PRINCETON, NJ — According to a report published by Research Cosmos, the global coatings additives market was $6.39 billion in 2015 and is likely to reach $9.19 billion by 2021, registering a compound annual growth rate of 6.1% between 2016 and 2021.
Increasing research and development to create bio-based products that comply with environmental guidelines is expected to produce opportunities for market participants over the forecast period. Instability in prices of raw materials, such as urethane, acrylate and silicones, due to changing petrochemical prices and supply-demand bottlenecks is likely to pose challenges to market participants in terms of pricing, end-product supply and profitability. Also, concerns related to the emission of VOCs are another factor hindering the growth of the global coatings additives market. Nevertheless, key players operating in the coatings additives market are concentrating on the development of bio-based, water-based and eco-friendly additives. Increased investment in research and development (R&D) activities to create advanced products that meet environmental rules is likely to create lucrative opportunities for players during the forecast period.
Geographically, the market is segmented into North America, Latin America, Asia-Pacific, Europe, and the Middle East and Africa. The market for coatings additives in North America and Europe is expected to observe moderate growth over the next six years mainly. Growing infrastructure spending, particularly in the emerging markets of Asia-Pacific and Latin America, has been driving the global construction industry. Coatings additives are used in construction paints to provide impact resistance, viscosity and surface effectiveness of substrates. The growth of the construction industry is projected to drive the demand for paints and coatings, which in turn is expected to drive demand for coatings additives over the forecast period. Rising automotive production due to increasing demand for vehicles in developing economies is also likely to drive growth in the coatings additives market during the forecast period.
The growing concern regarding environmental impacts and government regulations to decrease the use of VOCs in coatings are the primary factors driving the growth of waterborne technology in the coating additives market. Various industries are emphasizing the use of waterborne coatings to reduce the expense or fines related to environmental rules regarding VOC levels. New technologies in chemical resistance, flexibility, and water resistance are helping companies to meet new government regulations, which can be a growth opportunity for the waterborne coatings market.
The key players in the coating additives market are using different business strategies, such as acquisitions, expansions, collaborations, product launches and technological advancements, to be competitive in the global market. Expansion is the leading strategy adopted by the main players in the market to broaden their market reach, followed by acquisition, product launch, collaboration and technological advancements.
For additional information about the report, visit https://www.researchcosmos.com/reports/coating-additives-market/41370622.