Bio-based And Low VOC Paints Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI4011
Bio-based and Low VOC Paints Market size is anticipated to grow at a significant pace from 2019 to 2025 due to development of residential as well as commercial construction sector in developing nations. Bio-based are characterized by one with low Volatile Organic Compounds, since traditional painting materials have harmful effects on the environment and high levels of VOC solvents contribute to pollution and reduce the indoor air quality. Therefore, rising concerns among consumers regarding bio-based paints owing to their superior characteristics such as low odor, low toxicity clean air, as well as added durability and a washable finish will propel bio-based and low VOC paints market in near future.
Commercialization of cutting-edge technologies for the production of bio-based versions of existing paints & chemicals and introduction of bio-based compounds with new functionalities will create lucrative opportunities for paint manufacturers. For instance, BASF has extended its scope of bio-based polyols that are used for production of low-emission 2K PU coatings for both interior and exterior utility. Besides, growing population along with increasing purchase power parity is propelling the demand for automotive and consumer goods. Thus, in return is proliferating the overall business expansion.
Minimizing emission of toxic byproducts and chemical waste in the ecosystem is the foremost benefit of these sustainable bio-based and low VOC paints. These product offer several advantages over conventional counterparts such as water miscibility, low corrosivity, excellent pigment-wetting properties and high solvency power. However, high cost of production of low VOC paints and dependence of paints on chemical industry might restrain bio-based and low VOC paints market in near future. Since, bio-based paints are derived from natural resources such as plants, natural minerals, plant dyes, water, mineral dyes, bees wax, clay, essential oils etc.
Bio-based and low VOC paints market segment by application includes building & construction, industrial cleaning, adhesives & sealants, printing inks, automotive, pharmaceutical and others such as aerospace, shipbuilding etc. Among these, construction sector will grow at a significant pace. Rapid industrialization and urbanization in Asia Pacific, will drive construction industry to boost its economy. Regional government are making substantial investment in the major construction projects to boost the region’s overall output. For instance, According to National Bureau of Statistics China’s construction gross output is increased by 9.84% from 2016 to 2017, and it is likely to grow with similar rate in the forthcoming years. Rising nuclear families couple with increased migration rate to urban cities has resulted in higher housing requirement, which is driving the overall market growth during the forecast spell. On the other hand in commercial buildings such as schools, hospitals and office it is mandatory to use environmentally friendly paints since indoor VOC has higher levels.
Bio-based and low VOC paints market is classified on the basis of type into Low VOC, Natural Paints, Zero VOC and VOC Absorbing. Zero VOC is considered as paints with less than 5 g/l of VOC. VOC absorbing bio-based paints have antibacterial properties and it completely eliminates formaldehyde from the air. It contains a unique monomer that bonds with formaldehyde molecules on contact and transforms them into harmless vapor. They are ecologically safe and designed to outlast petroleum-based paints since High VOC levels are known to cause headaches and dizziness in the short-term and are damaging to the ozone and atmosphere.
Asia Pacific, Middle East and Latin America region will witness significant growth rate during the forecast timeframe. Rising infrastructural and residential construction activities in these region will bolster Bio-based and low VOC paints market. In addition, surge in need to revive construction industry in the U.S. and the Europe will drive product demand which will make positive impact on the market size in the coming years. Europe has made certain stringent policies to promote sustainable construction techniques which will help reduce greenhouse gas emissions and also improve energy efficiency.
Prominent players operating in the global bio-based and low VOC paints market includes Benjamin Moore & Co. BASF SE, Pflanzenchemie AG, Bioshield, Dulux, corbion, Mythic Paint, The Freshaire Choice, DuraSoy One Paint, Sheldon & Sons, EcoProCote, BioAmber, Cargill etc. New product development, capacity expansion, and product customizations are the key strategic initiatives incorporated by key players.
Bio-based And Low VOC Paints Market, By Product, 2014-2025 (USD Million)
- Low VOC
- Natural Paints
- Zero VOC
- VOC Absorbing
Bio-based And Low VOC Paints Market, By Application, 2014-2025 (USD Million)
- Building & construction
- Industrial & domestic cleaning
- Printing inks
- Adhesives & sealants
The above information has been provided for the following regions and countries:
- North America
- South Korea
- Latin America
- South Africa
- Saudi Arabia
- Benjamin Moore & Co.
- BASF SE
- Pflanzenchemie AG
- Mythic Paint
- The Freshaire Choice
- DuraSoy One Paint
- Sheldon & Sons, Inc
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