Growth of Coating Additives Market in Global Industry : Analysis and Status 2018-2025
Coating additives are special solutions that are added to paints to enhance their performance and quality. Coating additives enhance wettability, gloss control, anti-chipping and dispersion of solids, anti-catering, and provide UV protection to paint coatings.
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Additives are used in small quantity but they have a huge influence on coating and application properties. When additives are used at the right time, in the right order, and at the right level they help improve the appearance and durability of coatings, the efficiency of the manufacturing process, sustainability of formulations and flow of paints and inks.
Solvent-based additives are substituted by aqueous additives. It is driving demand for the global coating additives market. Increasing demand for coating additives from several applications such as construction, automotive, furniture, and other industrial applications is expected to drive the coating additives market. Companies are trying to develop high-quality additives through new technologies and raw material sources. Increase in R&D to develop superior and bio-based products to fulfil environmental regulations is expected to create opportunities for market participants during the forecast period. Manufacturer are paying extra attention toward the development of eco-friendly, bio-based, and water-based coating additives. This, in turn, is anticipated to create market opportunities in the near future. Instability in prices of raw materials such as urethane, acrylate, and silicones owing to fluctuating petrochemical prices and supply-demand bottlenecks is likely to restrain the market. Moreover, most coating additives are consistently scrutinized by environmentalists and regulatory bodies due to the growing concerns regarding harmful VOC emission.
Based on the applications, the coating additives market can be segmented into painting, construction & buildings, automotive sector, wood & furniture, aviation, and industrial engineering products. Coating additives are extensively used to paint surfaces that are prone to environmental impact such as high temperature, abrasion, toxicity, biocides, and decay. Expansion of the building and construction industry over the years has propelled the coating additives market. Use of coating additives are commonly used for painting building exteriors. Coating additives are also used in the automobile industry owing to their exceptional performance as vehicle exterior paints. Coating additives are essential in the manufacturing of various wood & furniture and aviation and industrial engineering products, among others.
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Based on functions, the coating additives market is segmented into rheology modifiers, wetting and dispersion agents, biocides, and anti- foaming agents. The change in the structure or flow of materials due to external stress to improve the thickness and viscosity of coated surfaces is related to Rheology modification. Anti-foaming process is used to reduce or prevents the formation of foam on paint films or coatings. Other functions of these additives include leveling, drying, surface modification, and anti-sagging, among others.
Based on geography, the coating additives market can be segregated into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. Increasing infrastructure spending, primarily in emerging markets of Asia Pacific and Latin America is driving the global construction industry. This in turn is propelling the coating additives market. Increasing production capacity in China is expected to further benefit the coating additives market in Asia Pacific during the forecast period. Due to economic crisis in North America and Europe regions, major end-use industries had witnessed slow growth in the past. The coating additives market in North America and Europe is expected to witness moderate growth during in the near future.
Key players operating the global coating additives market include Arkema SA, BASF SE, The Valspar Corporation, Eastman Chemical Company, DowDuPont Inc, Evonik Industries AG, Akzo Nobel N.V., and BYK-Chemie GmbH.
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