priced at a much higher price as compared to the conventionally used hydrocarbon solvents.
Manufacturers have been struggling with three parameters: stable pricing, improved functionality and green chemistry in the low VOC paints & coatings, and achieving a balance has been a challenge for the market players in the low VOC paints and coatings market.
Moreover, another challenge faced by low VOC paints and coatings applications is their performance when used on surfaces such as wood and other material in which they have shown insufficient adhesion to the surface.
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Low VOC Paints and Coatings Market Trends
Manufacturers are focusing on the development of low VOC paints and coatings that are at par with conventional oil-based or solvent-based paints and coatings in terms of performance & parameters such as adhesion, hardness and block resistance. These coatings are also available in a variety of colours with stain and gloss sheens.
Manufacturers are also focusing on the development of low VOC paints and coatings that have similar a finish to conventionally used oil-based paints with good levelling capacity.
To meet the growing demand for advanced paints and coatings, manufacturers are focusing on the development of bio-based versions of paint & coating chemicals and other chemical compounds that can be widely deployed across the paints and coatings industry to cater to the growing demand.
Manufacturers are also ensuring that there are proper supply chains for the distribution of low VOC paints & coatings and are strategically expanding their production plants as well as focusing on reducing the cost of low VOC paints and coatings.
Moreover, the popularity of low VOC paints and coatings has increased among those who like to DIY.
In terms of regional perspective for the low VOC paints and coatings market, North America and Europe are projected to hold a relatively higher share of the global low VOC paints and coatings market. This can be attributed to the stringent regulations for the manufacture of low VOC paints & coatings and the limited usage of certain chemicals in decorative paints and others. Consumers in these regions are also more aware of the importance of non-toxic and green households.
Regions such as APAC are expected to witness relatively higher growth rate in the global low VOC paints and coatings market due to the rapid development of the paints and coatings industry in countries such as China and India owing to the rapid development of the construction sector due to urbanisation, industrialisation and infrastructural developments.
Regions such as Latin America and MEA are projected to hold a smaller volume share in the global low VOC paints and coatings market, however, they are projected to witness sound growth over the forecast period. The Japan low VOC paints and coatings market is also projected to expand at moderate CAGR over the forecast period.
Global Low VOC Paints and Coatings Market Participants
Examples of some of the market participants identified across the value chain of the global low VOC paints and coatings market are:
- 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
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