Global bio-based and low VOC paints market is expected to witness brisk growth owing to rising environmental concerns over the forecast period. Customer preferences have shifted towards products with low volatile organic compound content due to several reasons such as low toxicity, low environmental impact, and easy maintenance.
Several government initiatives as well as regulations set up by environmental agencies to safeguard public interests are presumed to aid the global market in the near future. These regulations mandate companies to produce low toxic products that contain low VOCs from natural sources.
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These bio-based and low VOC products have several benefits over the conventional substitutes. These advantages include reduced toxicity, low groundwater & ozone depletion contaminants, easier maintenance, low odor, and simplified cleanup & disposal. Such favorable advantages coupled with low environmental impact have resulted in shifting customer preferences towards bio-based non-toxic paints.
This product finds applications in both internal and exterior environments. Internal applications account for a higher share in the global market. Internal applications include indoor painting applications for houses and residences. External applications include protective coatings for building. Growing urbanization and increasing standards of living, coupled with rising disposable income, particularly in the emerging regions are presume to assist the industry. Regions such as Asia Pacific, Central & South America, and Middle East & Africa are projected to be high growth markets for this product.
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However, higher production cost is anticipated to negatively impact the market over the forecast period. Price sensitive regions such as Asia Pacific are expected to experience the highest impact of such high production costs. Raw material availability also plays an important role in shaping the industry. Raw material demand-supply imbalance is presumed to be a critical factor and is expected to hinder global market over the forecast period.
R&D investments to develop superior quality product with lower production costs promise ample opportunities for market participants. Initiatives to penetrate the market and gain market share offer ample scope for bio-based paint manufacturers.
These products have several types with different VOC levels. Zero VOC, low VOC, VOC absorbing, and natural paints are a few major product types. Paints containing VOCs with less than 5 gm per liter are considered as Zero VOC. VOC absorbing paints contain active ingredients that trap VOCs in the paints indefinitely. Natural paints are manufactured from raw natural products such as plant oils & dyes, natural minerals, water, and essential oils.
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