Press release
Analysis of Potential Impact of COVID-19 on Low VOC Paints and Coatings Market
Low VOC Paints and Coatings Market
Mounting concerns of environmental implications of volatile organic compounds (VOCs) present in a range of chemicals, including paints and coatings is paving opportunities for low VOCs paints and coatings market. Several governments have laid out strict regulations to curb VOC emissions due to their environmental and health implications. Such statutes are expected to open prospects for the low VOC paints and coatings market over the 2020- 2030 forecast period.
Key parameters based on which the low VOC paints and coatings market is segmented are carrier type, end use, surface type, application, product type, and region.
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Low VOC Paints and Coatings Market: Competitive Landscape
The competitive landscape of the low VOC paints and coatings market is largely consolidated with some prominent players that hold key share. Key players are focused on strategic expansion of production plants to consolidate their position in the low VOC paints and coatings market. R&D for the introduction of novel products is another key focus of keen players in the low VOC paints and coatings market.
Prominent players in the low VOC paints and coatings market include Benjamin Moore & Co., Akzo Nobel N.V., The Dow Chemical Company, YOLO Colorhouse LLC, Wacker Chemie AG, BASF SE, The Sherwin Williams Company, PPG Industries Inc., American Formulating & Manufacturing, Dunn-Edwards Corporation, and EcoProCote.
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Low VOC Paints and Coatings Market: Key Trends
Increase in regulatory pressure and rising public awareness regarding environmental implications of conventional paints and coatings is creating demand for low VOC paints and coatings. Low VOC paints and coatings use water as a medium instead of petroleum solvents. Besides this, specialized solvents such as de-aromatized solvents are also used as medium to reduce volatile organic compound content in low VOC paints and coatings.
Focus of product manufacturers for the development of low VOC paints and coatings that are at par with conventional solvent-based paints and coatings in terms of performance is a key factor fuelling the low VOC paints and coatings market. Further, focus of manufacturers to develop low VOC paints and coatings that have similar finish to oil-based products is expanding the horizon of low VOC paints and coatings.
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Low VOC Paints and Coatings Market: Regional Assessment
Key regions into which the low VOC paints and coatings market is divided are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America and Europe, among them, hold considerable share in the low VOC paints and coatings market. Large share of these regions is attributed to stringent regulations for use of certain chemicals in decorative paints and coatings. Manufacturers of paints and coatings in the region are creating new chemical formulations for low VOC paints and coatings, thereby expanding the growth of low VOC paints and coatings market in these regions.
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