- A new study by Grand View Research, Inc. notes the worldwide bio-based and low VOC paints market to witness accelerated growth from 2015 to 2022. Rising environmental awareness will be the main driver of the market. Customers are increasingly choosing products with low ‘Volatile Organic Compound’ content. Such products are easy to maintain, have low toxicity, and are less harmful to environment.
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Governments and environmental agencies across the world are introducing regulations that limit toxicity and VOC emissions of manufactured products. These products offer advantages like low odor, easy clean-up and disposal, and less groundwater and ozone pollution. This factor is contributing to higher adoption of bio-based and low VOC paints.
High costs in the manufacture of these paints are the main inhibitor of the market. Low availability of raw materials is another problem. In times of economic downturn, the maintenance and upgradation of household and industrial facilities are often put on hold. This adversely affects the paints sector.
The bio-based and low VOC paints market can be segmented into products, applications, and geographies. Products are described as per their VOC levels. Paints with VOCs less than 5 gm per liter form Zero VOC paints. Others include low VOC, natural paints, and VOC absorbing paints. Natural paints are made from natural materials like water, minerals, essential oils, and plant oils & dyes.
The market applications can be split into internal and external. Internal applications comprise indoor painting of houses. They own a higher share in the bio-based and low VOC paints market. External applications include protective coatings for buildings.
Emerging economies of Asia Pacific, Middle East, Latin America, and Africa are expected to generate strong market demand in the forthcoming years. These regions are characterized by burgeoning populations, higher disposable incomes, rising living standards, and rapid urbanization.
Developed regions have stringent regulatory norms for internal and external applications. This is leading to growing preference for aforementioned products. The leading players in the bio-based and low VOC paints market are The Freshaire Choice, BASF SE, Pflanzenchemie AG, DuraSoy One Paint, Mythic Paint, Benjamin Moore & Co., Bioshield Paint Company, and Cargill.
Information Source: Grand View Research
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