Low VOC Paints and Coatings Market: Overview
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 2022- 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.
The report on low VOC paints and coatings market covers all the significant factors for rock-solid insights into the said market for the forecast period of 2022 to 2030. This includes in-depth analysis of demand dynamics, growth opportunities, and regional outlook of the low VOC paints and coatings market for the above mentioned forecast period.
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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.
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.
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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.
Initiatives for the development of bio-based paints and coatings to reduce the use of oil-based paints and coatings is a step ahead in the growth of low VOC paints and coatings market. Manufacturers are also expanding distribution channels to increase the sales of bio-based low VOC paints and coatings.
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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Asia Pacific is anticipated to display impressive growth rate in the low VOC paints and coatings market over the forecast period. Rapid urbanization and stupendous growth of the construction in the region is resulting in spurt in demand for low VOC paints and coatings.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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