New York, USA, Sept. 03, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The global coating additives market size was estimated at USD 8.19 billion in 2023 and is anticipated to reach USD 11.86 billion by 2032. The market is likely to record a CAGR of 4.4% during 2024–2032.
Market Introduction:
What are Coating Additives?
Coating additives are imperative elements of coatings used to enhance the process of production and adherence and durability of the product. From formulation to maintenance of storage, these low-level components improve efficiency during every phase. Additionally, additives also deliver features such as leveling, deforming, good flowing capacity, and mildew resistance.
Most industries use coating additives during manufacturing processes and for end products to prevent various issues related to the performance and longevity of the materials. Common purposes for using these additives can include corrosion protection, UV protection, Chemical Resistance, and reduced pigments, enabling the paint to be applied appropriately.
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Market Report Attributes:
| Report Attributes | Details |
| Market value in 2023 | USD 8.19 billion |
| Market value by 2032 | USD 11.86 billion |
| CAGR | 4.4 % from 2024 to 2032 |
| Base year | 2023 |
| Historical data | 2019–2022 |
| Forecast period | 2024–2032 |
Key Highlights of Report:
- Some of the key factors augmenting the coating additives market growth include increasing focus on environmental protection, strengthening environmental guidelines, growing demand for eco-friendly products, and surging demand for coating additives across various end-use industries.
- The market is primarily segmented on the basis of function, formulation, application, and region.
- Based on region, North America dominated the market in 2023, accounting for the largest share.
Coating Additives Market Key Players:
- Allnex GMBH
- ALTANA AG
- Arkema S.A.
- Ashland Inc.
- BASF SE
- Clariant AG
- Dow Inc
- Eastman Chemical Company
- ELEMENTIS global
- Evonik Industries AG
- Lubrizol Corporation
- Momentive Performance Materials Inc
- MÜNZING Corporation
- Nouryon
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Growth Drivers and Trends:
- Strict Environmental Regulations: Many countries are incorporating strict regulations in favor of environmental sustainability, which is encouraging manufacturers to shift to low-volatile organic compounds (VOCs), bio-based, and water-based additives. Thus, strengthening environmental regulations across various countries is fueling the market growth.
- Demand for Eco-Friendly Products: Both consumers and businesses are opting for cleaner and sustainable solutions, which is boosting the adoption of environmentally friendly products. This also highlights the requirement to produce chemicals that leave a minimum environmental impact. Thus, increasing demand for eco-friendly products is boosting the coating additives market demand.
- Demand from Diverse End-Use Sectors: Coating additives find applications in different industries, including automotive, aerospace, and construction. In the automotive industry, additives are utilized to prevent defects and improve the properties of the paint, enhancing the longevity and durability of the product. Further, the construction sector also leverages these additives to boost the performance and enhance the aesthetics of architectural coatings. Thus, the growing demand for coating additives from different industries is propelling the growth of the coating additives market.
Which Region Dominates Coating Additives Globally?
North America region held the largest coating additives market share in 2023 and is anticipated to retain its dominance during the projected period. This growth can be attributed to the strict environmental regulations, technological developments, and increased awareness of environmental protection among consumers in the region. In addition, increased spending on construction and restoration and the evolution of the automotive industry are driving market growth in North America. Strong guidelines on volatile organic compound (VOC) emissions have led businesses to shift towards innovative and sustainable coatings such as water- and bio-based additives, which is accelerating the market expansion.
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Segmental Overview:
Coating Additives Market – Function-Based Outlook:
- Wetting & Dispersion
- Anti-Foaming
- Biocides
- Rheology Modification
- Others
Coating Additives Market – Formulation-Based Outlook:
- Solvent-Borne
- Water-Borne
- Powder-Based
Coating Additives Market – Application-Based Outlook:
- Industrial
- Wood & Furniture
- Architectural
- Automotive & Transportation
- Others
Coating Additives – Regional Outlook:
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Vietnam
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
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