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Market Overview
The Low VOC paint market is expected to grow at a CAGR of around 6.62% during the forecast period of 2019 – 2024. The major factors driving the growth of market studied are the growing awareness about harmful effects from conventional paints, and safe disposal of waste products & excess paint. On the flipside, high cost when compared to conventional paint is hampering the growth of the studied market.
- Water-borne segment dominated the market in 2018 and is likely to grow during the forecast period, with the growing awareness and demand for low VOC paints.
- The increasing construction of green buildings (leed ratings), shift towards environment-friendly chemicals, and recycling of low VOC paints are likely to provide opportunities for the studied market during the forecast period.
- Asia-Pacific dominated the market across the globe, where the growth of the studied market is driven by the growing demand from the architectural and automotive industry.
Key Market Trends
Architectural & Decorative Segment to Dominate the Market Demand
- Decorative paints help protect the surface from the impacts of weather, make the surface waterproof, protect the surface from the termite attacks, and increase the surface durability, in addition to providing an aesthetic appeal to the building.
- In addition, they offer protection from corrosion, bacteria, UV radiation, fungus, water seepage, and algae and enhance the life of the structure.
- Low VOC paints demand is dominated by the architectural & decorative industry, which is driven by the growing residential as well as commercial construction activities across the globe. During 2018, the global construction industry grew by about 3.5% and is further likely to witness growth in the coming years due to the robust performance of the construction sector.
- Asia-Pacific and Middle East & Africa regions have been witnessing strong growth in the residential construction due to huge domestic as well as foreign investments for setting up industrial unit, hospitals, malls, multiplexes, hospitality industry, and IT sector. Such construction activities are expected to add noticeably to the demand for Low VOC paints market during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region dominated the global market share in 2018. With growing investments into the residential and commercial construction in the countries, such as India, China, Philippines, Vietnam, and Indonesia, the market for Low VOC paint is expected to increase in the coming years.
- China currently has numerous airport construction projects which are either in development or planning stage. These include - Beijing Capital International Airport, Chengdu Shuangliu International Airport, Guangzhou Baiyun International Airport, etc. Besides, the government rolled out massive construction plans, including making provision for the movement of 250 million people to its new megacities over the next ten years.
- In India, the government’s investment target of USD 120.5 billion for developing 27 industrial clusters is expected to boost commercial construction in the country.
- In Indonesia, the government planned to invest in construction sector about USD 450 billion by 2021, which is expected to provide boost the residential construction in the country.
- Besides, countries such as India, Indonesia, Malaysia, and Thailand have been witnessing increase in investment & production in the automotive industry, which is further likely to increase the consumption of Low VOC Paint in these countries.
- Thus, all such factors are expected to drive the demand for Low VOC paint market in the region during the forecast period.
Competitive Landscape
The Low VOC paint market is a partially fragmented market, where numerous players hold insignificant share of the market demand to affect the market dynamics individually. Some of the noticeable players in the market include AkzoNobel N.V., Asian Paints Ltd., BASF SE, Axalta Coating Systems LLC, and The Sherwin-Williams Company, amongst others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
The Low VOC paint market is expected to grow at a CAGR of around 6.62% during the forecast period of 2019 – 2024. The major factors driving the growth of market studied are the growing awareness about harmful effects from conventional paints, and safe disposal of waste products & excess paint. On the flipside, high cost when compared to conventional paint is hampering the growth of the studied market.
- Water-borne segment dominated the market in 2018 and is likely to grow during the forecast period, with the growing awareness and demand for low VOC paints.
- The increasing construction of green buildings (leed ratings), shift towards environment-friendly chemicals, and recycling of low VOC paints are likely to provide opportunities for the studied market during the forecast period.
- Asia-Pacific dominated the market across the globe, where the growth of the studied market is driven by the growing demand from the architectural and automotive industry.
Key Market Trends
Architectural & Decorative Segment to Dominate the Market Demand
- Decorative paints help protect the surface from the impacts of weather, make the surface waterproof, protect the surface from the termite attacks, and increase the surface durability, in addition to providing an aesthetic appeal to the building.
- In addition, they offer protection from corrosion, bacteria, UV radiation, fungus, water seepage, and algae and enhance the life of the structure.
- Low VOC paints demand is dominated by the architectural & decorative industry, which is driven by the growing residential as well as commercial construction activities across the globe. During 2018, the global construction industry grew by about 3.5% and is further likely to witness growth in the coming years due to the robust performance of the construction sector.
- Asia-Pacific and Middle East & Africa regions have been witnessing strong growth in the residential construction due to huge domestic as well as foreign investments for setting up industrial unit, hospitals, malls, multiplexes, hospitality industry, and IT sector. Such construction activities are expected to add noticeably to the demand for Low VOC paints market during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region dominated the global market share in 2018. With growing investments into the residential and commercial construction in the countries, such as India, China, Philippines, Vietnam, and Indonesia, the market for Low VOC paint is expected to increase in the coming years.
- China currently has numerous airport construction projects which are either in development or planning stage. These include - Beijing Capital International Airport, Chengdu Shuangliu International Airport, Guangzhou Baiyun International Airport, etc. Besides, the government rolled out massive construction plans, including making provision for the movement of 250 million people to its new megacities over the next ten years.
- In India, the government’s investment target of USD 120.5 billion for developing 27 industrial clusters is expected to boost commercial construction in the country.
- In Indonesia, the government planned to invest in construction sector about USD 450 billion by 2021, which is expected to provide boost the residential construction in the country.
- Besides, countries such as India, Indonesia, Malaysia, and Thailand have been witnessing increase in investment & production in the automotive industry, which is further likely to increase the consumption of Low VOC Paint in these countries.
- Thus, all such factors are expected to drive the demand for Low VOC paint market in the region during the forecast period.
Competitive Landscape
The Low VOC paint market is a partially fragmented market, where numerous players hold insignificant share of the market demand to affect the market dynamics individually. Some of the noticeable players in the market include AkzoNobel N.V., Asian Paints Ltd., BASF SE, Axalta Coating Systems LLC, and The Sherwin-Williams Company, amongst others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
