The ratio of the volume of pigment to the volume of total nonvolatile material present in a coating. The figure is usually expressed as a percentage.
The non-volatile material, the material in the dried film, is represented by pigment and binder. Solvents and other materials not present in the dried film must not be included in the denominator.
Coatings are usually composed of a mixture of multiple pigments and binders. In this case, contributions of individual components must be considered. We multiple components are considered, ideal mixing is assumed (i.e. volumes are additive).
PVC = volume of pigment / volume total solids = Vp / (Vp + Vb)
Vp - volume of pigment
Vb - volume of binder