According to a recent report from Persistence Market Research, manufacturers are focusing on the development of low VOC paints and coatings that are at par with conventional oil-based or solvent-based paints and coatings in terms of performance and parameters such as adhesion, hardness and block resistance. Manufacturers are also focusing on the development of low VOC paints and coatings that have similar a finish to conventionally used oil-based paints with good levelling capacity.
Study author Yogesh Sengar noted that to meet the growing demand for advanced paints and coatings, manufacturers are focusing on the development of bio-based versions of paint amd coating chemicals and other chemical compounds that can be widely deployed across the paints and coatings industry to cater to the growing demand.
In terms of regional perspective for the low VOC paints and coatings market Sengar noted that North America and Europe are projected to hold a relatively higher share of the global low VOC paints and coatings market.
“This can be attributed to the stringent regulations for the manufacture of low VOC paints & coatings and the limited usage of certain chemicals in decorative paints and others.
Consumers in these regions are also more aware of the importance of non-toxic and green households. Regions such as APAC are expected to witness relatively higher growth rate in the global low VOC paints and coatings market due to the rapid development of the paints and coatings industry in countries such as China and India owing to the rapid development of the construction sector due to urbanisation, industrialisation and infrastructural developments. Regions such as Latin America and MEA are projected to hold a smaller volume share in the global low VOC paints and coatings market, however, they are projected to witness sound growth over the forecast period. The Japan low VOC paints and coatings market is also projected to expand at moderate CAGR over the forecast period.”