Bio-based and low VOC paints market growth curve is projected to surge exponentially over the span of 2022 to 2028. This can be attributed to the growing preference of consumers towards eco-friendly paints and coatings pertaining to the increasing toxicity associated with compounds used in various paints and coatings products.
Besides, growing urbanization, rising disposable incomes across various economies, and surging demand for aesthetically appealing and decorative coats are predicted to soar to new heights, impelling the demand for bio-based and low VOC paints. The product offers advantages like low groundwater and ozone depletion contaminants, reduced toxicity, simplified cleanup and disposal, and low odor, which is further likely to augment the market growth.
Ongoing research and development in the business space would as well foster the market progression in the forthcoming years. For instance, AkzoNobel’s Indian arm- Dulux had in 2020 unveiled the country’s first USDA certified bio-based paint-Dulux Better Living Air Clean Biobased.
However, high production cost of such paints and coatings is estimated to challenge the industry growth space throughout 2028. Moreover, product demand to supply ratio imbalance is further slated to impede the industry outlook.
On the basis of product type, zero-VOC paints are gaining ground globally. The level of VOCs in the zero-VOC paints falls below the government regulated amount. In the United States, a paint product is referred to as zero VOC if it has amounts of volatile organic compounds below or at 5 grams per litre of paint. These paints offer better performance, finish and feel attributes.
Bio-based and low VOC paints market would grow significantly from the automotive segment. This can be credited to the growing automobile production and sales globally. According to OICA statistics, the automobile sales during the second quarter of 2021, worldwide, surpassed 44 million units. Various automakers are now opting for sustainable paints and coatings for offering sustainable paint options for car production to limit the environmental degradation caused by VOC emissions. Reports suggest that a low VOC alternate to rust, and corrosion protection paints and coating enable automakers to bring long-lasting protection against automobile degradation, thus delivering lasting environmental protection.
Geographically, growth in the overall Asia Pacific bio-based and low VOC paints market would come for the elevating use of these paints in the Asian countries. Furthermore, surging investments in the construction and building and automotive industries would propel the industry growth over the forecast period. In addition, favorable government regulations are yet another factor complementing the regional market growth. The presence of prominent paint and coatings industry leaders in the region who are going nine yards for the production of bio-based or water-based paints to support sustainability in the industry.
Eminent players functioning in the global bio-based and low VOC paints market include BASF SE, DuraSoy One Paint, Cargill Inc., Benjamin Moore & Co. (Berkshire Hathaway), Auro Pflanzenchemie AG, BioAmber, and Dulux. These solution providers have been engaging in diverse organic marketing tactics to solidify their position in the overall marketplace.
Analyzing the coronavirus pandemic impact on bio-based and low VOC paints market share
The COVID-19 infection spread has been one of the most disruptive forces for the global paint and coatings industry in recent times. The pandemic has had a looming impact on diverse sectors of the industry including bio-based and low VOC paints market, subject to the unavailability of raw materials for the development of these paints. Also, halt in construction and automobile production worldwide produced a downfall in the demand for paints, negatively influencing the market statistics during 2020.