Overview and Scope
Low VOC paint is a type of paint that contains lower levels of volatile organic compounds (VOCs) compared to traditional paints. VOCs are chemicals that evaporate at room temperature, contributing to indoor air pollution and harming human health and the environment. Low-VOC paint reduces the amount of volatile organic compounds, making it environmentally friendly and less harmful than traditional paints.
Sizing and Forecast
The low VOC paint market size has grown strongly in recent years. It will grow from $2.60 billion in 2023 to $2.82 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to stringent environmental regulations, increased media coverage, growth in demand for green building materials, rising urbanization, and increased awareness of indoor air quality.
The low VOC paint market size is expected to see strong growth in the next few years. It will grow to $3.97 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to growing environmental awareness, infrastructure development, expansion of end-use industries, market penetration and awareness campaigns, and increasing number of health problems. Major trends in the forecast period include shift towards waterborne formulations, preference for sustainable products, integration of advanced technologies, customized and personalized paint solutions, and product innovation and development.
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Segmentation & Regional Insights
The low VOC paint market covered in this report is segmented –
1) By Type: Traditional Spring Alkyd Paint, High Solid Alkyd Paint, Acrylic Latex Paint, Other Types
2) By Formulation Type: Waterborne, Solvent-Borne, Powder
3) By Application: Architecture And Decorative, General Industrial, Automotive Original Equipment Manufacturer, Automotive Refinish, Marine, Consumer Durables, Other Applications
Asia-Pacific was the largest region in the low VOC paint market in 2023. It is expected to be the fastest-growing region in the forecast period. The regions covered in the low VOC paint market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising construction activities are expected to propel the growth of the low VOC paint market going forward. Construction activities refer to the processes involved in building, renovating, or demolishing structures such as buildings, bridges, roads, and other infrastructure. Rising construction activities are driven by population growth, urbanization, infrastructure development, and increased investment in real estate. Low VOC paints are used in newly constructed buildings to enhance environmental sustainability and indoor air quality, offer environmentally friendly building materials, and meet the implementation of stricter regulations regarding air quality and emissions. For instance, in November 2023, according to the International Trade Administration, a US-based government agency, the construction industry grew by 0.4% in 2022 and by a 1.1% increase in 2023. Therefore, rising construction activities are driving the growth of the low-VOC paint market.
Key Industry Players
Major companies operating in the low VOC paint market are BASF SE, Mitsubishi Chemical Corporation, Sherwin-Williams Company, Asahi Kasei Corporation, PPG Industries Inc., Sika AG, AkzoNobel NV, Nippon Paint Holdings Co Ltd., Ace Hardware Corporation, Behr Process Corporation, Masco Corporation, Wacker Chemie AG, Axalta Coating Systems Ltd., Valspar Corporation, Asian Paints Ltd., Hempel A/S, Jotun Group , Benjamin Moore & Co., Kansai Nerolac Paints Ltd., Kelly-Moore Paint Company Inc., Cloverdale Paint Inc., Rodda Paint Company, Dunn-Edwards Corporation, Pratt And Lambert Paints, Dairen Chemical Corporation
The low voc paint market report table of contents includes:
1. Executive Summary
2. Low VOC Paint Market Characteristics
3. Low VOC Paint Market Trends And Strategies
4. Low VOC Paint Market – Macro Economic Scenario
5. Global Low VOC Paint Market Size and Growth
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32. Global Low VOC Paint Market Competitive Benchmarking
33. Global Low VOC Paint Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Low VOC Paint Market
35. Low VOC Paint Market Future Outlook and Potential Analysis
36. Appendix
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