The Coating Additives market size is expected to grow at a CAGR of over 5% during the period 2021-2026
In-depth analysis and data-driven insights into the impact of COVID-19 included in this report on Global Coating Additives Market. The Coating Additives market size is expected to grow at a CAGR of over 5% during the period 2021-2026.
New York, May 21, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Coating Additives Market – Global Outlook and Forecast 2021-2026″ – https://www.reportlinker.com/p06074894/?utm_source = GNW
The aqueous formulation is likely to experience growth acceleration due to the popularity of the low content of volatile organic compounds (VOCs) and the growing demand for environmentally friendly coating products. The demand for coating additives will increase dramatically, especially in the housing sector. In addition to residential places, the growth of the non-residential industry will stimulate the market in the construction sector. Due to rapid urbanization, increased disposable income, improved standard of living, 100% FDI and substantial investment by government agencies to accommodate the growing population, are boosting the construction sector in emerging economies such as India, China, Japan, Brazil and Thailand.
Auto production will exceed 100 million units by 2025. After the pandemic, global auto production is expected to recover and grow. Coating additives improve functionality. The automotive industry represents 15% of the market share. Emerging start-ups and growing industries in the APAC region to generate significant opportunities for coating additive vendors. Automotive, construction, furniture, aerospace, healthcare and marine are key industries in the APAC region. Rapid urbanization, increasing disposable income and changing lifestyles have spurred the growth of key industries in emerging economies such as China, India, Japan, South Korea and Malaysia , generating excellent opportunities for sellers.
The following factors are likely to contribute to the growth of the Coating Additives market during the forecast period:
â¢ Booming construction industry
â¢ Evolving automotive sector
â¢ Growing demand for environmentally friendly coating additives
â¢ Growing demand for smart coatings and multifunctional additives
The report considers the current Coating Additives market scenario and its market dynamics for the period 2021-2026. It covers a detailed overview of several catalysts, restraints and trends for market growth. The study covers both market supply and demand. It also profiles and analyzes top companies and several other top companies operating in the market.
GLOBAL SEGMENTATION OF THE COATING ADDITIVES MARKET
Water-based coatings are widely adopted due to low or zero VOC emissions. The production of water-based materials is relatively low because they do not require additives, hardness or thinners. The construction / architecture sector is the one that consumes the most water-based paints. They are ideal primers due to their resistance to heat and abrasion. Solvent-based coatings are considered less environmentally friendly due to the high VOC emissions. They were widely used in Europe and North America, but were in danger of losing their share due to government regulations.
The modification of the rheology, the antifoam, the modification of the impact of biocides, the wetting and the dispersion are the main functions of the additives. These functions play an essential role in the coating industry and provide improved solutions. The rheology modifying additives occupy approx. 30% of the global coating additives market share. Rheology modifiers are used in different industries such as automotive, adhesives and sealants, general industry and coil coating to control sag, anti-settling, high shear viscosity and low VOC emissions.
Acrylic is the most widely used polymer in the coating industry. It is used in various applications such as architecture, specialty coatings and product finishes for original equipment manufacturers (OEMs). Fluoropolymer additives hold 23% of the market share. It is expected to grow at a CAGR of over 6% between 2020 and 2026. Fluoropolymer additives are expected to grow rapidly during the forecast period as they provide excellent protection against chemicals, abrasion, temperature, lapping. electrical resistance and corrosion properties. These factors make them ideal for automotive, electronics, architecture, food, heavy equipment, pharmaceuticals, kitchenware, oil and gas production, and aerospace.
The construction segment accounts for 32% of the global coating additive market share. The use of coating additives has increased due to the increase in construction projects in the APAC, Europe and North America regions. The main drivers of increased demand for coating additives are increased construction activity, renovation and restoration activities, rapid urbanization and increased disposable income.
The automotive industry in the paint and coating additives market is expected to reach over USD 1.5 billion by 2026. The ability to protect vehicles from UV oxidation, scratches, stains, rust and weather conditions are driving the demand for coating additives in the automotive industry. The upcoming trend of increase of electric vehicles in the automotive segment is likely to stimulate the demand for coating additives. APAC is the dominant market for coating additives in furniture, followed by North America. China is the world’s leading furniture manufacturer. Canada is the fastest growing country in North America for additives in wood and furniture, and is the fourth largest manufacturer of wood furniture. Due to the increase in construction activity, the demand for smart homes is the main reason for the increasing demand for additives in wood furniture.
Segmentation by formulation type
â¢ Solvent based
â¢ At the water
â¢ Powder based
Segmentation by function
â¢ Modification of the rheology
â¢ Modification of the impact of biocides
â¢ Wetting and dispersal
Segmentation by type
Segmentation by end-use industries
OVERVIEW BY GEOGRAPHY
China, India, Japan and South Korea are major contributors to the growth of coding additives market in APAC region. Rising disposable income, strong economic growth, growing construction activity and a robust automotive industry have primarily supported market growth in the region. China is the world’s largest electric vehicle market. In 2018, China was home to nearly 5 million low-speed electric vehicles. Currently, the country has around 2.3 million active electric vehicles, overtaking Europe and the United States. Hence, the increasing demand for electric vehicles and the like is enabling the growth of the coating additives market in the automotive industry.
North America is the second largest market for coating additives. The United States is one of the largest construction markets in the world. In the first quarter of 2020, the construction sector contributed more than 910 billion USD. Demand for investment in greenhouses and government to build non-residential projects in the region is likely to drive demand for coating additives in the coming years.
â¢ North America
o South Korea
â¢ Latin America
â¢ Middle East and Africa
o Saudi Arabia
o South Africa
o United Kingdom
The coating additive market is very competitive. Key and small players dominate the market. Suppliers operating in the industry focus on developing innovative products to support sustainable development and expand their product portfolio by making significant investments in R&D. AkzoNobel NV, BASF, BYK, Evonik Industries and Arkema SA are the main players in the market. Competition will increase further due to technological advancements and expanded product lines.
â¢ AkzoNobel NV
â¢ Evonik Industries
â¢ Arkema SA
Other important suppliers
â¢ Sherwin Williams
â¢ King Industries Inc
â¢ Eastman Chemical Company
â¢ Dow Chemical
â¢ Lubrizol Corporation
â¢ Angus Chemical
â¢ Lonza Group
â¢ Cabot Corporation
â¢ Daikin Industries
â¢ Solvay Chemicals
â¢ Specialized industrial polymer
â¢ ICL Phosphate specialty
â¢ Double bond chemical
â¢ LLC organic dyes and pigments
â¢ Michleman INC
KEY QUESTIONS ANSWERED:
1 What is the size of the global coating additives market?
2 Which region has the largest share of the paints and coating additives market?
3 Who are the major players in the coating additives market?
4 What are the main end user segments for coating additives?
5 Which segment accounted for the largest coating additives market share in 2020?
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