Low-VOC paints are a popular choice for homeowners who want to go green. VOCs, or volatile organic compounds, are highly toxic and can be harmful to the environment. They can affect breathing and eyesight, and can interfere with central nervous system functioning. The government has been working to regulate VOCs for decades. Low-VOC paints are a more sustainable solution, though they are still not completely harmless.
Market Statistics:
The Global Low VOC or Zero VOC Paint Market is estimated to account for US$ 8600 Mn in terms of value by the end of 2021.
Global Low VOC or Zero VOC Paint Market: Drivers
Increased government regulations for high emissions of VOC, rising awareness of the adverse effects of conventional paint, and growing population are expected to spur the market growth. The low VOC paint market will see significant growth over the next five years, owing to the strong growth in the manufacturing sector and a growing middle class population. As more consumers become concerned with the environmental impact of paints, the market for low-VOC or zero-VOC paints continues to grow. In the meantime, companies in the low-VOC paint industry are focusing on developing innovative solutions that are safer and more effective for the environment. SafeCoat zero-VOC paint, for example, seals off the release of volatile organic compounds and protects against off-gassing.
Global Low VOC or Zero VOC Paint Market: Opportunities
Increasing focus of key manufacturers on recycling of low VOC paints in order to reduce environmental impact is projected to present significant growth opportunities in the near future. Recycling of paints offered reduction in greenhouse gases along with significant energy savings. According to a 2009 lifecycle study, recycling of paint provides significant reductions in a variety of impacts to human health and the environment, such as carcinogens generated, respiratory effects, eco-toxicity, eutrophication and acidification
Global Low VOC or Zero VOC Paint Market: Restraints
Difficulty associated with the establishing compatibility with existing paint system is projected to hampered market growth of Low VOC or Zero VOC paint.
Global Low VOC or Zero VOC Paint Market - Impact of Coronavirus (Covid-19) Pandemic:
With the slowdown in the economic growth the construction industry has suffered a lot and confronting hardships in working their office in this pandemic circumstance. Besides, a portion of the organizations have briefly closed down while others are battling to proceed with their activities. The market is expected to rise at a significant rate over the forecast period.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/low-voc-or-zero-voc-paints-market-5328
Key Takeaways:
The global Low VOC or Zero VOC paint market was valued at US$ 8600 Mn in 2021 and is forecast to reach a value of US$ 11,450.00 Mn by 2030 at a CAGR of 6.45% between 2022 and 2030
Low-VOC segment held dominant position in the global Low VOC or Zero VOC paint market in 2021, accounting for 79.85% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Low VOC or Zero VOC Paint Market Trends:
Continuous launch of new product by key players due to growing trend of innovation in paints and coatings market is projected to drive growth of the market. For instance, in January 2018, Kamdhenu partnered with Spanish firm Graphenstone to launch high quality, eco-friendly volatile organic compound (VOC) free paints in India.
Decorative paints are gaining traction in the market owing to the increasing consumer spending on home interior and designing commercial spaces. Low VOC or Zero VOC paint are widely used in residential area due to minimal emissions of VOCs and health benefits.
Global Low VOC or Zero VOC Paint Market: Competitive Landscape
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
Global Low VOC or Zero VOC Paint Market: Recent Developments
In January 2017, Axalta Coating Systems completed the acquisition of Ellis Paint Company.
