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  • Published On : Nov 2022
  • Code : CMI5328
  • Industry : Advanced Materials
  • Pages : 144
  • Formats :

The global low VOC or zero VOC paints market size was valued at USD 8600 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 6.45% from 2022 to 2030. The Low VOC or Zero VOC Paints market is driven by the growth in the construction industry. These low VOC paints provide significant benefits, including increased durability and protection against corrosion, UV radiation, fungus, and water seepage. Furthermore, these paints enhance the life span of a building or structure. Growing automobile sales and production will also drive the growth of the low VOC or zero VOC paints market. Automakers are increasingly choosing low-VOC paints to reduce their environmental impact and minimize negative effects on the environment.

Global Low VOC or Zero VOC Paints Market: Regional Insights

Regionally, Asia Pacific is projected to dominate the global low VOC or zero VOC paints market over the forecast period owing to the rapid growth in construction sector in the region. Growing number of green building is creating positive impact on the low VOC or zero VOC paints market. Also, increasing sale of electric vehicle coupled with the growing tourism is creating demand for air travel and cargo, which in turn augmenting demand for these paints. All these factors are propelling regional market growth.

North America is also projected to witness significant growth in the global market over the forecast period owing to the strict government regulations, growing construction of green buildings, and rising consumer awareness regarding the health & environmental benefits of using low- VOC paints.

Figure 1. Global Low VOC or Zero VOC Paints Market Share (%) in terms of Values, By Region, 2021

Low VOC or Zero VOC Paints  | Coherent Market Insights

Global Low VOC or Zero VOC Paints Market Drivers:

Growing awareness regarding harmful effects of conventional paints is predominantly fueling growth of the global low VOC or zero VOC paints market. A research study by United States Environmental Protection Agency (EPA) produced results that concluded that VOCs levels indoors while paint was drying remained 1000 times higher than when paint dries outdoors. The World Health Organization (WHO) also highlights the dangers encountered by people who work with paint on daily basis. It reports that painters, in particular, have an increased risk of 20% of a range of cancers and a 40% increase in risk of lung cancer.

Increasing concern over safe disposal of conventional paints is again fostering market growth. According to the EPA guidelines, Conventional oil based paints & coatings are considered as a household hazardous waste (HHW). These paints contains chemicals, which can cause environmental pollution and depletion of ozone layer that can be harmful for animals, humans, and environments.

Global Low VOC or Zero VOC Paints Market Opportunities:

Rise in construction of green buildings is projected to bring bright market opportunities over the forecast period. The practice of green buildings address the concerns of economy, durability, utility, and comfort of a classical building. Green building reduce the environmental impact on nature and health of humans. Leadership in Energy & Environmental Design (LEED), is an internationally renowned program for green buildings. Global green building practices are driven by LEED with almost 79,600 projects in more than 1161 countries and territories globally with 1.85 million square feet of building space being certified daily.

Shifting preferences towards environmental- friendly chemicals is projected to present lucrative growth opportunities for key players. Traditional paints dispose off volatile organic compounds (VOCs) which consists of various toxic chemicals such as xylene, formaldehyde, toluene, ethyl acetate, methylene chloride and glycol. These chemicals pollute the air people breathe indoors and often lead to serious respiratory problems. According to an EPA report “Total Exposure Assessment Methodology Study”, the level of pollutants tends to be around two to five times higher in indoors than outdoors, resulting in high risk to individuals and animals.

