Global Volatile Organic Compound Market

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 News

  • 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.
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FAQs

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 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. '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)'

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.

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.

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

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Global Volatile Organic Compound Market

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