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Low VOC Paint Market Estimated Growth Curve, Trends, Size, Share And Analysis Report 2024-2033
Low VOC Paint Market Size
According to The Business Research Company's, The low VOC paint market size has grown strongly in recent years. It will grow from $2.60 billion in 2023 to $2.82 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to stringent environmental regulations, increased media coverage, growth in demand for green building materials, rising urbanization, and increased awareness of indoor air quality.
The low VOC paint market size is expected to see strong growth in the next few years. It will grow to $3.97 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to growing environmental awareness, infrastructure development, expansion of end-use industries, market penetration and awareness campaigns, and increasing number of health problems. Major trends in the forecast period include shift towards waterborne formulations, preference for sustainable products, integration of advanced technologies, customized and personalized paint solutions, and product innovation and development.
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Market Drivers and Trends:
The rising construction activities are expected to propel the growth of the low VOC paint market going forward. Construction activities refer to the processes involved in building, renovating, or demolishing structures such as buildings, bridges, roads, and other infrastructure. Rising construction activities are driven by population growth, urbanization, infrastructure development, and increased investment in real estate. Low VOC paints are used in newly constructed buildings to enhance environmental sustainability and indoor air quality, offer environmentally friendly building materials, and meet the implementation of stricter regulations regarding air quality and emissions. For instance, in November 2023, according to the International Trade Administration, a US-based government agency, the construction industry grew by 0.4% in 2022 and by a 1.1% increase in 2023. Therefore, rising construction activities are driving the growth of the low-VOC paint market.
Major companies operating in the low VOC paint market focus on developing innovative products, such as ultra-low VOC air-purifying paint, to meet growing consumer demand for healthier and more sustainable building materials. Ultra-low VOC air-purifying paint is an advanced type of paint designed to emit extremely low levels of volatile organic compounds (VOCs) and actively purify the air. For instance, in July 2023, Crown Paints Limited, a UK-based paints and coatings provider, launched the Crown Trade Clean Air, an ultra-low VOC air-purifying paint. It removes up to 45% of formaldehyde from the air. Crown Trade Clean Air incorporates Crown's exclusive breath-easy technology, guaranteeing the paint is 99% solvent-free and certified as asthma and allergy-friendly.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
BASF SE, Mitsubishi Chemical Corporation, Sherwin-Williams Company, Asahi Kasei Corporation, PPG Industries Inc., Sika AG, AkzoNobel NV, Nippon Paint Holdings Co Ltd., Ace Hardware Corporation, Behr Process Corporation, Masco Corporation, Wacker Chemie AG, Axalta Coating Systems Ltd., Valspar Corporation, Asian Paints Ltd., Hempel A/S, Jotun Group, Benjamin Moore & Co., Kansai Nerolac Paints Ltd., Kelly-Moore Paint Company Inc., Cloverdale Paint Inc., Rodda Paint Company, Dunn-Edwards Corporation, Pratt And Lambert Paints, Dairen Chemical Corporation
Low VOC Paint Market 2024 Key Insights:
• The low VOC paint market size is expected to see strong growth in the next few years. It will grow to $3.97 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%.
• Impact Of Rising Construction Activities On The Low-VOC Paint Market
• Technological Advancements In The Low VOC Paint Market For Providing Ultra-Low VOC Air Purifying Paint
• Asia-Pacific was the largest region in the low VOC paint market in 2023
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