Low Volatile Organic Compounds Coating Additive Market Overview
Low Volatile Organic Compounds Coating Additive Market Size was estimated at 5.71 (USD Billion) in 2022.The Low Volatile Organic Compounds Coating Additive Market Industry is expected to grow from 6.02(USD Billion) in 2023 to 9.72 (USD Billion) by 2032. The Low Volatile Organic Compounds Coating Additive Market CAGR (growth rate) is expected to be around 5.46% during the forecast period (2024 - 2032).
Key Low Volatile Organic Compounds Coating Additive Market Trends Highlighted
The Low Volatile Organic Compounds (VOC) Coating Additive Market is witnessing significant growth, driven by the rising demand for sustainable and environmentally friendly coatings. The increasing awareness of the harmful effects of VOCs has led to stringent government regulations and consumer preference for eco-friendly products. The growing adoption of VOC-compliant coatings across various industries, including automotive, construction, and furniture, is further fueling market expansion.Furthermore, the technological advancements in the development of low-VOC coating additives are creating opportunities for market growth. The introduction of additives that enhance coating performance, durability, and appearance while reducing VOC emissions is driving innovation in the industry. Recent trends include the use of bio-based and renewable materials in the production of coating additives, contributing to the overall sustainability of the market.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Low Volatile Organic Compounds Coating Additive Market Drivers
Increasing Environmental Regulations
Governments worldwide are implementing stricter environmental regulations to reduce air pollution and protect human health. These regulations limit the use of volatile organic compounds (VOCs) in coatings, driving the demand for low VOC coating additives. Low VOC coating additives help manufacturers meet these regulations by reducing the VOC content of their coatings without compromising performance. The increasing adoption of low VOC coatings is expected to drive the growth of the Low Volatile Organic Compounds Coating Additive Market Industry over the forecast period.
Growing Demand for Sustainable Coatings
Consumers are becoming increasingly aware of the environmental impact of their choices, and are demanding more sustainable products. This has led to a growing demand for sustainable coatings, which are coatings that have a reduced environmental impact. Low VOC coating additives play a key role in the development of sustainable coatings, as they reduce the VOC content of the coating without compromising performance. The growing demand for sustainable coatings is expected to drive the growth of the Low Volatile Organic Compounds Coating Additive Market Industry over the forecast period.
Technological Advancements
Technological advancements are leading to the development of new and improved low VOC coating additives. These new additives offer improved performance and are more cost-effective, making them more attractive to manufacturers. The development of new low VOC coating additives is expected to drive the growth of the Low Volatile Organic Compounds Coating Additive Market Industry over the forecast period.
Low Volatile Organic Compounds Coating Additive Market Segment Insights
Low Volatile Organic Compounds Coating Additive Market Resin Type Insights
The Low Volatile Organic Compounds Coating Additive Market is segmented by Resin Type as Alkyd Resins, Acrylic Resins, Polyurethane Resins, Epoxy Resins, and Others. Alkyd Resins was the largest segment in 2023, generating over 30% of the Low Volatile Organic Compounds Coating Additive Market revenue. Alkyd resins are distinguished by their exceptional durability, weatherability, and cheap price. It is frequently used in architectural and industrial paints due to the heightened construction activity and the market’s positive demand for eco-friendly coatings.The increasing expense on maintenance, repair, and operations activities is propelling the market demand. The second largest segment in the market is occupied by Acrylic Resins and is forecasted to account for over 25% of the market revenue by 2023. Acrylic Resins are distinguished by their high gloss, transparency, and UV resistance. It is widely used in automotive coatings, plastic coatings, and wood coatings. The enhanced purchasing power of the consumers, combined with the advent of various innovations in the paint industry, is projected to boost the demand for these resins.Polyurethane Resins was the third largest segment in 2023, accounting for over 20% of the market revenue. The Polyurethane Resins market was also the major segment and is expected to consume a significant market share by the end of 2023. It displays exceptional toughness, resistance, and abrasion features. Furthermore, it is low in price and is frequently used in automotive coatings, industrial pure coatings, and marine coatings. The market demand for Polyurethane Resins will be fuelled by the increased need for high-performance coatings. Epoxy Resin was the fourth largest segment in the Low Volatile Organic Compounds Coating Additive Market, accounting for over 15% of the market revenue.It displays exceptional adhesion, chemical resistance, and electrical insulation features due to its characteristics. It is frequently used in industrial coatings, marine coatings, and flooring coatings. The increased demand for high-performance coatings will drive the demand for an epoxy resin in the near future. The fourth largest segment’s revenue share is growing significantly. The “Others” segment includes other varieties of resins such as Polyester Resins, Silicone Resins, and Fluoropolymer Resins. It will account for over 10% of the market revenue in 2023.The market demand is increasing due to rising application volumes in other industries.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Low Volatile Organic Compounds Coating Additive Market End-Use Industry Insights
