Low-voc Coating Additive Market
Low-voc Coating Additive Market - Global Industry Assessment & Forecast
- By type Rheology modifiers, Dispersants, Defoamer, Wetting agent, Others
- By technology: Water Borne, Powder-based, High Solids, Radiation Cure
- By application Architectural Coatings, Automotive Coatings, Industrial Coatings, Wood Coatings, Packaging Coatings, Product Finishes Coatings
- By Region North America, Europe, Asia Pacific, Middle East & Africa, Latin America
|Forecast Years:||2023 - 2030|
|Historical Years:||2017 - 2021|
|Revenue 2022:||USD 5.28 Billion|
|Revenue 2030:||USD 8.16 Billion|
|Revenue CAGR (2023 - 2030):||5.58%|
|Fastest Growing Region (2023 - 2030)||Asia Pacific|
|Largest Region (2022):||Asia Pacific|
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Low-VOC Coating Additive Market: Type, Application, Technology, and Region
Global Low-VOC Coating Additive Market is valued at USD 5.28 Billion in 2022 and estimated to reach a value of USD 8.16 Billion by 2030 at a CAGR of 5.58% during the forecast period, 2022–2028.
The use of Low-VOC coatings has been growing since the phaseout of CFCs. These coatings have become very popular because they reduce a number of issues that regular paints present, such as a lack of adhesion and mildew growth. The demand for Low VOC paint is increasing worldwide due to its numerous benefits over regular paint. While regular paint uses chemicals which evaporate into the environment causing pollution, Low VOC paint uses water-based ingredients which are environmentally friendly and have no adsorption on walls. They provide a barrier between brick and other surfaces, protecting them from the weather.
Low-VOC Coating Additive Market Size, 2022 To 2030 (USD Billion)
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Demand for Low VOC coating Additives is Growing Due to Properties it Offers over Regular Paints
The coatings market is growing rapidly because of numerous benefits that Low-VOC paint presents over traditional oil or water-based paints. These include a better gloss, higher scratch and abrasion resistance, biological resistance and easy dispersion. The demand for it will increase in the future due to its many advantages over regular paint. It is safer compared to most solvents used in regular paints and has a number of desirable properties such as high coverage, superior smoothness and no need for priming.
A growing number of people are looking for coatings that have a lower environmental impact, which is why the demand for Low-VOC paint has increased in recent years. In addition to being environmentally friendly, these paints can be used on a wide range of surfaces and do not require any priming. Since they use water as their base ingredient they will dry faster compared to regular oil or solvent based paints. In the future, the demand for low VOC paint is expected to increase further because of its numerous advantages over other traditional paints. This includes high coverage and better smoothness along with biological resistance and easy dispersion properties.
Global Low-VOC Coating Additive Market is segmented by type (rheology modifier, defoamer, dispersant, & wetting agent), by technology (waterborne, powder, high solids, & UV/EB), by application (architectural, auto, industrial, packaging, wood), and region. Asia Pacific is projected to continue leading the global market. By technology, powder is projected to hold the major share of the market.
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Automotive Industry is the Key End-User of Low-VOC Coating Additive Market
Automotive industry is a major end-user of Low-VOC paint as it provides a good solution for the many applied uses of them, which includes repairs and maintenance work. Automotive service centers have been using these types of paints to extend the durability and appearance of surfaces as well as external or internal body components such as bumpers, grills, fenders and external vehicle surfaces that remain exposed. In addition to its high quality, Low VOC paint has many advantages over traditional solvent-based paints. These include lower production costs due to less ventilation required during application and no need for expensive tools needed to apply regular paint.
These coatings have higher coverage rates than conventional paints, which allows the application of one coat instead of multiple applications. This will reduce production costs significantly as it saves time and resources that would have otherwise been required to apply multiple coats. Low VOC paint is better suited for automotive refinishing jobs because there are no hazardous ingredients in them. They are also very flexible, allowing them to be applied on a wide range of surfaces with different thicknesses without any issues.
By Technology, Powder Coating to Dominate the Low VOC Coating Additive Market
Demand for powder coating is expected to increase during the forecast period. Powder coatings are an innovative and unique alternative to liquid coatings. It coats three times faster than conventional paint, provides uniform coverage, and can be applied on complex shapes due to powder's low viscosity. Furthermore, powder coating has not been found harmful or toxic by U.S. Occupational Health and Safety Administration (OSHA). It also provides a smoother and more consistent finish than liquid paints. Some powder coatings are available in powder form, ready to use through powder coating guns which can further reduce cost of production.
Asia Pacific to Dominate Low VOC Coating Additive Market
High demand for Low VOC powder Coating Additive in Asia-Pacific. Asia Pacific is the largest consumer of Low VOC paint due to high demand for light commercial vehicles, which are essentially used in this region. The automotive industry is an important end-user segment in this region and its automotive refinish paints market grew at a significant pace between 2015 and 2018. There was also a surge in popularity because countries such as India, China and Japan enforced strict environmental regulations on automotive manufacturers. Automotive manufacturers were forced to meet stricter emission levels while using less hazardous materials within their products.
This growth can be attributed to the fact that these coatings provide environmental benefits compared to regular solvent-based paints that release harmful particles into the environment when applied. Automotive refinishing is projected to grow during the forecast period, which will in turn drive the demand for low VOC coatings. Many automotive service centers are opting for these types of paints instead of solvent-based ones because they provide a good solution for the many applied uses of them, which includes repairs and maintenance work. Low VOC paint is also used by car enthusiasts who want to apply these environmentally friendly paints on their vehicles themselves.
Major players in the 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).
Low-VOC Coating Additive Market is segmented as follows:
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Low-VOC Coating Additive Market is tabulated as follows:
Frequently Asked Question
What is the global demand for Low-VOC Coating Additive in terms of revenue?
The global Low-VOC Coating Additive valued at USD 5.28 Billion in 2022 and is expected to reach USD 8.16 Billion in 2030 growing at a CAGR of 5.58%.
Which are the prominent players in the market?
The prominent players in the market are 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)..
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 5.58% between 2023 and 2030.
What are the driving factors fueling the growth of the market.
The driving factors of the Low-VOC Coating Additive include
- Demand for Low VOC coating Additives is Growing Due to Properties it Offers over Regular Paints
Which region accounted for the largest share in the market?
Asia Pacific was the leading regional segment of the Low-VOC Coating Additive in 2022.