Low VOC Paint Market Size
| Study Period | 2018 - 2028 |
| Base Year For Estimation | 2022 |
| CAGR | > 6.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Low VOC Paint Market Analysis
The Low VOC Paint Market is expected to register a CAGR of more than 6.5% during the forecast period.
COVID-19 negatively impacted the market in 2020. However, the market was estimated to reach pre-pandemic levels and was expected to grow steadily in the future.
- The increasing awareness about the harmful effects of conventional paint is expected to drive the market's growth during the forecast period.
- On the other hand, the high cost of Low VOC paint compared to conventional paint is expected to hinder the market's growth.
- The increasing construction of green buildings (leed rating, gs), shift toward eco-friendly chemicals, and recycling of Low VOC pain will likely provide opportunities for the market studied during the forecast period.
- Asia-Pacific dominated the global market due to the surging demand from the architectural industry.
Low VOC Paint Market Trends
Increasing Demand from Architectural and Decorative Segment
Decorative paints help protect the surface from the impact of weather, make the surface waterproof, protect the surface from termite attacks, and increase surface durability, providing an aesthetic appeal to the building.
In addition, they offer protection from corrosion, bacteria, UV radiation, fungus, water seepage, and algae and enhance the structure's life.
The demand for Low VOC paints is dominated by the architectural and decorative industry, driven by the growing residential and commercial construction activities worldwide.
China's growth is fueled mainly by rapid residential and commercial building expansion. According to the world bank, China is encouraging and enduring a continuous urbanization process, with a projected rate of 70% by 2030.
Also, China's construction output is registering an upward trend. The country's construction output peaked in 2022 at about USD 4.64 trillion (31.2 trillion yuan). As a result, these factors tend to increase the market demand during the forecast period.
Such construction activities are expected to increase the demand, During the forecast period such as low-VOC paints.
Asia-Pacific Region to Dominate the Market
Asia-Pacific region dominated the global market share. With growing investment in residential and commercial construction in the countries such as India, China, the Philippines, Vietnam, and Indonesia, the market for low-VOC paints is expected to increase in the coming years.
According to National Development and Reform Commission, China's infrastructure investment increased by 8.7% year over year in the first 10 months of 2022, which is 0.1% more than in the first three quarters, thereby enhancing the demand for the studied market.
According to the China Association of Automobile Manufacturers (CAAM), China has the largest automotive production base in the world, with a total vehicle production of 27 million units in 2022, registering an increase of 3.4 % compared to 26 million units produced last year. Thus, providing a huge market for low-VOC paint in the automotive sector.
Furthermore, the Indian government is likely to invest around USD 1.3 trillion in housing over the next seven years. It is expected to see the construction of 60 million new homes.
Moreover, the Indonesian government has started a program to build about one million housing units across Indonesia, for which the government has allocated about USD 1 billion in the budget. Thus, boosting the market growth significantly.
Thus, the factors above are expected to drive the demand for low-VOC paints in the region during the forecast period.
Low VOC Paint Industry Overview
The Low VOC Paint Market is partially fragmented in nature. Some of the major players in the market include Akzo Nobel N.V., Asian Paints, BASF SE, Axalta Coating Systems, LLC, and The Sherwin-Williams Company, among others (in no particular order).
Low VOC Paint Market Leaders
BASF SE
The Sherwin-Williams Company
Akzo Nobel N.V.
Axalta Coating Systems, LLC
Asian Paints
*Disclaimer: Major Players sorted in no particular order
Low VOC Paint Market News
- February 2023: BASF introduced the 'Future of Work' strategy worldwide, creating an enabling collaborative and flexible working framework. In accordance with this, BASF South East Asia Pte. Ltd. has relocated its Singapore headquarters to Guoco Midtown, which integrates sustainable solutions. The office uses low volatile organic compound (VOC) paints with BASF's Acronal dispersion, melamine resin foam sound absorption panels produced from Basotect, a non-phthalate plasticizer, and flooring made from Hexamoll DINCH.
- August 2022: Arkema, a global leader in specialty materials for paints and coatings, launched SYNAQUA 9511, a new performance waterborne binder for use in formulating industrial paints with low VOC levels (150 g/l).