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Low VOC or Zero VOC Paints Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2021: US$ 8600 Mn
Historical Data for: 2017 to 2020 Forecast Period: 2022 to 2030
Forecast Period 2022 to 2030 CAGR: 6.45% 2030 Value Projection: US$ 11,450.00 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Type: Low VOC, No or Zero VOC, Natural
  • By Formulation Type: Water-borne, Solvent- borne, Powder
  • By Application: Architecture & Decorative, General Industrial, Automotive OEM, Automotive Refinish, Marine, Consumer Durables, Others
Companies covered:

Akzo Nobel N.V., American Formulating & Manufacturing, Asian Paints Ltd, Auro Pflanzenchemie Ag, Axalta Coating Systems Llc, Basf Se, Benjamin Moore & Co., Berger Paints India Limited, Bioshield Paint - Eco Design Co., Cloverdale Paint Inc., and Eco Safety Products

Growth Drivers:
  • Growing awareness regarding harmful effects of conventional paints
  • Increasing concern over safe disposal of conventional paints
Restraints & Challenges:
  • High cost of low VOC paints compared to conventional paints
  • Fluctuating price of raw materials used to produce low VOC paints

Global Low VOC or Zero VOC Paints Market Trends:

Growing popularity of low VOC paints due to their various benefits offered such as less odor, quick dry times, and better coverage and durability is propelling growth of the market. Moreover, they are also easy to find and are available in an extensive range of colors. The benefits of using low-VOC paints include improved indoor air quality, reduced air pollution, and less toxic emissions.

Natural paints are gaining traction in the market due to increasing environmental regulations coupled with the rising consumer awareness. These paints are typically made from natural ingredients and have a VOC level of 5g/L or less. Additionally, eco-friendly paints are available as well, including recycled paints, milk paint, and plant-based paints.

Global Low VOC or Zero VOC Paints Market Restraints:

High cost of low VOC paints compared to conventional paints is projected to hamper the market growth. For instance, the producers generally prefer bio-based solvents in production process of low VOC and zero VOC paints. The price of bio-based solvents are higher than the petroleum based solvents which leads to high cost of final product.

Fluctuating price of raw materials used to produce low VOC paints is projected to restrict the market growth.

Figure 2. Global Low VOC or Zero VOC Paints Market Share (%) in terms of Values, By Type, 2021

Low VOC or Zero VOC Paints  | Coherent Market Insights

Global Low VOC or Zero VOC Paints Market Segmentation:

The global low VOC or zero VOC paints market report is segmented into type, formulation type, application, and region

Based on type, the market is segmented into Low VOC, No or Zero VOC, and Natural. Out of which, Low VOC is expected to dominate the global market over the forecast period and this is attributed to the growing demand for construction and transportation industry. Also, growing demand from interior paintings of residential and office spaces is again propelling segment growth.

No or Zero VOC segment is also expected to witness significant growth in the near future and this is owing to the fact that they helps in reducing energy causing toxins and minimizing the concentration of contaminants in the ozone layer. Additionally, they exhibit lower odor and produce minimal toxic emissions.

Based on formulation type, the market is segmented into water-borne, solvent-borne, and powder. Out of which, water-borne is expected to dominate the global market over the forecast period as they applicability and environmental sustainability. They are odorless, less flammable, less toxic, and have low-VOC levels than solvent-borne paints. Moreover, their application reduces air emissions, increase safety, and improves worker health.

Solvent-borne segment is also expected to witness significant growth in the near future and this is owing to the fact that they have excellent block resistance and tolerance against harsh weather conditions

Based on application, the market is segmented into architecture & decorative, general industrial, automotive OEM, automotive refinish, marine, consumer durables, and others. Out of which, general industrial is expected to dominate the global market over the forecast period and this is attributed to the growing demand from road making paints, metal packaging,  offshore, gas installations, electronics, pipelines and heavy duty equipment, etc.

Automotive OEM automotive refinish and segment is also expected to witness significant growth in the near future and this is owing to the rapid growth in automotive industry. In automotive industry the paints is used to improve the appearance and recover the damages occurred due to external factors, such as temperature, accidents, etc.

Global Low VOC or Zero VOC Paints Market: Key Companies Insights

The global low VOC or zero VOC paints market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global low VOC or zero VOC paints market are Akzo Nobel N.V., American Formulating & Manufacturing, Asian Paints Ltd, Auro Pflanzenchemie Ag, Axalta Coating Systems Llc, Basf Se, Benjamin Moore & Co., Berger Paints India Limited, Bioshield Paint - Eco Design Co., Cloverdale Paint Inc., and Eco Safety Products

*Definition: Low VOC or zero VOC paints are paints that are produced without using harmful chemicals. These paints are available in a wide variety of colors, sheens, and finishes. They offer comparable performance to traditional oil or solvent-based paints, and are available in a wide range of price ranges. Low VOC paints also offer good leveling properties.

