USD 178.40 million
Global Volatile Organic Compound Market Size, Share, Growth Analysis, By Type of Compound(Methane, alkanes), By Application(paints and coatings, industrial processes), By End Use(construction, automotive) - Industry Forecast 2024-2031
Report ID:
SQMIG15E2403 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
93 |
Figures:
76
Global Volatile Organic Compound Market Insights
Global Volatile Organic Compound Market size was valued at USD 178.40 million in 2022 and is poised to grow from USD 191.24 million in 2023 to USD 333.54 million by 2031, growing at a CAGR of 7.2% in the forecast period (2024-2031).
The global volatile organic compound (VOC) market has experienced tremendous growth in recent years, driven by several factors that determine its importance in various industries. VOCs are naturally occurring chemicals that are easily volatile in the atmosphere, contributing to air pollution and potential health hazards. The VOC market aims to manage and regulate emissions of these chemicals, promoting environmental sustainability and human well-being. The main factors driving the expansion of the VOC market are growing awareness of air quality standards across. The globe, stringent regulations and government and environmental agencies adopting measures to curb VOC emissions disposal is in full swing, which drives demand for technologies and products that contribute to VOC reduction.
However, the market faces significant restraining factors, including high costs associated with advanced VOC reduction technologies and complexity of VOC removal from industrial products Challenges in the market also arise from various factors, such as technology interior products, transportation, and household products. Furthermore, the heterogeneity of VOCs adds challenges to monitoring and control efforts. However, these challenges are driving R&D activity in the VOC market, creating opportunities for innovation and cost-effective solution development.
One of the opportunities in the VOC market is the development and adoption of environmentally friendly and sustainable technologies for VOC reduction. The demand for green alternatives and the increased focus on corporate social responsibility have paved the way for environmentally friendly solutions. Furthermore, increasing awareness among companies of the economic benefits of VOC reduction, such as improved energy efficiency and regulatory compliance, is creating opportunities for market players to offer solutions in detail.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Aromatics
Fastest Growth
Aromatics
Growth Rate
7.2% CAGR
Global Volatile Organic Compound Market ($ Bn)
Country Share for North America Region (%)
Global Volatile Organic Compound Market By Type of Compound ($ Bn)
Global Volatile Organic Compound Market By Type of Compound (%)
To get more reports on the above market click here to Buy The Report
Global Volatile Organic Compound Market Segmental Analysis
Global Volatile Organic Compound Market is segmented on the basis of type of compound, application, end use, and region. By type of compound, the market is segmented into methane, alkanes, alkenes, and aromatics. By application, the market is segmented into paints and coatings, industrial processes, cleaning agents, and other applications. By end use, the market is segmented into construction, automotive, chemical processing, and consumer goods. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Type of Compound
The aromatic segment is the fastest growing segment in the Global Volatile Organic Compound (VOC) market. dominating the presence of commanding and lucrative power. Aromatic compounds, including well-known compounds such as benzene, toluene, and xylene, are indispensable compounds in a variety of industries and their versatility and efficiency make them particularly useful in paints, coatings, adhesives, and in various applications. As a result, the fragrance segment not only commands a significant share of the VOC market but is also a lynchpin for innovation and growth.
In the dynamic environment of the VOC market, alkanes are emerging as a dynamic force driving the fastest growth trajectory. Alkanes, including ethyne and propene, are experiencing increased demand driven by their important role in new industrial processes and applications The inherent unsaturation opens the way for new chemical transformations, leading to a new form of green in place of conventional processes Industries are increasingly turning to alkanes as sustainable solutions in line with global initiatives to reduce environmental impact. Furthermore, the versatility of Alkane positions them as key players in the advanced materials industry, contributing to their tremendous growth.
Analysis by Application
In the volatile organic compounds (VOCs) sector, the paints and coatings segment emerged as the undisputed winner by 2022, capturing an impressive 40% of the total market share. This potential comes from paints and coatings. It is ubiquitous in various industries such as architecture, automotive and construction. Targeted stringent regulations have certainly increased, and stimulated, demand for VOC-compliant paints and coatings growth in this segment. As environmental sentiment strengthens, innovations that are not environmentally acceptable improve, further reinforcing the trend of the market.
While the paints and coatings segment are currently holding the reins, the industrial process segment is poised to emerge as the fastest growing contender in the coming years with a projected CAGR of 8% over the forecast period. when this segment is scheduled to bounce back describe the VOC market scenario. This phenomenal growth is attributed to the demand for VOC-based chemicals in various industrial processes, including pharmaceutical manufacturing, electronics manufacturing and oil and gas manufacturing. The uptake of VOC-based chemicals greater in the case of developing countries is expected to expand this sector.
Global Volatile Organic Compound Market By Type of Compound, 2023 (%)
To get detailed analysis on other segments, Request For Free Sample Report
Global Volatile Organic Compound Market Regional Insights
The global VOC market is subject to regional fluctuations driven by factors such as industrial activity, regulatory framework, and economic growth. The dominant regions in the VOC market tend to be North America, especially the US, as its large industrial base and regulations aimed at controlling VOC emissions have led to significant investments in technologies to reduce VOC emissions fall environmental concerns and compliance requirements
Asia Pacific is widely considered to be the fastest growing region, which includes countries such as India and Japan. Rapid technological development, urbanization, and the rise of the middle class have increased the demand for VOC-containing products such as paints, coatings, and adhesives but generally, this growth along with increased legal scrutiny and increased awareness of environmental issues, led to a shift towards more environmentally friendly alternatives.
