PVC (Pigment Volume Concentration): 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 nonvolitile 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 cointributions of individyal componnts must be considered.  Wne 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