Low VOC Paint Market Report, Global, 2024

The low VOC paint market size has grown strongly in recent years. It will grow from $2.6 billion in 2023 to $2.82 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The historical period's growth can be attributed to factors such as the enforcement of stringent environmental regulations, heightened media coverage on environmental issues, increased demand for green building materials, the ongoing trend of urbanization, and heightened awareness of indoor air quality concerns.

The low VOC paint market size is expected to see strong growth in the next few years. It will grow to $3.97 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The forecast period's growth is expected to be driven by growing environmental consciousness, infrastructure development initiatives, expansion within end-use industries, intensified market penetration efforts and awareness campaigns, and a rising incidence of health problems associated with environmental factors. Key trends anticipated in the forecast period include a shift towards waterborne formulations, a preference for sustainable products, the integration of advanced technologies, the provision of customized and personalized paint solutions, and ongoing product innovation and development efforts within the industry.

The surge in construction activities is anticipated to drive the future growth of the low VOC paint market. Construction activities encompass the processes involved in erecting, renovating, or dismantling structures such as buildings, bridges, roads, and other infrastructure. The uptick in construction activities is fueled by factors such as population expansion, urbanization, infrastructure development, and increased investments in real estate. Low VOC paints find extensive use in newly constructed buildings to promote environmental sustainability and indoor air quality, providing eco-friendly building materials and complying with stricter regulations concerning air quality and emissions. For example, data from the International Trade Administration in November 2023 revealed a 0.4% growth in the construction industry in 2022, followed by a 1.1% increase in 2023. Consequently, the rising construction activities are propelling the expansion of the low-VOC paint market.

Key players in the low VOC paint market are focusing on developing innovative products, such as ultra-low VOC air-purifying paint, to cater to the growing consumer demand for healthier and more sustainable building materials. Ultra-low VOC air-purifying paint represents an advanced type of paint engineered to emit extremely low levels of volatile organic compounds (VOCs) while actively purifying the air. For instance, in July 2023, Crown Paints Limited, a UK-based paints and coatings provider, introduced the Crown Trade Clean Air, an ultra-low VOC air-purifying paint capable of removing up to 45% of formaldehyde from the air. Crown Trade Clean Air incorporates Crown's exclusive breath-easy technology, ensuring the paint is 99% solvent-free and certified as asthma and allergy-friendly.

In September 2021, Hempel A/S, a Denmark-based paints and coatings manufacturer, acquired Farrow And Ball for $687 million. Through this strategic acquisition, Hempel aims to leverage Farrow And Ball's expertise in high-end decorative paints and low-VOC paints, benefiting from Hempel's robust global distribution network and extensive track record in long-term trade relationships. Farrow And Ball, headquartered in the UK, specializes in manufacturing premium decorative paints and low-VOC paints, aligning well with Hempel's objectives.

Major companies operating in the low VOC paint market are BASF SE, Mitsubishi Chemical Corporation, Sherwin-Williams Company, Asahi Kasei Corporation, PPG Industries Inc., Sika AG, AkzoNobel NV, Nippon Paint Holdings Co Ltd., Ace Hardware Corporation, Behr Process Corporation, Masco Corporation, Wacker Chemie AG, Axalta Coating Systems Ltd., Valspar Corporation, Asian Paints Ltd., Hempel A/S, Jotun Group, Benjamin Moore & Co., Kansai Nerolac Paints Ltd., Kelly-Moore Paint Company Inc., Cloverdale Paint Inc., Rodda Paint Company, Dunn-Edwards Corporation, Pratt And Lambert Paints, Dairen Chemical Corporation.

Asia-Pacific was the largest region in the low VOC paint market in 2023. It is expected to be the fastest-growing region in the forecast period. The regions covered in the low VOC paint market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the low VOC paint market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Low VOC paint is a variety of paint that contains reduced levels of volatile organic compounds (VOCs) compared to conventional paints. VOCs are chemicals that evaporate at room temperature, contributing to indoor air pollution and posing risks to human health and the environment. Low-VOC paint mitigates these concerns by decreasing the amount of volatile organic compounds, rendering it environmentally friendly and less harmful than traditional paints.

The primary types of low VOC paint include traditional spring alkyd paint, high solid alkyd paint, acrylic latex paint, and others. Traditional spring alkyd paint is a form of low-VOC paint utilizing alkyd resins derived from natural oils such as linseed or soybean. These paints are available in various formulations including waterborne, solvent-borne, and powder variants, and find applications across diverse sectors such as architecture and decorative, general industrial, automotive original equipment manufacturer, automotive refinish, marine, consumer durables, among others.

The low VOC paint market research report is one of a series of new reports that provides low VOC paint market statistics, including the low VOC paint industry global market size, regional shares, competitors with low VOC paint market share, detailed low VOC paint market segments, market trends, and opportunities, and any further data you may need to thrive in the low VOC paint industry. This low VOC paint market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The low VOC paint market consists of sales of vista paint, royale health shield, clare paint, and zero VOC paints. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

This product will be delivered within 3-5 business days.