A new report published by Allied Market Research titled, "Coating Additives Market by Formulation, Function, Type, and End-User - Global Opportunity Analysis and Industry Forecast, 2014-2022", projects that the world coating additives market is expected to reach $11,020 million by 2022 from $6,928 million in 2015 with the CAGR of 6.9% during 2016-2022. Architectural segment is expected to remain the highest revenue-generating segment throughout the forecast period. Asia-Pacific held the leading position in the global coating additives market in 2015, and is expected to maintain its lead throughout the study period.
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The coating additives market has witnessed moderate growth during the past few years and is expected to grow at a CAGR of 6.9% during the forecast period. Coating additives are added to paints to improve their quality, and performance such as to improve the dispersion of solids, wetting, foam-reduction, anti-catering, gloss control, anti-chipping, and UV protection, coating additives also help the surfaces to deal with higher temperature, abrasion, moisture, biocides, and chemical resistance. Such coating additives properties drive the market across the globe. Increase in automotive and building and construction industry is expected to fuel the market during the forecast period. The environment regulations implemented for coating additives to reduce the VOC content to minimize environmental issues is also expected to have high impact on the coating additives market during the forecast period.
According to Eswara Prasad, Team Lead Chemicals & Materials at Allied Market Research, "the environment regulations implemented for coating additives to reduce the VOC content to minimize environmental issues is also expected to have high impact on the coating additives market during the forecast period."
In 2015, architectural application segment occupied the largest share and is expected to maintain its dominance throughout the forecast period. Rise in commercial and residential construction in Asia-Pacific drives the demand for coating additives for better protection of buildings. Technological advancements in coating additives formulation and processing technique is expected to drive the market during the forecast period. Increase in demand of coating additives from several end user industries also fuels the coating additives market across the globe. For example, solvent less coatings are used as premium coating in many end user industries such as automotive, architectural, industrial, and others.
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Key findings of the study
· Coating additives in architectural application segment is expected to grow at a high CAGR of 7.3% in terms of value during the forecast period.
· China is the leading consumer of the coating additives in the Asia-Pacific region followed by India
· The rheology modification function is expected to expand with the highest CAGR of 7.8%, in terms of volume during the forecast period.
· U.S. is the leading market for coating additives in the North American region, growing at a CAGR of 7.2% in terms of value during the forecast period.
Asia-Pacific accounted for the largest share of the world coating additives market in 2015 and is expected to maintain its leading position during the forecast period. This is attributable to increase in automotive and building and construction industry and improvement in economy in Asia-Pacific region.
The companies have adopted product launches, expansions, acquisition, investment, joint venture, and partnership to gain a competitive advantage in this market. The prominent players profiled in this report include AkzoNobel N.V., Arkema SA, Ashland Inc., BASF SE, BYK-Chemie GmbH, The DOW Chemical Company, Solvay, Evonik Industries AG, Momentive Performance Materials Inc., and Eastman Chemical Company. Other companies in this market Elementis PLC, The Lubrizol Corporation, Michelman, Inc., Croda International Plc, and Cytec Industries Inc.
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