Coating Additives Market Estimated to Experience a Hike in Growth by 2027
"The global coating additives market is expected to expand at single-digit CAGR and will surpass a valuation of US$ XX Mn over the forecast period (2017-2027). A significant growth has been observed in the use of coatings additives in painting of surfaces that are exposed to external issues such as decaying caused by chemicals, abrasion, biocides and high temperature.
Drivers and Trends in Market
Recently, construction and building sectors has witnessed exponential growth, simultaneously positively impacting on the coating additives sales. Increasing awareness among consumers about significance of using high-quality paint material for houses and buildings is boosting the demand for different types of coating additives. Additionally, introduction of more efficient and advanced coating additives has resulted in greater usage of product in the automobile industry. Latest variants of coatings additives provide superior functionality in keeping the exterior paint work of cars at finest condition for prolonged duration.
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Further, coating additives have gained traction in the production of several aviation, furniture and wood products and industrial engineering. However, rising concerns over risk associated with VOC found in coating additives will remain key deterrent for the growth of market. This is resulting in promoting manufacturers to do extra efforts in improving environmental-friendly coating additives like bio-based or water-borne. Introduction of such coating additives will create new market opportunities in near future. These factors are expected to shape dynamics of the market over the forecast period.
Market Analysis on the basis of Segmentation
The solvent based segment, by formulation is likely to maintain its top position in 2017 and further. This segment is currently securing over half of revenue share of the global market. Additionally, the solvent based segment is anticipated to reach valuation more than US$ XX Mn through 2027-end.
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Acrylic segment, by product type is likely to retain its dominance over the forecast period, registering a revenue share of more than one-fourth of the global market. This segment is anticipated to surpass a valuation worth US$ XX Mn, witnessing expansion at steady CAGR throughout the forecast period.
The rheology modification segment, on the basis of application type is likely to remain most lucrative during the assessment period. In terms of revenues, this segment currently holds nearly one-third share of the market, and anticipated to increase at single-digit CAGR during 2017 to 2027.
Europe to Remain Most Lucrative Region
Geographically, Europe is likely to remain dominant region in global coating additives market. The coating additives market in this region is estimated to ride on an impressive CAGR and generate nearly US$ XX Mn by the end of forecast period. This growth is due to influx of emigrants in the country, which is causing huge demand for construction supplies including coating and paint additives for relief shelters and housing. Moreover, coating additives market in Asia Pacific excluding Japan and North America are estimated to expand at steady growth rate throughout the forecast period. However, market in APEJ region is likely to showcase fast CAGR.
Leading companies functioning in the global coating additives market include Solvay SA, BASF SE, Ashland Global Holdings, Inc., Arkema SA., Momentive Performance Materials, Inc., Lonza Group AG, Arch Chemicals, Akzo Nobel NV, BYK-Chemie GmbH, Asahi Glass Co., Ltd., Dow Chemical, and Evonik Industries AG."
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