VOCs (volatile organic compounds) are substances such as formaldehyde which are used in paints to allow them to dry faster. These are highly toxic to humans and high levels of VOC in paints results in the release of toxic VOC fumes for a long period of time. Low VOC paints use water as a solvent instead of petroleum-based materials. Bio-based paints use raw materials derived from natural sources such as plants and natural minerals which include plant oils, plant dyes, essential oils, clay, beeswax, mineral dyes, and talcum among others. Bio-based and low-VOC paints embed low VOC levels in paints made from natural sources of plants and animals.
Increased awareness among consumers about the health benefits of using bio-based and low-VOC products is one of the primary drivers of this market. Another factor affecting the paints industry is the steady growth of population in countries such as China and India which has in turn led to an increase in the house construction sector and industrialization.
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The growing infrastructure and increasing awareness has led to a growth of the bio-based and low-VOC paints industry in this region. Increasing disposable income of consumers also plays a key role in the paints market.
Bio-based low-VOC paints have a higher manufacturing cost compared to traditional high-VOC paints. This is one of the main factors affecting the bio-based paints market. In addition, the paints industry is heavily dependent on the maintenance requirements of facilities which include expansion of industrial facilities and household expansions. Economic slowdowns directly affect the maintenance industry, which has an adverse effect on the paints industry.
There is an increasing demand for cost-effective, bio-based, low-VOC paints from consumers and end-use industries. Focused research on cost-effective raw materials may boost the market. In addition, efforts taken by environmental governing bodies in regularizing policies on the use of low-VOC paints will help the bio-based paint market. Efforts in creating awareness among other developing countries of Asia-Pacific and Africa can further help to develop the paints market in these regions.
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Some of the leading manufacturers of bio-based and low-VOC paints include Pflanzenchemie AG, DuraSoy One Paint, Benjamin Moore & Co., The Freshaire Choice, and Mythic Paint among others.
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