Home > Bulk & Specialty Chemicals > Bio-based and Low VOC Paints Market
Bio-based and Low VOC Paints Market size is projected to surge exponentially over the span of 2023 to 2032, with growing preference of consumers for eco-friendly paints and coatings. Many existing compounds used in various paints and coatings products are associated with certain toxic elements.
Besides, growing urbanization, rising disposable incomes across various economies, and surging demand for aesthetically appealing & decorative coats are predicted to soar to new heights. It will augment the bio-based and low VOC paints market demand. The products offer advantages like low groundwater and ozone depletion contaminants, reduced toxicity, simplified cleanup and disposal, and low odor. Ongoing research and development in the business space would as well foster the industry through 2032.
However, high production cost of such paints and coatings is estimated to challenge the industry growth to a certain extent. Moreover, product demand to supply ratio imbalance is further slated to impede the Bio-based and low VOC paints market outlook. Since paints and coatings are made up of several components, the sector is heavily reliant on a wide range of raw materials. The costs of these raw ingredients are surging due to the global inflation with an upward trend which is expected to continue in the coming years.
Based on product type, zero-VOC paints are gaining traction 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 liter of paint. These paints offer better performance, finish and feel attributes.
Bio-based and low VOC paints market share would grow significantly from the automotive applications. This can be credited to the growing vehicle production and sales globally. According to OICA statistics, the automobile sales during the second quarter of 2021, worldwide, surpassed 44 million units. Additionally, the transition from solvent-borne systems to low VOC systems in the automobile refinish business is likely to provide prospects for development for industry participants.
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. It can deliver lasting environmental protection.
Asia Pacific bio-based and low VOC paints market would come for the elevating use of these paints in the automotive and construction sectors. In addition, favorable government regulations are yet another factor complementing the regional market growth from 2023 to 2032. Increased spending towards strengthening public infrastructure will create significant demand for materials such as paints and coatings.
Global bio-based and low VOC paints market key players include BASF SE, 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.
Several new developments and product portfolio expansion by industry players are foreseen to expand the market value. For instance, in January 2023, Mowilex, a subsidiary of Asia Coatings Enterprises, Pte. Ltd., developed NaturalleTM paint, a bio-based formulation with 28% renewable raw materials that eliminates formaldehyde from indoor air. NaturalleTM is made with plant materials, which decreases its total carbon footprint while producing a long-lasting, high-performance matte paint that is low in odour and devoid of organic chemicals (VOCs).