APAC is the largest market for coating additives market, followed by North America and Europe.
The coating additives market is expected to grow at a CAGR of over 5% during the period 2020−2026.
Key Highlights Offered in the Report:
1. Water-borne formulation segment is dominating the coating additives market. The major driver for market growth is the increasing adoption of the end-user industry for green and eco-friendly coatings and the growing strictness in government regulation, regarding the low VOC emission.
2. The market share of solvent-borne formulation is decreasing due to the stringent government regulations and its detrimental effect on the health and environment.
3. There are different types of coating additives such as acrylic, fluoropolymer, epoxy, urethane, metallic additives, and amines. Among the various types, acrylic additives capture the highest market share.
4. The fluoropolymer coating additives are expected to witness rapid growth during the forecast period because they provide excellent protection against chemicals, abrasion, temperature, non-stick and toxic, electrical resistance, and have corrosion properties.
5. Fluoropolymer additives hold over 23% of the market share and is expected to grow at a CAGR of around 6% from 2020-2026.
6. The major function of coating additives includes rheology modification, defoamer, biocides impact modification, anti-foaming, and wetting and dispersion. The rheology modification function segment will dominate the market because it helps to have better finishing of the coating surface.
7. The construction industry is the major consumer of coating additives. Coating additives are used on the construction paint to provide gloss, viscosity, durability, and surface effectiveness of substrates. The construction industry accounts for around 32% of the market share in 2020, highest among all the end-users.
• Market Size & Forecast by Revenue | 2020−2026
• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation – A detailed analysis by formulation type, function, type, and geography
• Competitive Landscape – 5 key vendors and 15 other vendors
Coating Additives Market – Segmentation
• Water-borne coatings are adopted extensively due to low or no VOC emissions. The production of water-borne material is relatively low as they do not require additives, hardness, or thinners. The construction/architecture sector is the highest consumption of water-borne paints.
• Rheology modification, defoamer, biocides impact modification, wetting & dispersion are the major functions of additives. These functions play an essential role in the coating industry and impart improved solutions. The rheology modifier additives occupy approx. 30% of the global coating additives market share.
• Acrylic is the most widely used polymers in the coating industry. It is used across various applications such as architectural, special-purpose coating, and product finishes for original equipment manufacturers (OEMs). Fluoropolymer additives hold 23% of the market share. It is expected to grow at a CAGR of over 6% from 2020-2026.
Coating Additives Market by Formulation Type
Coating Additives Market by Function
• Rheology Modification
• Biocides Impact Modification
• Wetting & Dispersion
Coating Additives Market by Type
Coating Additives Market by End-user Industries
Coating Additives Market – Dynamics
The coating industry has been substantially impacted due to the stringent government regulations regarding emission norms, thus forcing manufacturers to shift from conventional coating to environment-friendly coating. Coating manufacturers have strict regulations regarding VOC emissions due to the detrimental effect on health and the environment. In response to these emission regulations, manufacturers are making technological advances in coating additives and using water-borne coatings. Thus, the demand for bio-based coatings is providing opportunities for coating manufacturers. The demand for water-borne coatings is surpassing solvent coatings due to the preference for sustainability coating and stringent government regulations related to VOC emissions. Acrylic-based and urethane-based coatings are used in water-borne coatings to reduce VOC emissions.
Key Drivers and Trends fueling Market Growth:
• Booming Automotive Sector
• Industrial Expansion in APAC
• Evolving Aerospace Market
• Growing Demand for Multifunctional Additives
Coating Additives Market – Geography
North America is the fastest-growing market for coating additives. In 2020, it was the second-largest market for coating additives, with a global share of over 27%. The market for coating additives is driven by the growth in the architecture segment, automotive, aerospace, paper, and furniture industry. The presence of skilled labor, aerospace engineers, and several leading global aerospace and defense manufacturers, including Boeing and Lockheed Martin, make the country the biggest aerospace industry. The US aerospace and defense manufacturers supply the majority of the domestic and international demand for arms and military technologies. The demand for passenger airlines declined, which hit production, but the demand for defense airplanes remains flat as the nation continued to invest in making the military strong. Hence, with higher demand for defense airlines, the demand for coating additives in the aerospace industry is expected to rise during the forecast period.
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Coating Additives Market by Geography
• North America
• South Korea
• Latin America
• Middle East & Africa
• Saudi Arabia
• South Africa
• AkzoNobel NV
• Evonik Industries
• Arkema SA
Other Prominent Vendors
• Sherwin Williams
• King Industries Inc
• Eastman Chemical Company
• Dow Chemical
• Lubrizol Corporation
• Angus Chemical
• Lonza Group
• Cabot Corporation
• Daikin Industries
• Solvay Chemicals
• Speciality Industrial Polymer
• ICL Phosphate Specialty
• Double Bond Chemical
• Organic Dyes and Pigments LLC
• Michleman INC
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Source: EIN Presswire