Global Volatile Organic Compound Market By Region, 2024-2031
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Global Volatile Organic Compound Market Dynamics
Drivers
Strict Environmental Regulations
- Increased environmental awareness has led to the implementation of stringent regulations to control VOC emissions. Governments and international organizations are pushing for VOC-free or zero-VOC products in various industries.
Technological Advancements
- Technological advances have facilitated the production of low-VOC non-chemical chemicals in industries, such as paints and coatings. Companies invest in research and development to develop products that meet both business and environmental standards.
Restraints
Health and Environmental Concerns
- Adverse health effects associated with VOC exposure, such as respiratory issues and potential carcinogens, lead to demands for VOC abatement. Furthermore, VOCs contribute to air pollution and smoke, which are environmental factors in our surroundings.
Cost Implications
- The transition to low-VOC or zero-VOC processes can result in increased production costs. Due to economic considerations, some companies may face challenges in adopting these strategies.
Request Free Customization of this report to help us to meet your business objectives.
Global Volatile Organic Compound Market Competitive Landscape
The global Volatile Organic Compounds (VOC) market boasts a competitive environment with key industry players vying for market share and dominance. Leading companies are engaged in extensive R&D programs with new products and technologies aimed at reducing VOC emissions and meeting stringent environmental regulations Competitive advantage continues due to the strategic collaboration, partnerships, mergers, and acquisitions that A high focus on environmentally friendly solutions has led to the development of low-VOC and VOC-free products, creating a niche in the market.
Top Player’s Company Profile
- BASF SE (Germany)
- The Dow Chemical Company (US)
- ExxonMobil Corporation (US)
- Royal Dutch Shell plc (Netherlands/UK)
- DowDuPont Inc. (US)
- SABIC (Saudi Arabia)
- INEOS Group (UK)
- LyondellBasell Industries (US)
- Total Energies (France)
- Covestro AG (Germany)
- Formosa Plastics Corporation (Taiwan)
- Mitsui Chemicals, Inc. (Japan)
- Sumitomo Chemical Co., Ltd. (Japan)
- Chevron Phillips Chemical Company LLC (US)
- LG Chem Ltd. (South Korea)
- Air Liquide S.A. (France)
- Arkema S.A. (France)
- Reliance Industries Limited (India)
- Eastman Chemical Company (US)
- Braskem S.A. (Brazil)
Recent Developments
-
In February 2024, the Government of Canada has published draft regulations to reduce volatile organic compounds (VOCs) from a variety of oil and gas facilities. These regulations covering petroleum storage tanks and loading represent a second phase of VOC regulations for the petroleum sector and respond to findings under Canada's Chemicals Management Plan.
-
In December 2023, the US Environmental Protection Agency issued its final rule titled “Standards of Performance for New, Reconstructed, and Modified Sources and Emission Guidelines for Existing Sources: Oil and Natural Gas Sector Climate Review.” It revises standards for new sources and establishes guidelines for states to regulate methane emissions from existing sources, aiming for consistency in requirements between new and existing sources within the sector.
- In May 2023, researchers at the University of California, Berkeley developed a new type of biofilter that is more effective at removing VOCs from the air. The new biofilter uses a novel type of bacteria that is able to break down a wider range of VOCs than traditional biofilters.
Global Volatile Organic Compound Key Market Trends
- Focus on Sustainable Practices: There is a growing trend towards sustainability, and companies are adopting environmentally friendly practices and building importance if they reduce their environmental impact. This trend is reflected in the development and adoption of sustainable products with low VOCs.
- Innovation in VOC-Free Technology: Ongoing research and development efforts focus on exploring new VOC-free processes and technologies. This includes looking for water-based coatings and other solutions that reduce or eliminate conventional VOCs.
Global Volatile Organic Compound Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global Volatile Organic Compound market analysis, the global volatile organic compound (VOC) market consists of a variety of chemicals that can be easily converted into vapors at room temperature. These chemicals come from a variety of sources such as industry, automobiles, and everyday products. The market is segmented based on VOCs such as methane, alkanes, alkanes, and aromatics, each with specific applications. VOCs play an important role in products such as paints, coatings, detergents, and industrial processes. Various industries such as construction, automotive, and chemical contribute to the VOC market. Regional changes, environmental regulations, and health effects of VOCs influence market growth. Companies that manufacture low-VOC or zero-VOC products are becoming increasingly important. Understanding the market considers these factors along with the strategies of the major market players. Overall, the VOC market study aims to capture the various applications, regulatory scenarios, and health/environmental issues related to these chemicals across the globe.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 178.40 million |
| Market size value in 2031 | USD 333.54 million |
| Growth Rate | 7.2% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Volatile Organic Compound Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Volatile Organic Compound Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Volatile Organic Compound Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Volatile Organic Compound Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Volatile Organic Compound Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Volatile Organic Compound Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Volatile Organic Compound Market Report Snapshots
Want to customize this report?
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATION
USA (+1) 351-333-4748
