The global coating additives market is expected to witness robust growth in the foreseeable future owing to a shift in focus from solvent-based additives to aqueous additives.
JERSEY CITY, N.J., Nov. 12, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Coating Additives Market" By Type (Metallic, Fluoropolymer, Acrylic, Urethane), By Application (Architectural Application, Automotive, Industrial Application), By Function (Wetting & Dispersion, Rheology Modification, Biocides), and By Geography. According to Verified Market Research, the Global Coating Additives Market size was valued at USD 7.99 Billion in 2020 and is projected to reach USD 13.23 Billion by 2028, growing at a CAGR of 5.4% from 2021 to 2028.
Growing demand from several application markets, such as automotive, construction, furniture, and other industrial applications, is expected to drive the coating additives to demand over the next six years. Growing importance for multifunctional additives is expected to further complement market growth. The increasing adaption of multifunctional additives in the automotive industry is propelling the growth of the market. In addition, the increasing demand for environmentally friendly paints and rising research and development activities are driving market growth.
Furthermore, rapid urbanization is also another factor imposing a positive outlook on market growth. The imposition of stringent regulations and volatility in the prices of raw materials is expected to hamper the growth of the market. The booming construction industry is a significant growth indicator for the market. Population rate is expanding swiftly and hence, this factor will enable the rise in the construction of residential and commercial buildings. These factors will have a profound impact on the growth of the coating additives market.
Sustainability is playing a significant role in the growth of the coating additives market. Research and development activities have a major part in the growth of the market. However, fluctuations in the raw material prices such as silicones, acrylate, and urethane due to the fluctuating prices of petrochemical are some of the majors constrain for the growth of the global market for coating additives. In addition, concerns with emission of the harmful volatile organic compounds (VOC) are another factor hampering the growth of the global coating additives market.
In April 2021, BASF launched a new website for 'Performance and Formulation Additives'. Its design provides faster and easier access to new additives, fulfilling increasing market needs for performance and sustainability as well as stricter regulatory requirements. BASF additive customers from various industries, such as Paints and Coatings, Construction, Printing and Packaging, Adhesives and Composites can now easily access a series of new additive web-seminars and podcasts through the website.
The major players in the market are BYK-Chemie GmbH, Elementis PLC, ExxonMobil, BASF, AkzoNobel N.V., Arkema, Evonik Industries, DuPont, and Eastman Chemical Company, and among others.
Verified Market Research has segmented the Global Coating Additives Market On the basis of Type, Application, Function, and Geography.
Coating Additives Market, By Type
Metallic Coating Additives
Fluoropolymer Coating Additives
Acrylic Coating Additives
Urethane Coating Additives
Coating Additives Market, By Application
Wood & Furniture
Coating Additives Market, By Function
Wetting & Dispersion
Coating Additives Market by Geography
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
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