Low VOC Paints and Coatings Market: Overview
Mounting concerns of environmental implications of volatile organic compounds (VOCs) present in a range of chemicals, including paints and coatings is paving opportunities for low VOCs paints and coatings market. Several governments have laid out strict regulations to curb VOC emissions due to their environmental and health implications. Such statutes are expected to open prospects for the low VOC paints and coatings market over the 2020- 2030 forecast period.
Key parameters based on which the low VOC paints and coatings market is segmented are carrier type, end use, surface type, application, product type, and region.
The report on low VOC paints and coatings market covers all the significant factors for rock-solid insights into the said market for the forecast period of 2020 to 2030. This includes in-depth analysis of demand dynamics, growth opportunities, and regional outlook of the low VOC paints and coatings market for the above mentioned forecast period.
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Low VOC Paints and Coatings Market: Competitive Landscape
The competitive landscape of the low VOC paints and coatings market is largely consolidated with some prominent players that hold key share. Key players are focused on strategic expansion of production plants to consolidate their position in the low VOC paints and coatings market. R&D for the introduction of novel products is another key focus of keen players in the low VOC paints and coatings market.
Prominent players in the low VOC paints and coatings market include Benjamin Moore & Co., Akzo Nobel N.V., The Dow Chemical Company, YOLO Colorhouse LLC, Wacker Chemie AG, BASF SE, The Sherwin Williams Company, PPG Industries Inc., American Formulating & Manufacturing, Dunn-Edwards Corporation, and EcoProCote.
Low VOC Paints and Coatings Market: Key Trends
Increase in regulatory pressure and rising public awareness regarding environmental implications of conventional paints and coatings is creating demand for low VOC paints and coatings. Low VOC paints and coatings use water as a medium instead of petroleum solvents. Besides this, specialized solvents such as de-aromatized solvents are also used as medium to reduce volatile organic compound content in low VOC paints and coatings.
Focus of product manufacturers for the development of low VOC paints and coatings that are at par with conventional solvent-based paints and coatings in terms of performance is a key factor fuelling the low VOC paints and coatings market. Further, focus of manufacturers to develop low VOC paints and coatings that have similar finish to oil-based products is expanding the horizon of low VOC paints and coatings.
Initiatives for the development of bio-based paints and coatings to reduce the use of oil-based paints and coatings is a step ahead in the growth of low VOC paints and coatings market. Manufacturers are also expanding distribution channels to increase the sales of bio-based low VOC paints and coatings.
Low VOC Paints and Coatings Market: Regional Assessment
Key regions into which the low VOC paints and coatings market is divided are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America and Europe, among them, hold considerable share in the low VOC paints and coatings market. Large share of these regions is attributed to stringent regulations for use of certain chemicals in decorative paints and coatings. Manufacturers of paints and coatings in the region are creating new chemical formulations for low VOC paints and coatings, thereby expanding the growth of low VOC paints and coatings market in these regions.
Asia Pacific is anticipated to display impressive growth rate in the low VOC paints and coatings market over the forecast period. Rapid urbanization and stupendous growth of the construction in the region is resulting in spurt in demand for low VOC paints and coatings.
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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.