Oil based paints are generally slow drying since it consists of particles of pigments suspended in a drying oil. Substances like turpentine and white spirit are used as a solvent for this product to optimize the viscosity. Consumers also make use of varnish to increase the glossiness of the dried paint film. The thickness of the paint layer dictates the drying time associated with this product.
Oil based paints essentially make use of natural (linseed) or synthetic (alkyd) oil as a base. The low price and high durability associated with alkyd support the market penetration of this raw material. Oil based paints are typically used in applications including indoor and outdoor house painting as well as renovation.
Moreover, the properties of this product allow efficient coverage in terms of painting metal surfaces. These paints adhere to the surface of the metal. Oil based paints have hard-wearing properties that cater to this application. Additionally, the product is obtained in a luminous range of colors which makes it suitable for interior and exterior use on substances like wood as well as metal.
This in turn protects metallic substances like fences from rusting. From a consumer perspective, the paint provides a high ROI in terms of metal painting applications. It is primarily due to the reduction in cost associated with maintenance. The product prevents the metal surface from oxidation.
Market outlook:
The use of this product was first recorded in the 7th century AD within Asia. Some remnants of its use have been recorded in Buddhist paintings across Afghanistan. Towards the 12th century, oil based paints were used within Europe for decorative purposes. The product was adopted as an artistic medium in the early 15th century. As of today, oil based paints are commonly used in finishing and protecting exposed metal structures and buildings. Verticals like Ship manufacturing account for a key segment of the value chain for this market. The low drying properties of oil based paints cater to its application in sectors like paint-on glass animation.
Substitute products like Water based and Latex paints also account for key segments within the Paints Industry. Latex paints are a popular substitute for consumer applications like painting walls and ceilings. This is primarily due to the low drying time associated with the product. Although Latex paints have lesser durability as compared to oil based paints at low temperature conditions. Additionally, the vibrant colors for oil based paints act as a driver for this market. Water based paints have a fewer range of colors which limits the applications of the product.
One of the key market limitations of this product is the presence of high levels of VOC (volatile organic compounds). VOCs have a high level of vaporizations at normal room temperature conditions. This in turn causes air quality problems in the vicinity. Therefore, the application of these paints in closed environments gives off an unpleasant odor. Hence proper ventilation is a requirement while making use of these paints. Additionally, in terms of masonry usage- oil based paints cannot be used directly on the surface of the drywall. An adequate primer is one of the key requirements of this product.
Sustainability within the Oil based paints market
Due to the high content of VOCs, oil based paints need to be disposed of with caution. Therefore, they are treated as hazardous waste materials. Hence factors like the growth of sustainable practices amongst chemical industries act as a restraint for this product. Product substitutes like low-VOC or no-VOC interior paint and other safer alternatives are being devised for industrial and domestic applications.
According to the US EPA (Environment Protection Agency), poor indoor air quality represents one of the top 5 health hazards faced by the population. Paints, varnishes, and solvents are considered as one of the key contaminants within a domestic-closed environment. The VOC content is higher as compared to water based paints as well as latex paints. Studies state that continued exposure to VOCs can cause nausea, respiratory problems as well as asthma attacks. Prolonged exposure is also linked to the inception of diseases associated with liver and kidney. Given the health concerns, the governments are trying to devise green alternatives to this product.
Ceramic Paints are considered to be one of the key upcoming competitors within this market. It is a standard interior wall paint that makes use of ceramic beads as the main component. The base material adds to the washability as well as durability of the paint. Ceramic paints are highly stain-resistant and last longer as compared to conventional paints.
The use of ceramic beads as a substitute for organic solvents reduces the VOC content associated with this product. Therefore, the potential market penetration for this market is anticipated to grow rapidly. This is primarily due to the increased consumer awareness about sustainable solutions. Moreover, industries are focused on adopting green technologies which hereby support the induction of a circular economy.