Low VOC Paint Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Awareness about Harmful Effects of Conventional Paint
4.1.2 Safe Disposal of Waste Products and Excess Paint
4.2 Restraints
4.2.1 High Cost in Comparison to Conventional Paint
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Type
5.1.1 Low-VOC
5.1.2 No or Zero VOC
5.1.3 Natural
5.2 Formulation Type
5.2.1 Water-borne
5.2.2 Solvent-borne
5.2.3 Powder
5.3 Application
5.3.1 Architecture and Decorative
5.3.2 General Industrial
5.3.3 Automotive OEM
5.3.4 Automotive Refinish
5.3.5 Marine
5.3.6 Consumer Durables
5.3.7 Other Applications
5.4 Geography
5.4.1 Asia-Pacific
5.4.1.1 China
5.4.1.2 India
5.4.1.3 Japan
5.4.1.4 South Korea
5.4.1.5 Rest of Asia-Pacific
5.4.2 North America
5.4.2.1 United States
5.4.2.2 Canada
5.4.2.3 Mexico
5.4.3 Europe
5.4.3.1 Germany
5.4.3.2 United Kingdom
5.4.3.3 France
5.4.3.4 Italy
5.4.3.5 Rest of Europe
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Rest of South America
5.4.5 Middle-East and Africa
5.4.5.1 Saudi Arabia
5.4.5.2 South Africa
5.4.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share(%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Akzo Nobel N.V.
6.4.2 American Formulating & Manufacturing
6.4.3 Arkema
6.4.4 Asian Paints
6.4.5 AURO
6.4.6 Axalta Coating Systems, LLC
6.4.7 BASF SE
6.4.8 Benjamin Moore & Co.
6.4.9 Berger Paints India Limited
6.4.10 BioShield Paint Company
6.4.11 Cloverdale Paint Inc.
6.4.12 Fine Paints of Europe
6.4.13 Jotun
6.4.14 Kalekim
6.4.15 Kansai Paint Co., Ltd.
6.4.16 Nippon Paint Holdings Co., Ltd.
6.4.17 PPG Industries, Inc.
6.4.18 The Sherwin-Williams Company
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Construction of Green Buildings
7.2 Shift toward Eco-friendly Chemicals
7.3 Recycling of Low VOC Paints
Low VOC Paint Industry Segmentation
Low VOC paints contain fewer Volatile Organic Compounds (VOC) or solvents than conventional coatings. As VOCs evaporate and release hazardous chemicals into the air, adopting low-VOC products is preferable for improving air quality and helping to increase environmental sustainability.
The Low VOC Paint Market is segmented by type, formulation type, application, and geography. By type, the market is segmented into Low VOC, No or Zero VOC, and Natural. By formulation type, the market is segmented into Water-borne, Solvent-borne, and Powder. By application, the market is segmented into Architecture and Decorative, General Industrial, Automotive OEM, Automotive Refinish, Marine, Consumer Durables, and Other Applications. The report also covers the market size and forecasts in 15 countries across major regions. For each segment, market sizing and forecasts have been done based on revenue (USD million).
| Type | |
| Low-VOC | |
| No or Zero VOC | |
| Natural |
| Formulation Type | |
| Water-borne | |
| Solvent-borne | |
| Powder |
| Application | |
| Architecture and Decorative | |
| General Industrial | |
| Automotive OEM | |
| Automotive Refinish | |
| Marine | |
| Consumer Durables | |
| Other Applications |
| Geography | |||||||
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Low VOC Paint Market Research FAQs
What is the current Low VOC Paint Market size?
The Low VOC Paint Market is projected to register a CAGR of greater than 6.5% during the forecast period (2023-2028).
Who are the key players in Low VOC Paint Market?
BASF SE, The Sherwin-Williams Company, Akzo Nobel N.V., Axalta Coating Systems, LLC and Asian Paints are the major companies operating in the Low VOC Paint Market.
Which is the fastest growing region in Low VOC Paint Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Low VOC Paint Market?
In 2023, the Asia Pacific accounts for the largest market share in the Low VOC Paint Market.
Low VOC Paint Industry Report
Statistics for the 2023 Low VOC Paint market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Low VOC Paint analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
