The global Low-VOC Coating Additive market is forecasted to reach $8.7 billion by 2027, according to a new report by Reports and Data.
The low VOC coating is finding applications in the developed and developing nations due to the rising environmental regulations.
The growing concern regarding the impact of the volatile organic compounds on the environment has led environment agencies to force manufacturers to reduce their VOC content in their product. Thus, an increase in demand for low VOC content additives from end-users is fueling the growth of the market.
Ongoing research and development efforts and analysis of trends are enabling the research team to improve paint performance and create innovations that stand out in the marketplace.
From better hiding, enhanced durability, and stain resistance to low- to no-VOC coatings with reduced environmental impact, binders and additives are increasing performance to meet and exceed end-user demands for coatings.
Factors such as rising raw material prices and their volatility are expected to hamper the growth of the market.
Moreover, the raw material industry of the market is on the verge of consolidation that enhances the bargaining power of suppliers and impacts the market growth negatively.
The growing pandemic situation has led to the weakening demand for paints and coatings in construction, automotive, electronics, and white goods.
The market can bounce back, but it completely depends on the duration of the lockdown that has been imposed, and also the impact of the COVID-19 virus on the economy. Although the overall demand of the market is falling, the demand for antimicrobial coating is witnessing a surge in demand in food and healthcare industries.
Further key findings from the report suggest
- The government regulations in the U.S. and Europe, especially those concerning air pollution, will be a driving force behind the adoption of new, low-pollution coating technologies such as radiation-cured coatings;
- However, radiation-curable coatings have other desirable properties such as the speed of cure, extremely hard, chemically resistant finishes, ambient curing, small application equipment footprint, high productivity, and nonflammability. Because of the high costs associated with their use, radiation-cured products tend to be adopted in specific applications only where they exhibit advantages over conventional coatings;
- Rheology modifiers are important additives used in most of the coating to achieve the desired rheological characteristics for the particular application. Apart from getting desired viscosity, these additives also help in controlling paint shelf stability, open time / wet edge, ease of application, and sagging;
- For the past few years, auto manufacturers are switching to paints with lower VOCs in an effort to ensure worker safety as well as reduce the environmental effects of the coatings. While the EPA regulates VOC level from the automotive manufacturing facilities and auto body shops, there are no federal standards that can consider the paint product themselves as "low-VOC;"
- There are a number of non-profit organizations such as Green Seal and Greenguard, which conduct thorough evaluations and award "green labels" to manufacturers that pass their stringent guidelines;
- In China, the VOC legislation for wood coatings is propelling the demand for conversion from solvent-borne Nitrocellulose (N.C.) or P.U. Technology to U.V. technology and waterborne.