The global market for low-Volatile Organic Compound (VOC) coating additives is projected to reach a value of USD 6.43 billion by 2023, with a compound annual growth rate (CAGR) of 5.8% during the forecast period. The growth in revenue of the low-VOC coating additives market is driven by several factors, including increased demand from the construction and automotive sectors, strict government regulations aimed at controlling VOC emissions, rapid degradation of Indoor Air Quality (IAQ), and investments in Research and Development (R&D) projects.
For example, on October 28, 2021, the Ministry of Ecology and Environment implemented a comprehensive strategy for autumn and winter air pollution control in 2021-2023. Additionally, on November 8, 2021, the State Council issued opinions on pollution control strategies. These initiatives highlight the government's efforts to address air pollution issues.
Furthermore, the American Renewable Energy and Efficiency Act, which requires electric utilities to source a minimum of 25% of their electricity from renewable sources by 2025, including wind, solar, hydro, geothermal, and biomass, will not only benefit consumers but also contribute to the high adoption of low VOC coating additives. This act aims to create jobs and protect the environment.
Companies in the industry are also expanding their operations by establishing new production facilities in different regions, with the goal of increasing production capacity and efficiency. For example, on May 30, 2019, Daikin Industries Ltd. announced the establishment of a new subsidiary in China for the manufacturing and sales of fluorochemical products. This move is intended to strengthen the company's presence in the semiconductor and battery materials industries, where demand is expected to significantly increase in the medium and long term. These factors collectively contribute to the growth in revenue of the low-VOC coating additive market.
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Major players in the market include DuPont, BASF SE, Akzo Nobel N.V., Axalta Industrial Coatings, Applied Plastics, Eastman Chemical Company, Elementis plc., Nippon Paint Holdings Co., Ltd., SantoLubes LLC., Keyland Polymer.
Advantages of Low-VOC Coating Additives Market
The low-Volatile Organic Compound (VOC) coating additives market offers several advantages. Firstly, the use of low-VOC coating additives promotes better air quality by reducing the emission of harmful pollutants into the environment. This has a positive impact on both indoor and outdoor air quality, leading to healthier living and working environments.
Secondly, low-VOC coating additives contribute to the sustainability efforts of industries. By minimizing VOC emissions, these additives help companies comply with strict environmental regulations and reduce their carbon footprint. This aligns with the global focus on sustainable practices and green initiatives.
Furthermore, low-VOC coating additives enhance worker safety. With lower VOC levels, there is a reduced risk of exposure to hazardous chemicals, protecting the health and well-being of individuals working in industries that utilize coatings and paints.
Additionally, the demand for low-VOC coating additives is driven by increasing consumer awareness and preferences for eco-friendly products. As more people prioritize sustainable and environmentally conscious choices, products with low VOC content gain popularity in the market.
Moreover, the low-VOC coating additives market presents opportunities for innovation and research. Companies invest in Research and Development (R&D) to develop new formulations and technologies that offer improved performance and functionality while maintaining low VOC levels. This fosters advancements in the coatings industry and supports continuous improvement in product quality.
Overall, the low-VOC coating additives market offers numerous advantages, including improved air quality, sustainability, worker safety, consumer preference, and opportunities for innovation. These factors contribute to the market's growth and the adoption of low-VOC coatings in various industries.
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Segments Covered in the Report:
This report offers historical data and forecasts revenue growth at a global, regional, and country level, and provides analysis of the market trends in each of the sub-segments from 2019 to 2032. For this study Reports and Data has segmented the low-VOC coating additives market on the basis of type, application, technology, and region:
Type Outlook (Revenue, USD Billion; 2019 – 2032)
- Rheology modifiers
- Defoamer
- Wetting agent
- Dispersants
- Others
Application Outlook (Revenue, USD Billion; 2019 – 2032)
- Automotive coatings
- Wood coatings
- Architectural coatings
- Industrial coatings
- Packaging coatings
- Product finishes coatings
Technology Outlook (Revenue, USD Billion; 2019 – 2032)
- Powder-based
- Radiation cure
- Waterborne
- High solids
Regional Outlook (Revenue, USD Billion; 2019 – 2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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