The global bio-based and low VOC paints market is expected to witness brisk growth owing to rising environmental concerns over the forecast period. Customer preferences have shifted towards products with low volatile organic compound content due to several reasons such as low toxicity, low environmental impact, and easy maintenance.
Several government initiatives as well as regulations set up by environmental agencies to safeguard public interests are presumed to aid the global bio-based and low VOC paints market in the near future. These regulations mandate companies to produce low toxic products that contain low VOCs from natural sources.
These bio-based and low VOC products have several benefits over the conventional substitutes. These advantages include reduced toxicity, low groundwater & ozone depletion contaminants, easier maintenance, low odor, and simplified cleanup & disposal. Such favorable advantages coupled with low environmental impact have resulted in shifting customer preferences towards bio-based non-toxic paints.
This product finds applications in both internal and exterior environments. Internal applications account for a higher share in the global bio-based and low VOC paints market. Internal applications include indoor painting applications for houses and residences. External applications include protective coatings for building. Growing urbanization and increasing standards of living, coupled with rising disposable income, particularly in the emerging regions are presume to assist the industry. Regions such as Asia Pacific, Central & South America, and Middle East & Africa are projected to be high growth markets for this product.
However, higher production cost is anticipated to negatively impact the market over the forecast period. Price sensitive regions such as Asia Pacific are expected to experience the highest impact of such high production costs. Raw material availability also plays an important role in shaping the industry. Raw material demand-supply imbalance is presumed to be a critical factor and is expected to hinder global market over the forecast period.
R&D investments to develop superior quality product with lower production costs promise ample opportunities for bio-based and low VOC paints market participants. Initiatives to penetrate the market and gain market share offer ample scope for bio-based paint manufacturers.
These products have several types with different VOC levels. Zero VOC, low VOC, VOC absorbing, and natural paints are a few major product types. Paints containing VOCs with less than 5 gm per liter are considered as Zero VOC. VOC absorbing paints contain active ingredients that trap VOCs in the paints indefinitely. Natural paints are manufactured from raw natural products such as plant oils & dyes, natural minerals, water, and essential oils.
Regions such as Asia Pacific, Latin America, Middle East, and Africa are projected to witness brisk growth over the forecast period. Growing population and increasing disposable income have resulted in rapid urbanization in the developing regions. Such a shift in trend is expected to complement the regional market over the forecast period. Countries such as China, India, Brazil, and South Africa are projected to lead their respective regional markets over the next seven years.
Developed regions are characterized by stringent regulations and standards governing internal as well as external applications. Internal applications are exposed to a larger set of regulations that are aimed at safeguarding the public interests. Such regulatory framework is expected to shift demand from the conventional products to these low VOC containing paints.
bio-based and low VOC paints Industry participants are taking strong measures to enhance their product portfolio and increase production capacity with an aim to cater to the growing global demand. These companies are also investing heavily in R&D initiatives to develop superior products at lower production costs. Regulations mandating manufacturers to produce non-toxic products that comply with the international standards are presumed to go a long way in shaping the industry.
Some of the key operating players in the bio-based and low VOC paints industry are Pflanzenchemie AG, Benjamin Moore & Co., DuraSoy One Paint, The Freshaire Choice, Mythic Paint, BASF SE, Cargill and Bioshield.
Avail customized purchase options to meet your exact research needs:
Get your queries resolved from an industry expert.
Design an exclusive study to serve your research needs.
A testimonial for service in the form of BBB "A" Accreditation.
Your personal and confidential information is safe and secure.
"The quality of research they have done for us has been excellent..."
The prevailing pandemic situation has led to weakened demand for paints and coatings in automotive, construction, electronics, and white goods. The path to recovery of growth for the industry is highly dependent on the duration of restrictions imposed and their influence on economic activity across the globe. Contrary to the trend prevalent in the industry in general, certain segments of the market such as antimicrobial coatings are witnessing a surge in demand in healthcare and food industries. The report will account for Covid19 as a key market contributor.