Coating Additives Market to Grow at a CAGR of 4.8% through 2022
The recent study conducted by Future Market Insights (FMI) reveals that the global coating additives market will surpass a valuation of US$ 8,851 Mn, registering a CAGR of 4.8% during 2017 to 2022. There has been a significant rise in the use of coating additives in painting of surfaces that face external issues such as biocides, decaying caused by chemicals, high temperature and abrasion.
In recent years, the building and construction sector has witnessed tremendous growth, simultaneously making a positive impact on the sales of coating additives. Increasing consumer awareness about importance of using high-quality painting materials for buildings and houses is also driving the demand for various types of coating additives. Further, arrival of more advanced and efficient coating additives has led to greater usage of the product in the automotive industry.
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The new variants of coating additives offer a superior functionality in keeping the exterior paint work of cars at optimum condition for prolonged durations. Also, coating additives continue to gain traction in the manufacturing of several aviation, industrial engineering as well as wood & furniture products. However, increasing concerns over harmful effects of VOC found in coating additives continue to be a major growth deterrent for the market. This, in turn, is prompting manufacturers to make greater efforts in developing environmental-friendly coating additives such as water-borne or bio-based. Moreover, introduction of such coating additives can create new market opportunities in the foreseeable future. Such factors are anticipated to shape the dynamics of the global coating additives market during the assessment period.
Additional Highlights of the Report Include:
Based on formulation, the solvent based segment will retain is top position in 2017 and beyond. In terms of revenue, this segment currently accounts for more than 50% share of the global market. In addition, the solvent based segment is estimated to reach a valuation of over US$ 4,954 Mn towards the end of 2022.
On the basis of product type, the acrylics segment will remain dominant over 2022. This segment presently commands for more than one-fourth revenue share of the market and is expected to surpass a market valuation of US$ 2,401 Mn by the end of the assessment period, reflecting a steady CAGR.
By application, the rheology modification segment will remain highly attractive throughout the assessment period. This segment presently accounts for over 30% market share in terms of revenue and is expected to soar at a CAGR of 4.4% from 2017 to 2022
Europe to be at the Forefront; North America & APEJ to follow
FMI’s report mentions that the market for coating additives in Europe will retain its leading position over 2022. In addition, the region’s coating additives market is set to soar at an impressive rate and procure more than US$ 1,799 Mn by the end of forecast period. This is primarily owing to the influx of emigrants in the region, which is resulting in greater demand for construction supplies including paints and coating additives for housing and relief shelters. Among other regions, North America and Asia-Pacific excluding Japan (APEJ) are also projected to witness steady growth of their respective coating additives markets. During the forecast period, market in the APEJ region is expected to exhibit the fast CAGR.
The report has also mentioned key companies functioning in the global market for coating additives, namely Arch Chemicals, Ashland Global Holdings, Inc., Asahi Glass Co., Ltd., Evonik Industries AG, Lonza Group AG, Akzo Nobel NV, Arkema SA., BASF SE, BYK-Chemie GmbH, Dow Chemical, Momentive Performance Materials, Inc., and Solvay SA. Majority of these market players are concentrating of further improving the efficient and functionality of their product.