Low-VOC Coating Additive Market Anticipated to Profit from the New Environmental Laws
The Low-VOC (volatile organic compounds) Coating Additive Market accounted for USD 5.7 Billion in 2021 and is estimated to reach USD 8.46 Billion by 2028, at the Compound Annual Growth Rate (CAGR) of 5.78%. Coating additives are added to paints and fabrics to improve quality and performance. It helps the surface to withstand high temperatures, humidity, biocides, abrasions, and chemical resistance.
Increased investment in infrastructure projects due to the need for better facilities in line with environmental practices is expected to stimulate market growth for Low-VOC Coating Additives. Strict environmental laws from agencies such as the Environmental Protection Agency (EPA) have forced manufacturers to reduce the dynamic environmental content in their products. Increased demand from end-of-life industries such as consumer goods, wood, furniture, packaging, and textiles is expected to boost the market growth of low-carbon additives over the forecast period. Large-scale investments and R&D are made by manufacturing companies and organizations for future development and conversion of low-VOC adherence to replace other traditional coating types such as solvent-based coating. This is expected to further industry growth in the forecast period.
Rising environmental laws in developed and developing countries are expected to promote a lower market for VOC integration. Regional environmental institutions are forcing manufacturers to reduce VOC content in their products. Increasing demand for low-VOC coverage supplements from end-user companies is fuelling the market. Major consumer industries include construction and construction, automotive, and packaging. However, rising prices for raw materials and their volatility are expected to undermine the market growth of Low-VOC Coating Additives. In addition, the immature goods industry of low-cost VOC supplements is close to mergers that improve supplier negotiation capacity and negatively affect market growth. The end-of-life industries of low-VOC supplements are growing in line with global economic development and therefore, geopolitical problems affect growth in certain regions and have an impact on the global market. Increasing demand for Low-VOC Coating Additive is expected to provide greater opportunities for players in the market.
Low-VOC Coating Additive comes in different product types. These are rheology modifiers, dispersants, defoamer, wetting agents, among others. The market for Low-VOC Coating Additives can be segmented based upon technology adhered such as waterborne, powder-based, high solids, and radiation cure. Strengthening practices eventually led to changes in water-borne or powdered water containing volatile organic compounds (VOC) and are designed to have a positive impact on the industry during forecasting. In addition, growing end-user industries such as automotive, packaging, industrial, construction, wood, and product finishes coatings drive the low-VOC coatings additive market.
High economic growth in emerging Asia Pacific economies such as China and India is expected to boost market growth over the next few years. The globalization of Latin America, Africa, and the Middle East is expected to grow at a tremendous rate during the forecast period due to upcoming global and sporting events in the region. Demand for North American VOC coating additives is expected to grow at an average rate during the forecast period. Europe, with a strong environment for environmental control, is expected to grow at a moderate rate over the next few years.
Key players operating in the Low-VOC Coating Additive market include - Air products (U.S.), Alatana AG (Germany), Eastman Chemical Company (U.S.), BASF SE (Germany), Huntsman Corporation (U.S.), Elementis PLC (U.K.), Dow (U.S.), Om Group Inc. (U.S.), Dupont (U.S.), and Allnex (Belgium)..
Browse the full Report - Low-VOC Coating Additive Market by type (Rheology modifiers, Dispersants, Defoamer, Wetting agent), by technology: (Water Borne, Powder-based, High Solids, Radiation Cure), by application (Architectural Coatings, Automotive Coatings, Industrial Coatings, Wood Coatings), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)