Zero VOC and low VOC paints are not as durable as traditional paint, but they may last longer.  However, this type of paint is better for the environment and will reduce costs. Low VOC paint is easily accessible, and is available in a variety of colors. These paints meet strict standards that are more stringent than the EPA's. They should contain 50 grams of VOC per liter for interior flat paint, and less than 150 grams per liter for exterior flat paint.

Market Dynamics:

The Low VOC or Zero VOC paint market is driven by the growing need for eco-friendly paints. Globally, there is a significant demand for these paints from the construction and architectural industry. These paints improve the durability of building surfaces and offer protection against UV radiation, fungus, and water seepage. Additionally, they add aesthetic appeal to buildings. Moreover, increased regulations on high VOC emissions and growing awareness of the negative effects of conventional paints are other major factor propelling market growth.

On the other hand, volatility in raw material prices, difficulty in establishing compatibility with existing paint systems, and high cost of low VOC paints compared to conventional paints are major factors expected to hamper the market growth.

Key features of the study:

  • This report provides in-depth analysis of the global Low VOC or Zero VOC Paint market, and provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2022–2030), considering 2021 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global Low VOC or Zero VOC Paint market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
  • Key companies covered as a part of this study include Akzo Nobel N.V., American Formulating & Manufacturing, Asian Paints Ltd, Auro Pflanzenchemie Ag, Axalta Coating Systems Llc, BASF SE, Benjamin Moore & Co., Berger Paints India Limited, Bioshield Paint - Eco Design Co., Cloverdale Paint Inc., And Eco Safety Products
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The global Low VOC or Zero VOC Paint market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global Low VOC or Zero VOC Paint market

Detailed Segmentation:

  • Global Low VOC or Zero VOC Paints Market By Type:
    • Low VOC
    • No or Zero VOC
    • Natural
  • Global Low VOC or Zero VOC Paints Market By Formulation Type:
    • Water-Borne
    • Solvent-Borne
    • Powder
  • Global Low VOC or Zero VOC Paints Market By Application:
    • Architecture & Decorative
    • General Industrial
    • Automotive Oem
    • Automotive Refinish
    • Marine
    • Consumer Durables
    • Others
  • Global Low VOC or Zero VOC Paints Market By Region: 
    • Asia Pacific
    • North America
    • South America
    • Middle East & Africa
    • Europe
  • Company Profiles: 
    • Akzo Nobel N.V.
    • American Formulating & Manufacturing
    • Asian Paints Ltd
    • Auro Pflanzenchemie Ag
    • Axalta Coating Systems Llc
    • Basf Se
    • Benjamin Moore & Co.
    • Berger Paints India Limited
    • Bioshield Paint - Eco Design Co.
    • Cloverdale Paint Inc.
    • Eco Safety Products

Frequently Asked Questions

The global low VOC or zero VOC paints market size is estimated to be valued at US$ 8600 Million in 2021 and is expected to exhibit a CAGR of 6.45% between 2022 and 2030.
Growing awareness regarding harmful effects of conventional paints and increasing concern over safe disposal of conventional paints are fuelling the market.
The Low-VOC segment is the leading component segment in the market.
High cost of low VOC paints compared to conventional paints and fluctuating price of raw materials used to produce low VOC paints are the major factors restraining the market.
Akzo Nobel N.V., American Formulating & Manufacturing, Asian Paints Ltd, Auro Pflanzenchemie Ag, Axalta Coating Systems Llc, Basf Se, Benjamin Moore & Co., Berger Paints India Limited, Bioshield Paint - Eco Design Co., Cloverdale Paint Inc., and Eco Safety Products

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