Global Low VOC Paints and Coatings Market is segmented by Formulation (Water-Borne, Solvent Borne, Powder), by Application (Architectural Coatings, Wood Coatings, Marine Coatings, Automotive Coatings, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029
[195 Pages Report] The Global "Low VOC Paints and Coatings Market" is expected to grow at a high CAGR during the forecasting period (2022-2029).
- Low VOC paints are those that contain fewer “Volatile Organic Compounds” (VOC) or VOC Solvents than traditional coatings.
- The VOC solvents act to slow the initial drying by maintaining a “wet edge” which gives a longer time to work with the product.
By Formulation, By Application, And By Region
Report Insights Covered
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights.
Fastest Growing Region
Largest Market Share
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Drivers & Restraints
- The high demand for architectural coatings in the world is driving the market for low VOC paints and coatings market. The need for architectural coatings is expected to increase in the next few years because of an increase in civil construction activities across the globe and increased investment in the maintenance and repair of existing buildings.
- The market is expected to grow significantly during the forecast period primarily because of increased demand from emerging markets such as APAC.
- Also, the recovery of the global housing market has contributed to a rise in demand for architectural coatings. The market is expected to witness strong growth during the forecast period, with revenue posting a higher CAGR than consumption volume.
- Prices of architectural coatings will rise at a steady pace, with high-value applications such as facade coatings contributing substantially to revenue growth. Premium products are likely to be preferred in developed regions such as North America and Western Europe.
- However, the increasing disposable income of consumers in emerging markets and a growing need for durable architectural coatings that reduce the frequency of renovation suggest that the uptake of premium products will be higher than in the previous five years.
- The low-cost and high-performance architectural coatings that are offered by several regional vendors will also be in considerable demand.
- An increase in consumer spending on home improvement and remodeling projects is the key factor providing growth impetus for the consumption of architectural coatings by the residential end-user segment.
- The demand for architectural coatings among DIY consumers is unusually high in Western economies, with organized big-box retailers catering to this demand.
- However, in a few non-Western and developing economies, DIY projects are yet to gain prominence. Lack of consumer confidence in the fragmented retail industry in emerging economies is a significant factor affecting the taking on of DIY projects by consumers.
Market Segment Analysis
- The global Low VOC Paints and Coatings market report segments the market by formulation and application. The formulation segment includes waterborne coatings, solvent-borne coatings, and powder coatings.
- The water-borne segment dominated the global low VOC paint market with a share of about 65%, whereas, the powder segment was estimated to register the highest CAGR over the forecast period.
- Water is used as a dispersal agent for the resin of waterborne coatings, thereby making them environmentally friendly and easy to use.
- Water constitutes around 80% of the volume of the paint, with traces of other solvents, such as glycol ethers. Because of their VOC content, these coatings are gaining wide application in the US and Western Europe. Waterborne coatings consists of 50%, 45% solids, and 5% co-solvents. They are primarily used in the architecture, automotive, and general industrial industries.
- Rising awareness toward eco-friendly products has increased the usage of waterborne coatings as they contain less VOC and HAP content.
- Government regulations for the development of infrastructure are expected to increase the usage of waterborne coatings worldwide.
- The Clean Air Act in the US of 1990 makes it compulsory to reduce the VOC and HAP content levels in paints and coatings.
- Also, the properties that waterborne coatings possess and the growing consumer preference for eco-friendly products will help the market growth during the forecast period.
- The report segments the market by geographic region which includes North America, South America, Europe, Asia-Pacific, and RoW. The APAC region is expected to be the fastest-growing region in the global low VOC paints and coatings market during the forecast period.
- Rapid industrialization and the flourishing automotive industry, especially in countries such as China and India, will drive the demand for the market in the region. The top players in the market include Akzo Nobel, Asian Paints, Nippon, and Berger Paints, accounting for market shares of 15%, 10%, 13%, and 4%, respectively. The following factors are affecting the growth of the low VOC paints and coatings industry in APAC:
- The global low VOC paints and coatings market is fragmented with the presence of many global and regional vendors. The demand for these coatings, especially in developing markets such as APAC, has spurred the growth of several new entrants, especially domestic vendors.
- Such domestic or regional vendors often provide high competition because of their strong customer relationships and the provision of low-cost, high-performance products.
- There is high competition between AkzoNobel and PPG, with each company making concerted efforts to capture a greater market share. Other prominent players included in the report are Axalta Coating Systems LLC, Benjamin Moore & Co., Berger Paints India Limited, Safety Products, Kansai Paint Co. Ltd, The Sherwin-Williams Company, Dunn-Edwards Corporation, Fine Paints of Europe, and American Formulating & Manufacturing.
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What is the Growth Rate of the Low VOC Paints and Coatings Market?
Grow at a high CAGR during the forecasting period (2022-2029).
What Companies Are Included in the Low VOC Paints and Coatings Market?
Axalta Coating Systems LLC, Benjamin Moore& Co, Berger Paints India Limited, Safety Products, Kansai Color Co. Ltd., Sherwin Williams Organization, Dunn Edwards Corporation, Fine Colour of Europe and American Creating Manufacturing are within the report.