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.