Paint (Coating) Additives Market Dynamics
Market Research Future (MRFR), in its latest report, suggests that the global paint additives market is edging towards accruing massive revenues, clocking in a CAGR of 6.4% during the forecast period (2018-2023).
Paint (Coating) Additives Market Drivers and Key Challenges
The paint additives industry is expanding backed by the rising demand from architectural and industrial segments. Paints and coatings find widespread use in a broad range of applications across industries including marine, oil and gas, cookware and household, aerospace, machinery, automotive and furniture.
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At present, a significant hike in the number of industry players and their subsequent move towards the manufacturing of green paints which are known for their environment-friendly properties. This trend has managed to penetrate the market at a substantial rate on account of the evolving preferences of the consumers that are influenced by strict regulatory policies and growing awareness about the benefits of the product. Such prominent aspects are projected to leave a deep positive impact on the market in the conjectured time frame.
The surge in the spending on construction in the developing nations will bring about a significant revolution in the market, especially in terms of the demand for different types of paints and coatings. This demand is set to grow in the buildings and construction sectors, as a result of which the demand for paint additives will experience a definite growth in the coming years.
Market Segmentation:
The worldwide paint additives market has been segmented on the basis of product type and application.
In terms of the product type, the market can be broken down into the segments such as rheology modifiers, biocides, anti-foamers, wetting and dispersion agents, and others. In 2017, the rheology modifiers happened to be the biggest market, and are predicted to retain their position in the global market throughout the assessment period. The report states that the segment holds more than 25% of the overall revenue of the worldwide paint additive market, which has been possible as these additives are the primary ingredients that are useful in coatings, paints, as well as inks for improving the properties of these fluids. Also, rheology modifiers are used for decreasing spattering when being applied, thereby finding ever-increasing applications across a number of industries.
The various applications of paint additives are architectural, industrial, wood and furniture, automotive and others. The architectural segment, out of all the applications, has taken over as the leading segment with the largest share in the global market on account of the heightened demand for the commercial and residential building. Furthermore, architectural coatings find numerous uses in walls, deck finishes as well as roofs among others.
Regional Outlook:
The region-based segments in the global paint additives market are Europe, Asia Pacific, Latin America, North America and the Middle East & Africa.
Asia Pacific has been the strongest regional market at a global level in 2017, with a number of factors exhibited to help the regional market retain its dominance during the review period. The main reason for the strong foundation of the market in the region is the thriving automobile and construction industry. Moreover, the surging demand for the product in several industries in the emerging nations like India, Malaysia and China will stimulate the growth of the market to a large extent. Other than this, the striking growth of the residential and commercial construction sector will lead to the growth in the demand for paint additives in the future. Other macroeconomic factors influencing the growth of the regional market include the enhanced standards of living along with the increasing disposable income.
Having emerged as the second largest market globally in 2017, North America is flourishing backed by the existence of prominent paint and coating manufacturers. Furthermore, the expanding automobile industry combined with the growing funding on construction activities will elevate the market position as well.
Speaking of strong contenders, Europe is counted among the high-revenue generating markets in the global paint additives market resulting from the burgeoning paint and coatings industry which has been possible due to the growing spending on construction. Adding on, the presence of highly-established automobile manufacturing companies within the region will add further to the growth of the market in the following years.
The Middle East & Africa as well as Latin America will be emerging at a consistent rate, due to the speedy rate of industrialization. On that note, the growth in the number of construction activities because of the FIFA World CupTM 2022 will raise the demand for paint additives in the region during the evaluation period.
Prominent Vendors
Lonza Group AG, Evonik Industries AG, Ashland Global Holdings, Inc., BASF SE, Arkema SA, Asahi Glass Co., Ltd., Akzo Nobel NV, Arch Chemicals, Dow Chemical, Daikin Industries Ltd., BYK-Chemie GmbH, are some of the prominent vendors striving to elevate their position in the global paint additives market.
Recent News
May 2019
Nippon Paint Marine has completed the coating of AIDA Cruises’ 38,531gt cruise vessel AIDAcara with Aquaterras hull coating. Its use will help in the reduction of the fuel consumption by over 10 percent compared to the traditional SPCs, on account of the paint additive’s extra smooth surface as well as low friction properties.
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LIST OF FIGURES
FIGURE 1 Paint Additives Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Five Forces Analysis Of Paint Additives Market
FIGURE 4 Value Chain Of Paint Additives Market
FIGURE 5 Share Of Paint Additives Market In 2016, By Country (In %)
FIGURE 6 Paint Additives Market, 2016-2023,
LIST OF TABLES:
Table 1 World Population By Major Regions (2016 To 2030)
Table 2 Paint Additives Market: By Region, 2016-2023
Table 3 North America Paint Additives Market: By Country, 2016-2023
Table 4 Europe Paint Additives Market: By Country, 2016-2023
Table 5 Asia-Pacific Paint Additives Market: By Country, 2016-2023
Table 7 Middle East & Africa Paint Additives Market: By Country, 2016-2023
Table 6 Latin America Paint Additives Market: By Country, 2016-2023
Table 8 Paint Additives By Product Types Market: By Regions, 2016-2023
Table 9 North America Paint Additives By Product Types Market: By Country, 2016-2023
Table 10 Europe Paint Additives By Product Types Market: By Country, 2016-2023
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