The global paints and coatings additives market size was USD 8,299.7 million in 2019 and is projected to reach USD 12,659.4 million by 2027, exhibiting a CAGR of 5.9% during the forecast period. This is attributable to the surging demand for advanced paints and coatings additives owing to the increasing residential projects and the rising automotive sector across the globe. This information is published by Fortune Business Insights, in its latest report, titled, “Paints and Coatings Additives Market Size, Share & COVID-19 Impact Analysis, By Type (Dispersing Agent, Rheology Agent, Leveling Agent, Anti-foaming Agent, Adhesion Promoting Agent, and Others), By Application (Automotive, Architectural, Wood, Industrial, and Others), and Regional Forecast, 2024-2032.”
Paints and coatings additives consist of emulsifiers, pigments, curing catalysts, thickeners, and dispersants, among others. These additives are extensively adopted to enhance the inherent properties such as good leveling and flow, UV protection, high-temperature stability, and chemical resistance. This makes them an ideal choice for applications across automotive and construction sectors globally.
What does the Report Include?
The market report includes a detailed assessment of various drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive insights into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several research methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnership, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2020 and 2027.
DRIVING FACTORS
Increasing Focus on Development of Residential Sector to Augment Growth
The novel coronavirus has hampered the painting and coating applications across the globe. However, the growing do-it-yourself projects undertaken by the people to decorate their homes are driving the demand for these additives. These additives are extensively adopted as emulsifiers, dispersants, thickeners, photo-stabilizers, and leveling agents as they provide efficient corrosion protection for infrastructures. Additionally, they improve the overall shelf life of coatings and increase the substrate durability. Owing to their several benefits, the surging adoption of advanced additives is expected to boost the global paints and coatings additives market growth during the forecast period.
SEGMENTATION
The paints and coatings additives market can be segmented based on product type, application, and end-user industry.
By Product Type:
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Rheology Modifiers: These additives help control the flow and application properties of the paint, improving consistency and finish. Rheology modifiers hold a significant share of the market.
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Dispersing Agents: These are used to stabilize pigment particles and prevent them from clumping, ensuring uniform color distribution.
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Wetting Agents: Wetting agents enhance the paint's ability to spread evenly across surfaces, minimizing defects and improving surface smoothness.
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Anti-Foaming Agents: Prevent foam formation during paint application, which can lead to surface imperfections.
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Biocides: Used to prevent microbial growth, particularly in water-based paints, extending shelf life and preventing spoilage.
By Application:
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Architectural Coatings: Paint additives are widely used in both interior and exterior architectural applications. The construction sector's growth is driving demand for architectural coatings with enhanced properties, such as UV resistance and water repellence.
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Automotive Coatings: The automotive industry requires advanced coatings for scratch resistance, corrosion protection, and enhanced aesthetics. Additives play a crucial role in achieving the desired performance.
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Industrial Coatings: This segment includes coatings for heavy machinery, equipment, and industrial structures. Additives here provide properties such as heat resistance, anti-corrosion, and weatherability.
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Marine Coatings: Marine environments are harsh, and paints need to resist saltwater, algae, and corrosion. Additives enhance durability and longevity.
REGIONAL INSIGHTS
Rising Automotive Sector in Asia-Pacific to Favor Growth
Among all the regions, Asia-Pacific is expected to remain at the forefront and hold the highest position in the global paints and coatings additives market in the forthcoming years. This is attributable to the rising automotive sector in countries such as India and China that drive the demand for advanced paints and coatings additives to prevent corrosion and protect the vehicle from extreme temperature. The region stood at USD 3,766.8 million in 2019.
The market in Europe is expected to gain momentum owing to the increasing focus on improving the aesthetic look of old government and residential buildings in the region between 2020 and 2027.
COMPETITIVE LANDSCAPE
Eminent Players Expanding Their Production Facilities to Leverage the Promising Opportunities
The global paints and coatings additives market is consolidated by the presence of several major companies that are focusing on expanding their production facilities to cater to the increasing demand for advanced paints & coatings additives for industrial applications such as automotive and construction.
Get More Information: https://www.fortunebusinessinsights.com/industry-reports/paints-coatings-additives-market-101810
Industry Development:
- February 2020 – BYK announces the launch of its new production and research facility located in Texas, United States. According to the company, the new facility is anticipated to aid in propelling the manufacturing process of GARAMITE organoclays and additives that are adopted as specialty rheological paints & coatings additives across a wide range of industrial applications.
List of the Companies Operating in the Global Market:
- Dow (U.S)
- Evonik Industries AG (Germany)
- BYK-Chemie GmbH (Germany)
- Clariant AG (Switzerland)
- Kyoeisha Chemical Co., LTD. (Japan)
- Arkema S.A. (France)
- BASF SE (Germany)
- Lubrizol Corporation (U.S.)
- ELEMENTIS PLC. (UK)
- Kusumoto Chemicals, Ltd. (Japan)
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