Worldwide Coating Additives Market is projected to garner around US $11.91 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
There has been a constant increase in the demand for new, improved types of coating additives, not just for competitive reasons, but also for complying with the stringent environmental regulations. New, rigorous environmental regulations, which have been designed for minimizing misuse and waste of materials, along with encouraging their recovery and recycling, have led to the widespread application of innovative additive technologies in the current industry scenario.
The demand for the new and enhanced additive systems is likely to increment substantially, despite the moderate growth of application markets for these products. Environmental pressure is one of the pivotal driving forces for the introduction of a new range of coating additives, moreover, significant attention is being paid to their effect on appearance and utilization costs. Complying with the present situation, coating manufacturers need to innovate products that hold an aesthetic appeal, provide higher resistance to adverse atmospheric conditions, and are environmentally friendly.
According to the report, the global coating additives market has been witnessing burgeoning sales of additives annually. The growing environmental legislation, rising prices of raw materials, industry consolidation, emerging application markets, and the introduction of several eco-friendly and cost-effective formulations are the major trends in the current industry scenario. The superior quality additives, with complex technological specifications with respect to finish, material constituents, rheology, etc., are the essential indicators of success of this industry.
Speaking of the product spectrum, the global coating additives market is bifurcated into acrylic, metallic, fluor polymer, urethane, and others. On the basis of formulation, the market is fragmented into solvent-borne, water-borne, powder coating, and others. By function the market is bifurcated into wetting & dispersion, rheology modification, anti-foaming, biocides, and others. Furthermore, the application landscape of this business sphere includes automotive, building & construction, industrial, wood, and others.
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With respect to geographical contribution, the global market is divided into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. the findings of the report reveal that Asia Pacific would emerge as the biggest regional market over the estimated timeframe. The existing established manufacturing base in several countries of the region like India, along with the rising production of automobiles and consumer goods, advancing infrastructure, surging industrial production in South East Asia, etc., is likely to boost market growth in the region. The regional market is further driven by multiple research & development projects undertaken by industry participants and universities. The report also cites that a well-established manufacturing base in the United States, coupled with increasing automobile production in Mexico and Canada, would impel the market growth in North America.
Leading coating additives market players enumerated in the report are Lord Corporation, Berger Paints, Solvay, Eastman Chemical Company, Cabot Corporation, DSM, Clariant AG, Jotun A/S, Dynea AS, Double Bond Chemical Ind. Co. Ltd., Kenrich Petrochemicals Inc., Rhodia SA, ICL Advanced Additives, Arkema SA, AkzoNobel, Sherwin-Williams Company, Beckers Group, Valspar Corporation, Nippon Paint, PPG Industries, KCC Paint, Kansai Paint, Axalta Coating Systems, and BASF.
These companies invest around 5 percent in research & development projects each year. High demand for customized formations that serve specific application requirements are anticipated to further enhance the demand for coating additives in the coming years.