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The low VOC paint market size is forecast to increase by USD 1.97 billion, at a CAGR of 4.5% between 2024 and 2028. The market is experiencing significant growth due to increasing regulations on high emissions of volatile organic compounds (VOCs) and the subsequent shift towards more eco-friendly and sustainable alternatives. This trend is further reinforced by the volatility in raw material prices, which is driving manufacturers to explore cost-effective solutions. The use of bio-based raw materials in the production of low VOC paints is gaining popularity, as it not only reduces environmental impact but also enhances product differentiation. The growing environmental and food and drug regulations are fostering the consumption of bio-based polymer paints in food packaging, consumer goods, and other products. Additionally, consumer awareness and demand for healthier indoor environments are fueling the market's expansion. Overall, the market is poised for continued growth as regulations become more stringent and eco-consciousness becomes a key purchasing factor.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The water borne segments is estimated to witness significant growth during the forecast period. Water-borne low VOC paints are formulated to contain a considerable amount of water as a solvent in the volatile compounds having zero VOC. The properties of water-borne paints are determined largely by the nature of the solvent and, on the application, give a thin continuous layer to a surface. It is widely used for decorative and protective applications and also depends on the surface to cover environmental conditions in service.
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The water borne segments accounted for USD 3.94 billion in 2018 and showed a gradual increase during the forecast period. Water-borne low VOC paints provide superior resistance to moisture and humidity and produce no or less odor during soldering. These paints do not emit heat during the curing process and are thus used to protect heat-sensitive automotive components. The numerous benefits, such as environmentally friendly and cost-effectiveness, offered by water-borne low VOC paints drive the growth of the market. The demand for water-borne low VOC paints is expected to increase during the forecast period. This will drive growth of this segment in global low VOC paint market during the forecast period.
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APAC is estimated to contribute 45% to the growth of the global market during the forecast period. Technavioâs analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC is expected to account for the major share of the global low VOC paint market during the forecast period, mainly due to the growth of industries, such as construction, automotive, and aerospace and defense, in the region. China, India, Japan, and Australia are the major contributors to the growth of the market in the region. Many automotive manufacturing companies are shifting their manufacturing bases to APAC, owing to the easy availability of low-cost labor. Countries such as Indonesia, Malaysia, and Thailand started providing tax subsidies to these companies. For instance, government initiatives such as Make in India, foreign direct investments (FDIs), funding, and loans are encouraging automotive manufacturers to invest and set up their manufacturing bases in India. Thus, the growth of the automobile sector, along with the growing economy and emerging middle class, will foster the growth of the low VOC paint market in APAC during the forecast period.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The architectural industry is increasingly embracing bio-based paints and eco-friendly chemicals as part of the green building movement. These innovations help mitigate volatile organic compounds (VOCs) and address issues such as ozone depletion and groundwater contaminants. Decorative trends are shifting towards aesthetically appealing and biobased paints that offer enhanced abrasion resistance and water retention capacity. In both residential construction and commercial construction, these interior and exterior coatings are preferred for their reduced toxicity and simplified cleanup. As the European construction sector adopts more green buildings, the demand for high-performance coatings rises. Conventional paints are being replaced by eco-friendly alternatives that align with green building standards and offer superior performance without compromising building infrastructure integrity. The shift also reflects the impact of raw ingredient prices on the adoption of more sustainable and decorative coats in various construction activities and vehicle production.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovatorâs stage to the laggardâs stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
3M Co.: The company offers low voc paint products such as spherical fillers.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
In the architecture and non-residential construction sectors, bio-based paints are becoming increasingly popular due to their reduced volatile organic compound (VOC) emissions and their alignment with recycling and renewable resources. Biobased alternatives utilize plant-based ingredients and zero-VOC paints to enhance surface protection and offer superior corrosion resistance, UV radiation protection, and fungus protection. Paint technology advancements also impact automotive OEM and automotive refinish applications, where performance enhancement and aesthetic appeal are crucial. Solvent-borne and resin type formulations, including finishing agents and sealing systems, are designed to improve water seepage resistance and algae resistance. As product adoption grows across consumer durables and auto components, the shift towards aesthetically pleasing and high-performance coatings reflects a broader trend towards healthier living environments and innovative automotive applications.
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Market Scope |
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Report Coverage |
Details |
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Page number |
146 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.5% |
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Market growth 2024-2028 |
USD 1.97 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.23 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 45% |
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Key countries |
US, China, Australia, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
3M Co., Aexcel Corp., Akzo Nobel NV, American Formulating and Manufacturing, Arkema Group., Asian Paints Ltd., Axalta Coating Systems Ltd., BASF SE, Berger Paints India Ltd, Berkshire Hathaway Inc., Cloverdale Paint Inc., Fine Paints of Europe, Indestructible Paint Ltd., Jotun AS, Kansai Paint Co. Ltd., NEI Corp., Nippon Paint India Pvt. Ltd., PPG Industries Inc., Teijin Ltd., and The Sherwin Williams Co. |
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Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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