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The Global Coating Additives Market size is estimated to grow by USD 3,331.68 million between 2022 and 2027 exhibiting a CAGR of 5.86%. Coating additives are substances added to a coating material in a smaller amount to modify specific properties of an object during its storage, manufacturing, transportation, and application. Coating additives include emulsifiers, thickeners, pigments, dispersants, defoamers, photo-stabilizers, curing catalysts, and leveling agents.
Increased demand for paints and coatings with functional benefits is a major factor propelling the market growth. Although challenges such as volatile raw material prices of coating additives might hinder the growth of the market. But coating additives market trends such as increasing focus on bio-based and eco-friendly products will have a positive impact on the market.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increased demand for paints and coatings with functional benefits is a major coating additives market driver. The paints and coatings industry is experiencing an increase in the need for paints and coatings that provide practical advantages to end users. Notably, there is a significant demand for paints and coatings that offer weather resistance to buildings and protection against corrosion, dampness, fungi, and other harmful influences. The continuous exposure of buildings to rain and heat leads to considerable damage, making it crucial to employ additives and protective coatings to prevent fungal and algae growth, restrict water seepage, and address factors that compromise structural integrity. Consequently, the demand for coating additives with functional benefits that can mitigate these issues is growing.
Manufacturers are also developing paints and coatings that reflect heat rays, thereby keeping buildings cool. Additionally, these coating additives provide effective applications, such as weather-resistant paints that enhance the building's aesthetic appeal. These factors are anticipated to fuel the growth of the global coating additives market throughout the forecast period.
Increasing focus on bio-based and eco-friendly products is a key trend influencing the growth of the coating additives market. The global coating additives market is witnessing a consumer shift towards environmentally friendly and sustainable products. Numerous research studies have demonstrated the significant commercial applications of bio-based resins and polymers in coating additives. Developed regions, in particular, have regulations in place to monitor and regulate the environmental impact of products, thereby promoting the growth of the bio-based and eco-friendly coating additives market.
The demand for bio-based, recyclable, and renewable coating materials is increasing in the United States and Europe, driving the global market for bio-based coating additives. Additionally, stringent environmental regulations and regulations related to food and drugs are fostering the use of bio-based polymer coating additives in food packaging, consumer goods, and other products. For example, the Arkema Group supplies bio-based raw materials such as resins and polymers to the global coating additives market. Other raw material suppliers and vendors are also actively adopting sustainable processes with minimal environmental impact. They are focusing on the development of eco-friendly products to gain a competitive edge, as seen with companies like Azko Nobel and BASF. Therefore, the increasing emphasis of vendors on the development of bio-based and eco-friendly coating additives is expected to drive the growth of the global coating additives market.
Volatile raw material prices of coating additives will hinder the growth of the coating additives market. Coating additives are substances added to coatings to enhance their performance, durability, and functionality. These additives are typically derived from various raw materials such as resins, pigments, solvents, and other chemicals. Several factors, including supply and demand dynamics, geopolitical events, natural disaster, and changes in regulatory policies can influence the prices of raw materials used in coating additives. When the prices of these raw materials experience significant fluctuations, it creates uncertainty and increases the price of coating additives. Such a factor is expected to pose a challenge to the growth of the global coating additives market during the forecast period.
The market share growth by the architecture segment will be significant during the forecast period. In this segment, the coatings are used to protect a surface and enhance its appearance. Coating additives protect the coatings from factors such as UV radiation, moisture, and microbes.
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The architecture segment was valued at USD 3,515.54 million in 2017 and continued to grow until 2021. Over the years, the global coating additives market has witnessed continuous innovation, such as smart coatings and nanoparticles, as the vendors are focusing on the introduction of environment-friendly products and products with functional benefits. The currently available coating additives are developed to meet customer needs and are customized to offer benefits, such as graffiti resistance and self-cleaning characteristics.
APAC is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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During the forecast period, the Asia-Pacific (APAC) region is projected to dominate the global coating additives market, primarily due to the growth of industries such as construction, automotive, and aerospace, and defense. Major contributors to the regional coating additives market growth include China, India, Japan, and Australia.
Numerous automotive manufacturing companies, including General Motors and Ford, are relocating their manufacturing bases to APAC due to the availability of low-cost labor. Countries such as Indonesia, Malaysia, and Thailand are offering tax subsidies to automotive companies. In India, government initiatives like Make in India, foreign direct investment (FDI), funding, and loans are encouraging automotive manufacturers to invest in the country and establish their manufacturing bases. As a result, the growth of the automotive sector, coupled with the expanding economy and emerging middle class, is expected to stimulate the regional coating additives market during the forecast period.
In 2020, the outbreak of COVID-19 affected the growth of several industries in the region, including the construction and automotive industries. In the regional construction industry, several projects were put on hold during the first half of 2020 owing to the lockdown measures implemented by the government to ensure public safety. In addition, the delay in infrastructure development projects, including road, bridge, and tunnel constructions, also adversely impacted the demand for coating additives. However, in 2021, as the number of active COVID-19-infected cases declined, several markets, including the market in focus, gradually resumed business operations owing to the large-scale COVID-19 vaccination drives conducted by the governments and adherence to social distancing norms. Such factors are expected to drive the growth of the regional coating additives market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Coating Additives Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Solvay- The company offers coating additives such as Polymist PTFE micropowders, PFPE fluids, and Rhodoline additives.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Akzo Nobel NV, Altana AG, Arkema Group, Ashland Inc., BASF SE, Berkshire Hathaway Inc., Cabot Corp., Clariant International Ltd., Daikin Industries Ltd., Double Bond Chemical Ind. Co. Ltd., Dow Chemical Co., Eastman Chemical Co., Elementis Plc, Huntsman International LLC, Lanxess AG, Momentive Performance Materials Inc., Munzing Chemie GmbH, RAG Stiftung, Solvay SA, and The Sherwin Williams Co.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The coating additives market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Coating Additives Market Scope |
|
Report Coverage |
Details |
Page number |
186 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.86% |
Market growth 2023-2027 |
USD 3,331.68 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.31 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 42% |
Key countries |
US, China, India, Germany, and Italy |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Akzo Nobel NV, Altana AG, Arkema Group, Ashland Inc., BASF SE, Berkshire Hathaway Inc., Cabot Corp., Clariant International Ltd., Daikin Industries Ltd., Double Bond Chemical Ind. Co. Ltd., Dow Chemical Co., Eastman Chemical Co., Elementis Plc, Huntsman International LLC, Lanxess AG, Momentive Performance Materials Inc., Munzing Chemie GmbH, RAG Stiftung, Solvay SA, and The Sherwin Williams Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
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