Low VOC Paint Market - Growth, Trends, and Forecast (2020 - 2025)
The low VOC paint market is expected to register a CAGR of over 6.5%, during the forecast period. The major factors driving the growth of the market studied are the growing awareness about harmful effects from conventional paints, and the safe disposal of waste products and excess paint. On the flipside, the high cost compared to conventional paint is hampering the growth of the market studied.
The waterborne segment dominated the market. It is likely to grow during the forecast period, with growing awareness and demand for low VOC paints.
The increasing construction of green buildings (leed ratings) shift toward ecofriendly chemicals, and recycling of low VOC paints are likely to provide opportunities for the market studied, during the forecast period.
AsiaPacific dominated the global market, owing to the surging demand majorly from the architectural industry.
Key Market Trends
Architectural and Decorative Segment to Dominate the Market Demand
Decorative paints help protect the surface from the impact of weather, make the surface waterproof, protect the surface from 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, as well as enhance the life of the structure.
The demand for low VOC paints is dominated by the architectural and decorative industry, which is driven by the growing residential, as well as commercial construction activities across the world.
AsiaPacific and the MiddleEast and African regions have been witnessing strong growth in residential construction, due to huge domestic, as well as foreign investments for setting up industrial units, hospitals, malls, multiplexes, hotels and resorts, and the IT sector.
Such construction activities are expected to increase the demand for low VOC paints, during the forecast period.
AsiaPacific Region to Dominate the Market
AsiaPacific region dominated the global market share. With growing investment in residential and commercial construction in the countries, such as India, China, the Philippines, Vietnam, and Indonesia, the market for low VOC paints is expected to increase in the coming years.
Currently, there are numerous airport construction projects, either in the development or planning stage, in China. 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 10 years.
In India, the government’s target to invest USD 120.5 billion, for developing 27 industrial clusters, is expected to boost commercial construction.
In Indonesia, the government planned to invest about USD 450 billion in the construction sector, by 2021, which is expected to boost residential construction in the country.
Furthermore, countries, such as India, Indonesia, Malaysia, and Thailand, have been witnessing an increase in investment and production in the automotive industry, which may increase the consumption of low VOC paint in these countries.
Thus, the aforementioned factors are expected to drive the demand for low VOC paints in the region, during the forecast period.
The low VOC paint market is partially fragmented in nature, where numerous players hold insignificant share of the market demand, to individually affect the market dynamics. Some of the noticeable players in the market include AkzoNobel NV, Asian Paints Ltd, BASF SE, Axalta Coating Systems LLC, and the SherwinWilliams Company, among others.
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