 The Low Volatile Organic Compounds Coating Additive Market is segmented by End-Use Industry; Automotive Construction Industrial Aerospace Defense Others In 2023, the Automotive segment had the largest market share of 35%. This can be attributed to the growing demand for low-VOC coatings in the automotive industry to comply with the stringent environmental norms. The Construction segment is anticipated to experience significant growth over the forecast period. This can be credited to the increasing construction activities coupled with raising awareness regarding environmental sustainability.The Industrial segment is projected to hold a substantial share of the market. This is attributed to the increasing demand for low-VOC coatings for industrial applications such as machinery and equipment. The Aerospace Defense segment is expected to experience steady growth. This can be credited to the rising usage of low-VOC coatings on aircraft and defense equipment. The Others segment is expected to contribute a moderate share to the overall market revenue. It includes marine, furniture, and consumer goods applications.Â
Low Volatile Organic Compounds Coating Additive Market Application Insights
The application segment of the Low Volatile Organic Compounds Coating Additive Market holds significant importance due to the diverse uses of these additives across various coating applications. Interior coatings, exterior coatings, special coatings, and other specialized applications contribute to the overall market growth. Interior coatings, widely used in residential and commercial buildings, accounted for a substantial share of the market in 2023 and are projected to maintain their dominance throughout the forecast period. The rising demand for low-VOC paints and coatings driven by environmental regulations and consumer preferences is a key factor driving the growth of this segment.Exterior coatings, employed in industrial, automotive, and marine applications, are expected to witness a steady growth rate over the coming years. The need for durable and weather-resistant coatings in harsh outdoor environments fuels the demand for low-VOC additives in this segment. Special coatings, including high-performance coatings, anti-fouling coatings, and fire-retardant coatings, are gaining traction due to their specialized properties and applications in niche markets. These coatings require low-VOC additives to meet environmental standards and enhance their performance characteristics.Other applications, such as wood coatings, plastic coatings, and metal coatings, also contribute to the market growth. The increasing adoption of eco-friendly coating solutions across various industries is driving the demand for low-VOC additives in these segments. As per industry estimates, the Low Volatile Organic Compounds Coating Additive Market for interior coatings is valued at around USD 2.4 billion in 2023 and is projected to reach USD 3.6 billion by 2032, exhibiting a CAGR of 5.8% during the forecast period.
Low Volatile Organic Compounds Coating Additive Market Substrate Insights
The Substrate segment of the Low Volatile Organic Compounds Coating Additive Market is segmented into Metal, Plastic, Wood, Glass, and Others. The Metal segment held the largest market share in 2023, accounting for over 35% of the Low Volatile Organic Compounds Coating Additive Market revenue. The growth of the Metal segment is attributed to the increasing demand for low VOC coatings in the automotive and construction industries. The Plastic segment is expected to grow at the highest CAGR during the forecast period due to the rising demand for plastic substrates in packaging and consumer electronics applications.The Wood segment is also expected to witness significant growth due to the increasing popularity of eco-friendly coatings in the furniture and flooring industries. The Glass segment is expected to grow steadily due to the rising demand for low VOC coatings in the architectural and automotive industries. The Others segment, which includes substrates such as paper, textiles, and leather, is expected to grow at a moderate pace during the forecast period.
Low Volatile Organic Compounds Coating Additive Market Regional Insights
The Low Volatile Organic Compounds Coating Additive Market is segmented into regions, which include North America, Europe, APAC, South America, and MEA. Among these regions, North America is expected to hold the largest market share in 2023, owing to the presence of stringent environmental regulations and high demand for low-VOC coatings from various industries. Europe is another significant market for low-VOC coating additives, driven by growing awareness about environmental sustainability and regulations promoting the use of eco-friendly coatings.APAC is anticipated to witness substantial growth in the coming years due to the rapid industrialization and urbanization in countries like China and India. South America and MEA are expected to contribute a smaller share to the market, but they are projected to demonstrate steady growth over the forecast period.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Low Volatile Organic Compounds Coating Additive Market Key Players And Competitive Insights
Major players in Low Volatile Organic Compounds Coating Additive Market are continuously investing in research and development to introduce innovative products that meet the evolving needs of customers. Leading Low Volatile Organic Compounds Coating Additive Market players are focusing on expanding their presence through strategic partnerships and acquisitions. The Low Volatile Organic Compounds Coating Additive Market industry is characterized by intense competition, with several key players vying for market share. These companies are adopting various strategies to gain a competitive edge, including product innovation, capacity expansion, and geographical diversification. The Low Volatile Organic Compounds Coating Additive Market is expected to witness significant growth in the coming years, driven by the increasing demand for eco-friendly and sustainable coating solutions.AkzoNobel is a leading producer of paints and coatings. The company offers a wide range of Low Volatile Organic Compounds Coating Additive products, including water-based coatings, powder coatings, and high-performance coatings. AkzoNobel has a strong presence in the automotive, aerospace, and marine industries. The company is committed to innovation and sustainability, and it invests heavily in research and development to create new and improved products.BASF is another major player in the Low Volatile Organic Compounds Coating Additive Market. The company offers a wide range of Low Volatile Organic Compounds Coating Additive products, including resins, pigments, and additives. BASF has a strong presence in the automotive, construction, and industrial coatings industries. The company is committed to sustainability, and it has developed a number of innovative Low Volatile Organic Compounds Coating Additive products that meet the environmental regulations.
