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Bio-based and Low VOC Paints Market Size
Bio-based and Low VOC Paints Market is projected to surge exponentially from 2024 to 2032, due to the growing preference of consumers for eco-friendly paints and coatings.
The higher urbanization and rising disposable incomes across various economies is surging the demand for aesthetically appealing & decorative coats. This is further augmenting the uptake of bio-based and low VOC paints to offer advantages like low groundwater and ozone depletion contaminants, reduced toxicity, simplified cleanup and disposal, and low odor. The ongoing research and development in bio-based and low VOC paints will also foster the industry growth. However, high production cost of these paints & coatings and the surging raw ingredient prices due to the global inflation may limit the product usage to a certain extent.
Bio-based and Low VOC Paints Market Trends
The increasing environmental awareness and the influx of stringent regulations are driving the demand for eco-friendly, low volatile organic compound (VOC) paints, adding to the industry growth. Consumer preferences are shifting towards sustainable and healthier living, further fueling the adoption of bio-based paints derived from renewable resources.
Moreover, the rising innovations in paint formulations is leading to the utilization of plant-based ingredients and advanced technologies for enhancing the performance while minimizing environmental impacts. For instance, in August 2022, specialty paints & coating provider Arkema launched ‘SYNAQUA 9511’, a novel high-performance waterborne binder designed for formulating industrial paints with reduced VOC levels (150 g/l). The rising government initiatives for promoting sustainable practices and green building standards is also increasing the product appeal. The growing emphasis of the construction sector on eco-friendly solutions will positively influence the market growth.
Bio-based and Low VOC Paints Market Analysis
Based on product, the industry value from the zero-VOC paints segment is anticipated to rise at significant pace from 2024 to 2032, on account to the rising environmental consciousness and stringent regulations. The higher consumer preference for healthier living environments and sustainable products is driving the demand for paint formulations with zero volatile organic compounds. Leading manufacturers are also prioritizing eco-friendly alternatives for promoting sustainability and addressing health concerns, further contributing to the increasing product adoption.
Bio-based and Low VOC paints market share from the automotive application segment is projected to witness significant growth by 2032, owing to the increasing emphasis on sustainable practices. Stringent environmental regulations and consumer demand for eco-friendly products are driving the adoption of low VOC paints. Automotive manufacturers are prioritizing bio-based alternatives for reduced environmental impacts. Additionally, rapid advancements in paint technology to deliver high-performance coatings and meeting industry standards while aligning with the growing global focus on green and sustainable solutions in the automotive sector will boost the segment growth.
Regionally, the Asia Pacific bio-based and low VOC paints market size is estimated to expand at notable pace between 2024 and 2032, due to the increasing use in the automotive and construction sectors. According to data released by the Society of Indian Automobile Manufacturers (SIAM), in the third quarter of 2023, passenger vehicle sales in India reached a record high of 10.74 lakh, surpassing the FY 2022 quarter's figure of 10.26 lakh. This increasing vehicle sales will fuel the product demand across the region. In addition, favorable government regulations and the higher spending on strengthening public infrastructure will create significant demand for materials, such as paints and coatings in the region.
Bio-based and Low VOC Paints Market Share
Leading solution providers in the bio-based and low VOC paints industry are engaging in diverse organic marketing tactics to bolster their market position. For instance, BASF SE has been implementing cutting-edge technologies for the production of chemicals, plastics and performance products to sustain the rising competition.
Some of the major bio-based and low VOC paints companies are:
- BASF SE
- Cargill Inc.
- Benjamin Moore & Co. (Berkshire Hathaway)
- Auro Pflanzenchemie AG
- BioAmber
- Dulux.
Bio-based and Low VOC Paints Industry News:
- For instance, in January 2023, Mowilex, a subsidiary of Asia Coatings Enterprises, Pte. Ltd., developed NaturalleTM paint, a bio-based formulation with 28% renewable raw materials that eliminates formaldehyde from indoor air.