The global coating additives market is expected to register a robust CAGR of about 4.8% between 2022 and 2032. The market was evaluated at around US$ 10,613.3 Million in 2021 and is predicted to reach US$ 17,724.8 Million by 2032. According to the historical period, the global coatings market registered a healthy CAGR of 4.0% between 2016 and 2021.
This growth is attributed to surging demand from a wide range of industries. Being one of the most crucial ingredients, coating additives are made up of such crucial ingredients consisting of coating formulations that help in regulating its performance. These additives are utilized in a variety of products, including automotive coatings, furniture, and construction.
The rising demand for coatings additives is attributed to their widespread usage in several end-use industries such as automotive, architecture, wood & furniture, and others are expected to drive the market. Considering this, the global coating additives sales are projected to increase at 1.6x, exceeding US$ 11,090.9 Mn in 2022.
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Coating additives are widely used to comply with stringent zero-VOC emission regulations, and various governments all over the world are increasing the demand for eco-friendly additives. Therefore, the introduction of green coating in several industries is expected to increase its sales.
These coating additives are known for their technologically advanced features that incorporate complex formulations and are induced in paints in order to enhance quality and performance. On the back of such advancements in coating additives technology, demand in the market is expected to witness lucrative growth at a steady pace over the projection period.
Key Takeaways
- Coating additives are known as the type of substances that are added to paints in order to elevate their performance and quality. These additives are utilized to enhance product characteristics and reduce or eliminate issues that arise during the production processes for formulating paint systems.
- One of the major factors propelling the growth of the coating additives market is the surging demand for environmentally friendly products all over the globe. Growth in the market is elevated by ongoing developments in the chemical industry, the expansion of the automotive and construction industries along with the expensive use of raw materials in order to improve the quality and application of coating formulations.
- The coatings additives market is anticipated to accelerate over the projection period since it is being benefited from the increased research and development activities in the sector. According to a recent study, key players in the market are likely to capitalize on the rising preference for long-lasting and appealing finishes and the popularity of customized coatings.
- Coating additives are considered to be a subset of chemically engineered materials with multiple uses in fields. These materials’ performance improvements have led to their widespread incorporation into coatings formulations.
- Some of the prominent chemical properties such as improved wettability, rheology, dispersion, UV protection, chemical resistance, and high-temperature stability add up to the formulation. The aforementioned factors and the widespread expansion of industries have led to propelling market growth over the assessment period.
Competitive Landscape
In order to efficiently meet the surging demand for functional additives, leading players in the coating additives producers’ market are creating novel products and expanding their geographic reach. For having a strong presence in the global market, it is crucial to make sure that prominent manufacturers in the market are also signing long-term supply contracts with raw material suppliers and end users.
Key Players: –Akzo Nobel NV, Arkema SA., Ashland Global Holdings Inc., BASF SE, BYK-Chemie GmbH, Asahi Glass Co., Ltd., Dow Chemical, Evonik Industries AG, Solvay SA, Momentive Performance Materials, Inc., Arch Chemicals, Lonza Group AG
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Coating Additives Market By Category
By Product Type:
- Acrylics
- Fluoropolymers
- Urethanes
- Metallic Additive
- Others (Epoxy, Polyalkyds, and Amines)
By Formulation Type:
- Solvent Based
- Water Based
By End Use Industry:
- Automotive
- Architectural
- Industrial
- Wood & Furniture
- Others
By Application:
- Rheology Modification
- Biocides Impact Modification
- Anti-Foaming
- Wetting & Dispersion
- Others (slip & rub, flexibility, curing)
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More Insights into the Coating Additives Market
China is known as a crucial producer of coating additives, providing a sizable portion of the global paint supply. The output of coatings in China has witnessed significant growth, especially in the paint and construction sectors rise. In addition to that, domestic consumption is rising due to the rapid expansion of industries such as real estate and automotive.
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Epoxy Paints Market: The epoxy paints market is likely to estimate a CAGR of 5% through 2032. The market is likely to be estimated at US$ 36.38 Bn by 2032, up from its current valuation of US$ 59.26 Bn in 2022.
Wood Coatings Market: The wood coatings market is anticipated to garner a modest strength with a CAGR of 5.9% during 2022-2032. Polyurethane finish is also associated with wood coatings.
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