The low VOC paint market share will post an incremental growth of USD 2.82 billion, progressing at a CAGR of 6.2% during the forecast period. The increased regulations on high emissions of VOC will offer immense growth opportunities to market vendors. The low VOC paint market is fragmented, and the vendors are deploying growth strategies such as low-pricing strategies and strengthening the local customer base to compete in the market.
Technavio’s report on “Low VOC Paint Market by Type and Geography - Forecast and Analysis 2022-2026” provides a detailed market analysis of the prevalent market forces, trends, and challenges that are likely to impact the market in focus.
The low VOC paint market is segmented by type (Waterborne, solvent-borne, and powder) and Geography (APAC, North America, Europe, South America, and the Middle East and Africa).
The growth of the low VOC paint market size in the water-borne segment will be significant during the forecast period. By geography, 48% of the market's growth will originate from APAC during the forecast period. China and Australia are the key markets for the low VOC paint market in APAC. The growth of the automobile sector, along with the growing economy and emerging middle class, will facilitate the low VOC paint market growth in APAC over the forecast period.
The increased regulations on high emissions of VOC will directly influence the sales of low-VOC paint. In addition, the increasing focus on bio-based and eco-friendly products is one of the major low-VOC paint market trends that will positively impact market growth. However, factors such as the volatility in raw material prices will hamper the low VOC paint market growth.
Some of the major low VOC paint market vendors are 3M Co., Aexcel Corp., Akzo Nobel NV, American Formulating and Manufacturing, Arkema Group, Asian Paints Ltd., Axalta Coating Systems Ltd., BASF SE, Berger Paints India Ltd., Berkshire Hathaway Inc., Cloverdale Paint Inc., Fine Paints of Europe, Indestructible Paint Ltd., Jotun AS, Kansai Paint Co. Ltd., NEI Corp., Nippon Paint India Pvt. Ltd., PPG Industries Inc., Teijin Ltd., and The Sherwin-Williams Co.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
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Precise market size estimation during the forecast period 2022-2026.
CAGR of the low VOC paint market forecast during 2022-2026.
Market-level data on units, average selling prices, and values of the low VOC paint market share.
Prediction on the upcoming trends, drivers, and factors that challenge the growth of the low VOC paint market.
Low VOC paint industry growth across APAC, North America, Europe, South America, and Middle East and Africa.