Report Predicts Coating Additives Market to Reach $9.19 Billion by 2021
PUNE, India – A report released by research firm MarketsandMarkets projects that the global market size of coating additives will reach $9.19 billion by 2021, registering a CAGR of 6.1% between 2016 and 2021. The growing construction and automotive industries is expected to drive the coating additives market during the forecast period. China, Korea, Japan and India are witnessing high demand for high-quality construction materials. In addition, the growing automotive sector in these countries is fueling the demand for coating additives.
Waterborne formulation is expected to be at the forefront of the coating additives market. The stringent environmental regulations in North America and Europe will drive the demand for waterborne formulations in architectural applications due to the presence of non-hazardous chemicals. With the tightening of regulations over VOC content, formulators are forced to either use additives that help in reducing the VOC content or shift to waterborne formulation. However, solvent-borne formulation is also expected to show a moderate growth rate due to its use in Asia-Pacific with its less stringent environmental regulations.
The major applications for coating additives are architectural, automotive, industrial, and wood and furniture. Architectural applications accounted for the largest share of the coating additives market. The growing construction sector globally will drive the demand for coating additives, which are widely used in paints and coatings for protection of various materials under extreme conditions. The ability of the additives to provide protection from moisture, microbial growth, heat and chemical factors makes it ideal for protection. Coating additives are extensively used in formulations for underground pipes, civil engineering projects, towers, offshore structures, and applications in the chemical industry. The heat-resistant property of some coating additives makes them important in electrical and electronic applications; and their use in these applications is expected to increase in the future.
The coating additives market is broadly segmented into five regions, namely, Asia-Pacific, North America, Europe, the Middle East and Africa, and South America. Asia-Pacific is expected to dominate the coating additives market during the forecast period. The major contributor to the region’s growth is the fast-growing economy in countries such as China, India, Japan and South Korea.
Currently, the global coating additives market is dominated by market players that include BYK-Chemie GmbH (Germany), AkzoNobel N.V. (Netherlands), Arkema SA (France), Evonik Industries AG (Germany), BASF SE (Germany), The Dow Chemical Co. (United States) and Ashland Inc. (United States).
For additional information about the report, Coating Additives Market by Function (Rheology Modifiers, Dispersing, Wetting Agent, Impact Modifier, Anti-Foaming), Application (Automotive, Architecture, Industrial), Formulation (Water, Solvent, Powder Based), and Types - Global Trends & Forecasts to 2021, visit http://www.marketsandmarkets.com/Market-Reports/coating-additives-market-1268.html.