BIO-BASED PAINTS & COATINGS MARKET ANALYSIS
MARKET DYNAMICS
Regulations imposed on the limited use of volatile organic solvents for manufacturing of paints & coatings have encouraged manufacturers to develop new technologies in paints & coatings market. Manufacturers are focused on producing new coatings that meet the performance expectations and also the stringent environmental regulations. For instance, the U.S. Environmental Protection Agency (EPA) through National Volatile Organic Compound Emission Standards for Architectural Coatings aims to limit the Volatile Organic Compounds (VOCs) emissions from the use of architectural coatings. The rule is estimated to reduce VOC emissions by 113,500 tons per year. This factor is expected to drive market growth of the bio-based paints & coatings.
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