The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The low VOC (Volatile Organic Compounds) paint market has seen substantial growth in recent years.

• Market Size and Growth: In 2023, the market size was valued at $2.60 billion and is expected to grow to $2.82 billion in 2024, with a compound annual growth rate (CAGR) of 8.6%.
• Drivers of Growth: This growth can be attributed to several factors, including stringent environmental regulations, increased media coverage, a rise in demand for green building materials, urbanization, and heightened awareness of indoor air quality.

Future Market Projections

Looking ahead, the low VOC paint market is expected to continue its strong growth trajectory.

• Projected Market Size: The market is forecasted to reach $3.97 billion by 2028, growing at a CAGR of 8.9%.
• Factors Contributing to Future Growth: The anticipated growth is driven by increasing environmental awareness, infrastructure development, expansion of end-use industries, market penetration through awareness campaigns, and a growing number of health concerns related to VOC exposure.

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Key Trends in the Low VOC Paint Market

Several major trends are expected to shape the future of the low VOC paint market:

• Shift Toward Waterborne Formulations: Manufacturers are moving towards water-based paints that have lower VOC emissions compared to traditional solvent-based paints.
• Preference for Sustainable Products: Consumers and companies are increasingly prioritizing sustainable products, which boosts the demand for low VOC paints.
• Integration of Advanced Technologies: The market is seeing the integration of new technologies to improve the functionality and environmental friendliness of paints.
• Customized Paint Solutions: There is a growing demand for paints that are tailored to specific customer needs, leading to innovation in product offerings.

Impact of Rising Construction Activities

Rising construction activities significantly drive the demand for low VOC paints.

• Construction Growth: The construction industry has been expanding due to factors like population growth, urbanization, and increased investment in infrastructure and real estate.
• Environmental Regulations: Low VOC paints are increasingly used in new buildings to comply with stricter air quality and emissions regulations. For example, the construction industry in the US saw growth rates of 0.4% in 2022 and 1.1% in 2023, highlighting a growing market for low VOC paints in new developments.

Technological Advancements and Innovations

The low VOC paint market is also experiencing technological advancements.

• Innovative Products: Companies are developing ultra-low VOC air-purifying paints that emit minimal VOCs and actively improve indoor air quality.
• Example of Innovation: Crown Paints Limited launched the Crown Trade Clean Air in July 2023, an ultra-low VOC paint that can remove up to 45% of formaldehyde from the air. This product reflects a growing trend towards healthier, more sustainable building materials.

Strategic Acquisitions to Enhance Market Presence

Strategic acquisitions are helping companies strengthen their market positions and expand their reach.

• Notable Acquisition: In September 2021, Hempel A/S acquired Farrow And Ball, a manufacturer of high-end decorative paints, including low VOC options, for $687 million. This acquisition allows Hempel to enhance its distribution capabilities and brand recognition globally.

Market Segmentation

The low VOC paint market is diverse, with various segments based on type, formulation, and application:

• By Type: Traditional Spring Alkyd Paint, High Solid Alkyd Paint, Acrylic Latex Paint, and others.
• By Formulation Type: Waterborne, Solvent-Borne, Powder.
• By Application: Architecture and Decorative, General Industrial, Automotive Original Equipment Manufacturer (OEM), Automotive Refinish, Marine, Consumer Durables, and others.

Regional Insights

Asia-Pacific leads the low VOC paint market and is anticipated to be the fastest-growing region in the coming years, driven by rapid urbanization and infrastructure development.

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The Low VOC Paint Global Market Report 2024  provides an overview of the low VOC paint market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The low VOC paint market forecast analyzes low VOC paint market size, low VOC paint market share, leading competitor and their market positions.

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