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Low VOC Paint Market - Growth, Trends, and Forecast (2020 - 2025)
The market is segmented by Type (Low-VOC, No or Zero VOC, and Natural), Formulation Type (Water-borne, Solvent-borne, and Powder), Application (Architecture and Decorative, General Industrial, Automotive OEM, Automotive Refinish, Marine, Consumer Durables, and Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa)
- ABOUT THIS REPORT
- Market Snapshot
- Market Overview
- Scope of the Report
- Key Market Trends
- Competitive Landscape
- Major Players
- TABLE OF CONTENTS
Market Snapshot
Study Period:
2016-2025
Base Year:
2019
Fastest Growing Market:
Asia Pacific
Largest Market:
Asia Pacific
CAGR:
6.5 %
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Market Overview
The low VOC paint market is expected to register a CAGR of over 6.5%, during the forecast period. The major factors driving the growth of the market studied are the growing awareness about harmful effects from conventional paints, and the safe disposal of waste products and excess paint. On the flipside, the high cost compared to conventional paint is hampering the growth of the market studied.
- The water-borne segment dominated the market. It is likely to grow during the forecast period, with growing awareness and demand for low VOC paints.
- The increasing construction of green buildings (leed ratings) shift toward eco-friendly chemicals, and recycling of low VOC paints are likely to provide opportunities for the market studied, during the forecast period.
- Asia-Pacific dominated the global market, owing to the surging demand majorly from the architectural industry.
Scope of the Report
The scope of the low VOC paint market report includes:
| 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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Key Market Trends
Architectural and Decorative Segment to Dominate the Market Demand
- Decorative paints help protect the surface from the impact of weather, make the surface waterproof, protect the surface from termite attacks, and increase the surface durability, in addition to providing an aesthetic appeal to the building.
- In addition, they offer protection from corrosion, bacteria, UV radiation, fungus, water seepage, and algae, as well as enhance the life of the structure.
- The demand for low VOC paints is dominated by the architectural and decorative industry, which is driven by the growing residential, as well as commercial construction activities across the world.
- Asia-Pacific and the Middle East & African regions have been witnessing strong growth in residential construction, due to huge domestic, as well as foreign investments for setting up industrial units, hospitals, malls, multiplexes, hotels and resorts, and the IT sector.
- Such construction activities are expected to increase the demand for low VOC paints, during the forecast period.
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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.
- Currently, there are numerous airport construction projects, either in the development or planning stage, in China. These include Beijing Capital International Airport, Chengdu Shuangliu International Airport, Guangzhou Baiyun International Airport, etc. Besides, the government rolled out massive construction plans, including making provision for the movement of 250 million people to its new megacities over the next 10 years.
- In India, the government’s target to invest USD 120.5 billion, for developing 27 industrial clusters, is expected to boost commercial construction.
- In Indonesia, the government planned to invest about USD 450 billion in the construction sector, by 2021, which is expected to boost residential construction in the country.
- Furthermore, countries, such as India, Indonesia, Malaysia, and Thailand, have been witnessing an increase in investment and production in the automotive industry, which may increase the consumption of low VOC paint in these countries.
- Thus, the aforementioned factors are expected to drive the demand for low VOC paints in the region, during the forecast period.
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Competitive Landscape
The low VOC paint market is partially fragmented in nature, where numerous players hold insignificant share of the market demand, to individually affect the market dynamics. Some of the noticeable players in the market include AkzoNobel NV, Asian Paints Ltd, BASF SE, Axalta Coating Systems LLC, and the Sherwin-Williams Company, among others.
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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
4.3 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
4.5 Regulatory Policy Analysis
5. MARKET SEGMENTATION
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 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 Asian Paints Ltd
6.4.4 Auro Pflanzenchemie AG
6.4.5 Axalta Coating Systems LLC
6.4.6 BASF SE
6.4.7 Benjamin Moore & Co.
6.4.8 Berger Paints India Limited
6.4.9 Bioshield Paint - Eco Design Co.
6.4.10 Cloverdale Paint Inc.
6.4.11 Eco Safety Products
6.4.12 Fine Paints of Europe
6.4.13 Jotun
6.4.14 Kalekim Chemicals Co. Inc.
6.4.15 Kansai Paint Co. Ltd
6.4.16 Nippon Paint Co. Ltd
6.4.17 PPG Industries Inc.
6.4.18 The Sherwin-Williams Company
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
*List Not Exhaustive
** Subject to Availability
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