Formulation Additives are used in small quantities to improve or modify the properties of various formulations. The use of Formulation Additives enhances the performance and improves the processing characteristics and properties of the materials. These additives offer better pigment dispersion, improved slip, substrate wetting, levelling, anti-settling, and plasticizing characteristics.
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The Global Formulation Additives Market is primarily driven by the increasing use of these additives in major industries such as paints and coatings, construction, automotive, electronics, printing and packaging, and furniture. Paints and coatings are used in almost every major industry and the demand for these additives in paints and coatings is driving market growth. These additives are used in architectural coatings for the protection of building structures and components. Rapid industrialization and urbanization in the emerging economies of Asia-Pacific have resulted in increased construction, which is also fueling market growth. Moreover, high production and sales of automobiles across the globe are expected to propel market growth during the forecast period. Additionally, the increasing demand for electronic devices such as laptops, gaming devices, and smartphones is expected to fuel product demand. This can be attributed to the changing lifestyles and high disposable incomes of consumers.
However, fluctuating raw material prices are likely to hamper market growth during the forecast period.
The Global Formulation Additives Market has been segmented on the basis of Type, End-Use Industry and Region.
On the Basis of Type, the market has been segmented into dispersing agents, defoamers, rheology agents, wetting and levelling agents, and film forming agents.
By End-Use Industry, the market has been divided into paints and coatings, construction, automotive, electronics, printing and packaging, furniture, and others.
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Some of the manufacturers operating in the Global Formulation Additives Market are BASF SE (Germany), Eastman Chemical Company (US), Evonik Industries AG (Germany), Altana (Germany), DowDuPont (US), Cabot Corporation (US), Allnex Group (Germany), Arkema (France), Momentive (US), Münzing Corporation (Germany), Lanxess (Germany), and Honeywell International Inc. (US).
The Global Formulation Additives Market has been segmented into five regions, namely, Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
The market in Asia-Pacific dominated the Global Formulation Additives Market in 2017 due to the high demand in major end-use industries. Fast-paced industrialization in emerging economies such as China and India are expected to fuel product demand in the construction industry.
North America accounted for the second-largest market share in 2017 on account of the high demand for Formulation Additives in the automotive, electronics, and construction industries in the region.
The European market is expected to grow at a significant rate due to the high production and sales of automotive parts in the region.
The Latin American market is projected to witness considerable growth due to the growing automotive industries in Brazil and Argentina.
The market in the Middle East & Africa is also likely to grow due to the presence of infrastructure hubs in the region.
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