The global paint additives market size is expected to reach USD 10.9 billion by 2025, according to a new report by Grand View Research, Inc.
Applications in industries including marine, aerospace, oil and gas, furniture, machinery, and automotive, and cookware and household can propel the market during the forecast period (2014 to 2025). In addition, increasing use of paints and coatings in automotive and construction due to supportive solvent properties is likely to support the market growth in the coming years.
Full Research Report On Paint Additives Market Analysis: www.grandviewresearch.com/industry-analysis/paint-additives-market
Growing demand for bio-based products and sustainable solutions like changes in regulations are likely to boost the use of these products in many sectors. In addition, development of low and no-VOC coatings is boosting the market growth. Manufacturers are increasingly inclined toward making eco-friendly paint with no volatile organic compound due to increasing consumers preference for green paints due to implementation of strict regulatory policies. This is expected to create more opportunities in the market. In addition, supportive changes in government rules and additive standards, particularly concerning homecare and personal care products can have positive impact on the market.
Paint additives market can be segmented on the basis of product, application, and region. Based on product, the market can be bifurcated into biocides, rheology modifiers, wetting and dispersion agents, anti-foamers, and others.
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In 2016, rheology modifiers segment estimated for the largest revenue of 28%. Rheological additives are vital constituents used in inks, coatings, and paints to regulate and adjust the properties and characteristics of liquid products. These modifiers decrease dripping and splattering of liquid products during application.
As per application, the market can be split into architectural, wood and furniture, industrial, automotive, and others. In 2016, the architectural application segment accounted for the largest market share of 38.1% of total revenue. It is expected to gain highest CAGR of 7.1% during 2017 to 2025 due to rise in construction activities across the world, especially in emerging countries from Central and South America and Asia Pacific. Architectural coatings are used in houses and buildings as wall paints, roof coatings, and deck finishers. Additionally, increasing demand for green coatings in interiors is likely to drive the product demand during the forecast period. Increasing construction of new homes and renovation projects in the U.S and other countries is likely to propel the demand for these coatings. Increasing demand for premium, high-quality, and specialty coatings for interior and exterior projects can significantly increase the demand for these coatings over the forecast period.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa.
Europe and the U.S are some of the mature markets. In 2016, Asia Pacific dominated the market and expected to continue its dominance during the forecast period. The region is expected to grow with a CAGR of 6.9% during 2017 to 2025 on account of flourishing marine, construction, and automotive industries. Growing sales of coupled with rising expenditure for construction in emerging countries in this region is expected to positively drive the market over the forecast period.
Increasing demand for these products in commercial and residential construction sector and expansion of automotive sector in emerging economies including Malaysia, China, and India are likely to boost the market over the forecast period. Increasing disposable income along with improving standards of living has resulted into high purchase of vehicles in this region. This is expected to increase demand for automotive coatings during the forecast period.
Prominent companies operating in the market include Ashland Global Holdings Inc.; AkzoNobel N.V.; BASF SE; Arkema S.A.; and Evonik Industries. Manufacturers have increased their production capacities in order to complete requirement from several industries. Companies are also following strategies like mergers and acquisitions to improve their product range and expand there presence globally. Increasing demand for eco-friendly paints and coatings have encouraged manufacturers to make to make high investments in R&D activities to develop products to comply domestic as well as international norms.
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