Market Summary:
The global Low-Volatile Organic Compound (VOC) Coating Additives Market is projected to reach a value of USD 6.43 Billion by 2023 and experience a compound annual growth rate (CAGR) of 5.8% throughout the forecast period. The driving forces behind the growth in revenue for the low VOC coating additive market include increased demand from the construction and automotive sectors, stringent government regulations aimed at controlling VOC emissions, a rapid deterioration in Indoor Air Quality (IAQ), and substantial investments in Research and Development (R&D) initiatives.
For example, on October 28, 2021, the Ministry of Ecology and Environment implemented a comprehensive strategy for addressing autumn and winter air pollution in 2021-2022. Furthermore, on November 8, 2021, the State Council issued opinions on scrutinizing Pollution Control Strategy.
Additionally, the American Renewable Energy and Efficiency Act, as outlined by the Office of Energy Efficiency and Renewable Energy, stands to offer significant benefits to consumers by generating jobs and safeguarding the environment. This legislation requires electric utilities to obtain a minimum of 25% of their electricity from renewable sources such as wind, solar, hydro, geothermal, and biomass by 2025. These governmental initiatives have substantially increased the global adoption of low VOC coating additives.
Companies are also expanding their operations into different regions by establishing new production facilities to enhance productivity and efficiency. For instance, on May 30, 2019, Daikin Industries Ltd. announced its resolution to establish a new subsidiary in China dedicated to the manufacturing and sale of fluorochemical products. This subsidiary aims to bolster manufacturing and sales activities for fluorochemical products in China, particularly in the semiconductor and Battery Materials industries, where long-term demand is anticipated to grow significantly. These combined factors contribute to the rising revenue in the low-VOC coating additive market.
Low-VOC Coating Additives Market: Notable Innovations
Nano-Particle Additives: Emerging research is focused on the integration of nano-particles into low-VOC coating formulations. These nano-particles, often in the form of metal oxides or clays, enhance coating performance by improving durability, scratch resistance, and barrier properties while maintaining low VOC levels.
Waterborne Formulations: Waterborne coatings have gained prominence as a sustainable alternative with low VOC content. Innovations in waterborne coating additives involve creating novel polymer dispersions and emulsion stabilizers to improve the performance of water-based coatings, making them competitive with traditional solvent-based coatings.
Bio-Based Additives: Increasing awareness of environmental sustainability has driven the development of bio-based coating additives derived from renewable sources. These innovations include bio-solvents, bio-polymers, and natural fillers that reduce VOC emissions and enhance the eco-friendliness of coatings.
Smart Coatings: Advanced coatings with smart properties are being developed, such as self-healing coatings that can repair minor damages automatically, or thermochromic coatings that change color with temperature fluctuations. These innovations offer both aesthetic and functional benefits.
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Low-Cure Coatings: Low-cure coatings utilize innovative curing mechanisms that require lower temperatures and shorter curing times. This not only reduces energy consumption but also helps in achieving low-VOC levels by minimizing the need for VOC-emitting curing agents.
Functional Additives: Coatings are being enhanced with functional additives, such as antimicrobial agents, UV stabilizers, and anti-corrosion compounds, to provide additional benefits and meet specific industry requirements without compromising on VOC content.
Digital Printing Coatings: Innovations in low-VOC coatings for digital printing applications are enabling vibrant and long-lasting prints while adhering to eco-friendly standards. These coatings are essential for the packaging and signage industries.
High-Performance Additives: Research is ongoing to develop high-performance additives that allow low-VOC coatings to excel in extreme conditions, such as coatings for aerospace, marine, and automotive applications where durability and resistance to harsh environments are crucial.
Low-VOC Powder Coatings: Powder coatings, traditionally associated with lower VOC emissions, continue to evolve with innovative formulations, offering a broader range of colors and improved application techniques for various industries.
Regulatory Compliance Tools: Innovations in software and tools for regulatory compliance tracking and reporting help coating manufacturers ensure their products meet the evolving environmental regulations related to VOC emissions.
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Low-VOC Coating Additives Market: Key Players
The competitive landscape of the low-VOC coating additive market exhibits partial consolidation, with a select group of key players operating at both global and regional levels. These prominent industry leaders are actively involved in product development and strategic partnerships to expand their product portfolios and establish a strong presence in the global market.
Noteworthy participants in this market comprise DuPont, BASF SE, Akzo Nobel N.V., Axalta Industrial Coatings, Applied Plastics, Eastman Chemical Company, Elementis plc., Nippon Paint Holdings Co., Ltd., SantoLubes LLC., and Keyland Polymer.
In a significant development on August 24, 2022, Arkema introduced SYNAQUA 9511, an innovative performance waterborne binder designed to facilitate the creation of industrial paints with reduced VOC content. SYNAQUA 9511, an acrylic polyol emulsion, demonstrates versatility by being applicable to a wide range of substrates, including common materials such as metal, plastic, glass, wood, and concrete floors. Its primary suitability lies in topcoat and monocoat applications.
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