Key Companies in the Low Volatile Organic Compounds Coating Additive Market Include
- DIC Corporation
- PPG Industries, Inc.
- Ashland
- Dow Chemical Company
- SherwinWilliams Company
- BASF SE
- DuPont de Nemours, Inc.
- RPM International Inc.
- Mitsui Chemicals, Inc.
- Huntsman Corporation
- Toray Industries, Inc.
- AkzoNobel N.V.
- Covestro AG
- Croda International Plc
- Evonik Industries
Low Volatile Organic Compounds Coating Additive Market Industry Developments
The low volatile organic compounds (VOC) coating additive market is projected to reach USD 9.72 billion by 2032, exhibiting a CAGR of 5.46% during the forecast period (2024-2032). Increasing demand for eco-friendly and sustainable coatings, stringent environmental regulations, and growing awareness about the harmful effects of VOCs are key factors driving market growth. Asia-Pacific is expected to hold the largest market share due to rapid urbanization, rising construction activities, and increasing demand for high-performance coatings. Key industry participants include BASF, Dow, Evonik, and Arkema, who are focusing on product innovation, strategic partnerships, and capacity expansion to cater to the growing demand. Recent developments include the launch of new low-VOC coating additives with improved performance and compatibility, as well as the adoption of sustainable practices throughout the supply chain.
Low Volatile Organic Compounds Coating Additive Market Segmentation Insights
Low Volatile Organic Compounds Coating Additive Market Resin Type Outlook
- Alkyd Resins
- Acrylic Resins
- Polyurethane Resins
- Epoxy Resins
- Others
Low Volatile Organic Compounds Coating Additive Market End-Use Industry Outlook
- Automotive
- Construction
- Industrial
- Aerospace Defense
- Others
Low Volatile Organic Compounds Coating Additive Market Application Outlook
- Interior Coatings
- Exterior Coatings
- Special Coatings
- Others
Low Volatile Organic Compounds Coating Additive Market Substrate Outlook
- Metal
- Plastic
- Wood
- Glass
- Others
Low Volatile Organic Compounds Coating Additive Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
Low Volatile Organic Compounds Coating Additive Market Report Scope
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Report Attribute/Metric
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Details
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Market Size 2022
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5.71(USD Billion)
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Market Size 2023
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6.02(USD Billion)
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Market Size 2032
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9.72(USD Billion)
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Compound Annual Growth Rate (CAGR)
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5.46% (2024 - 2032)
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Report Coverage
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Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
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Base Year
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2023
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Market Forecast Period
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2024 - 2032
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Historical Data
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2019 - 2023
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Market Forecast Units
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USD Billion
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Key Companies Profiled
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DIC Corporation, PPG Industries, Inc., Ashland, Dow Chemical Company, SherwinWilliams Company, BASF SE, DuPont de Nemours, Inc., RPM International Inc., Mitsui Chemicals, Inc., Huntsman Corporation, Toray Industries, Inc., AkzoNobel N.V., Covestro AG, Croda International Plc, Evonik Industries
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Segments Covered
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Resin Type, End-Use Industry, Application, Substrate, Regional
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Key Market Opportunities
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Sustainable product demand growth
Regulatory compliance incentives
Expanded application in construction Technological advancements in formulations Increasing awareness of health impacts
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Key Market Dynamics
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Increasing environmental regulations
Rising demand for ecofriendly products
Growth in construction and automotive sectors Technological advancements in formulations Expanding applications in industrial coatings
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Countries Covered
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North America, Europe, APAC, South America, MEA
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Frequently Asked Questions (FAQ) :
The market is expected to have an overall valuation of 6.02 billion USD in 2023.
By 2032, the market is projected to reach an overall valuation of 9.72 billion USD.
The market is anticipated to grow at a CAGR of 5.46 percent from 2024 to 2032.
Regions such as North America, Europe, and Asia-Pacific are expected to experience significant growth by 2032.
Applications in automotive, industrial, and architectural coatings are driving significant demand for these additives.
Who are the key competitors in the Low Volatile Organic Compounds Coating Additive Market?
The market for Low Volatile Organic Compounds Coating Additives is growing as industries shift towards environmentally-friendly alternatives.
Adopting Low Volatile Organic Compounds in coatings is significant for reducing air pollution and meeting regulatory standards.
Factors such as increasing environmental regulations and rising consumer awareness are influencing market growth.
The market is expected to continue its growth trajectory from 6.02 billion USD in 2023, with specific figures for 2024 not disclosed.
