Global Paint Additives Market to Exceed $6 Billion
SAN JOSE, CA – According to a new report by Global Industry Analysts Inc. (GIA), the world market for paint additives is projected to exceed $6.0 billion by the year 2015. The trend towards low- or zero-VOC products and the increasing shift towards water-based paint systems are fueling demand for paint additives, providing tremendous growth potential for suppliers of paint and coating additives.
The paint and coatings industry has been put under significant pressure by stringent environmental regulations in recent years. In a bid to minimize the impact of their products on the environment, several manufacturers of coatings began reformulating their products. As a result, demand for novel additives that ensure aid in addressing environmental concerns has increased in recent years.
The United States dominates the world paint additives market as the single-largest market. The global economic crisis decelerated growth in value demand of paint additives in the United States. Demand for paint additives is expected to revive in the coming years, owing to increasing demand for these products from formulators in an effort to adhere to changing legislation.
Growth in the global market for paint additives is primarily originating from emerging markets such as Asia Pacific. The rapid economic growth in most of the emerging countries in recent years resulted in rampant architectural construction and industrial activity, which created significant demand for paint that, in turn, increased demand for paint additives. Owing to continued growth in architectural construction activity in countries such as India and China, Asia Pacific is expected to emerge as the fastest-growing regional market for paint additives worldwide in the coming years.
The report, “Paint Additives: A Global Strategic Business Report,” provides a comprehensive review of market trends, competitive scenarios, product introductions and recent industry activity.