The Global Coating Additives Market is expected to grow by USD 8.65 billion in 2022 and is expected to grow by USD 10.53 billion by 2028 and is predicted to register a CAGR of 9.1% during the forecast period. 2023-2028.
Market Overview:
To improve the quality and performance of paints, some special solutions are known as coating additives added to paints. These additives are capable of providing characteristics like anti-restoration, reduction of solid dispersion, anti-chipping, reduction of wettability, improved UV protection of paint coatings, and paint control.
The rheology modification function will dominate the industry for coating additives during the foreseen period. The rheology modifiers help to have a better finish of the coating surface. Aqueous formulations dominate the industry among all types of formulations. With escalating environmental regulations, the industry share of coating additives for solvent-based systems is decreasing. The call is shifting toward water and powder-based coating additives due to strict environmental regulations. Coating additives are employed to improve the features of the product. Eliminate or reduce problems that arise in the formulation of production processes for paint systems. Coating additives are employed in small amounts but have a major impact on the coating. Pigments, binders, additives, and mixtures are the main elements that improve the performance of the coating, thus escalating the industry's call for coating additives. The coating additives are formulated in aqueous, solvent, and powder forms. Aqueous coatings contain water as a liquefaction agent, thereby dissolving the elements for the coating. Such a coating is employed for closed or compact areas and does not cause harmful emissions. In solvent-based coatings, organic solvents like polyurethanes and enamels are present in the coating that act as a liquefied agent. These coatings are dangerous in nature due to harmful emissions of solvents or volatile organic compounds (VOC).
Market Drivers:
The escalating use of urethane coating additives in construction, industrial and automotive applications is predicted to drive the worldwide industry during the foreseen period. Expansion in the construction sector, fueled by escalated infrastructure spending in emerging industries in Asia-Pacific and Latin America, is predicted to help increase the call for coating additives to a significant level. Asia-Pacific is predicted to generate the highest call during the foreseen period due to the escalated production of coating additives in China. Due to the vast research and development activities in North America, coupled with the growing awareness of green building and nano-coating, the worldwide industry for coating additives is predicted to increase during the foreseen period. Additionally, environmental awareness and escalating government regulations focused on reducing VOC use are predicted to fuel Waterborne Coatings' expansion in the worldwide coating additive business during the foreseen period.
Market Restraints:
Volatility in the prices of raw materials like urethane, acrylate, and silicones due to fluctuating petrochemical prices and the large gap between supply and call are predicted to pose a threat to industry players. Business in terms of price, supply of finished products, and profitability. In addition, industrial discharges or solid waste from paints and coating materials interfere with local sanitary sewers, resulting in the release of pollutants into local waterways, escalating concern for environmental protection. This would further hinder the expansion of the coating additives industry during the foreseen period.
Market Opportunities:
The main players in the coating additive industry are focused on the development of bio-based, water-based and environmentally friendly coating additives. Escalated investment in research and development (R&D) activities to develop advanced products that comply with environmental regulations are predicted to create lucrative opportunities for players during the foreseen period.
Market Challenges:
Fluctuations in the prices of raw materials like acrylate, silicones, and urethane due to fluctuations in petrochemical prices are a major constraint on the expansion of the worldwide industry for coating additives. In addition, concerns related to the emission of harmful volatile organic compounds (VOCs) are another factor hindering the expansion of the worldwide industry for coating additives.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022-2028 |
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Base Year |
2022 |
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Forecast Period |
2023-2028 |
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CAGR |
9.1% |
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Segments Covered |
By Formulation, and Region. |
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Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa. |
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Market Leaders Profiled |
BASF, Clariant, IFC Coating, ALTANA, Allnex Group, AkzoNobel N.V., Arkema Group, Ashland Inc., BYK Additives & Instruments, The DOW Chemical Company, Solvay S.A., Evonik Industries AG, Momentive Performance Materials Inc., Eastman Chemical Company, Elementis PLC, The Lubrizol Corporation, Michelman, Inc., Croda International Plc, Cytec Industries Inc., Angus Chemical Company, Lonza Group, Buckman Laboratories International, Inc., Cabot Corp., Cytec Industries Inc., Daikin Industries Ltd, and Others. |
Solvent-based formulations are predicted to account for a dominant position in the foreseen period.
The global industry for coatings additives is experiencing strong expansion in emerging economies like Latin America and Asia-Pacific. This expansion is attributable to the increase in spending capacity, mainly in infrastructure. Also, the expansion of coating additive production units in countries like China and India is driving the expansion of the coating additive industry in the Asia Pacific. Asia-Pacific was the main region to cover the call for additives and represented the majority of the industry. India and China are the main consumers of coating additives in the Asia-Pacific area. The call is huge in these countries due to the large automobile and construction industry. The scenario for formulations is slightly different where coating additives for solvent-based systems occupied the majority in the Asia-Pacific area. The Asia Pacific is also predicted to be the fastest-growing industry for coating additives in the coming years.
Due to an economic crisis and declining production in Europe and North America, the expansion rate slows. However, due to the presence of large end-use industries, the region is predicted to experience lucrative expansion opportunities in the coming years. North America had the second-largest industry share in the world industry for coatings additives. Aqueous formulations were the most widely employed in North America. The growing call from the aviation and maritime sectors has been the main driver of the coating additives industry in this region. Europe had a lower share of the coatings additives industry due to strict environmental regulations associated with the paint and coatings industry, which led to lower industry performance.
Market Key Players:
Market Key Developments:
Frequently Asked Questions
The Global Coating Additives Market is expected to grow with a CAGR of 9.1% between 2023-2028.
The Global Coating Additives Market size is expected to reach a revised size of US$ 10.53 billion by 2028.
Evonik Industries AG, Momentive Performance Materials Inc., and Eastman Chemical Company are the three Coating Additives Market key players.
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