Newark, NJ, May 24, 2022 (GLOBE NEWSWIRE) -- The market research report titled, the global formulation additives market is expected to grow from USD 18750 million in 2021 to USD 28593 million by 2030, at a CAGR of 4.8% during the forecast period 2022-2030.
The global formulation additives market is mainly pushed by the rising usage of these additives in significant industries like construction, automotive, electronics, paints and coatings, furniture and printing, and packaging. Paints and coatings are utilized in nearly every primary sector, and the need for these additives in paints and coatings is propelling the market growth. These additives are used in architectural coatings to safeguard building structures and elements. Fast urbanization and industrialization in the developing economies of Asia-Pacific have resulted in raised construction, which is also pushing the market growth. Furthermore, high production and sales of motorcars worldwide are expected to drive market growth during the projection time. Also, the rising demand for electronic devices such as gaming gadgets, smartphones, and laptops, is anticipated to push the product demand. It is also attributed to customers' varying lifestyles and increased disposable earnings.
Competitive Strategy
To enhance their market position in the global formulation additives market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- Milliken & Company, a materials science company, has acquired Borchers, a stalwart in the paints & coatings industry. The comprehensive portfolio of additives for inks, adhesives, and coatings and its extensive consumer base will be an expansion for Milliken to improve its customer database.
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Market Growth & Trends
Formulation additives are utilized in fewer quantities to enhance or change the effects of different formulations. The benefit of formulation additives is that they improve the execution and improve the processing characteristics and properties of the materials. The growth in need from the building and transportation industries has pushed market growth. Also, the factors such as the broad applicability of formulation additives in architectural coatings and construction materials and the rising process by manufacturers of delivering low-cost solutions without compromising product execution lead to the market's growth. Opportunities in enterprises such as food & beverage, oil & gas, and furniture & flooring are also profiting from the market's growth. Regardless, the unstable raw material prices and the outbreak of covid-19 worldwide are likely to slow the development of the market.
Key Findings
- In 2021, the rheology modifiers segment dominated the market with the largest market share of 34%.
The type segment is divided into rheology modifiers, defoamers, & dispersing agents. In 2021, the rheology modifiers segment dominated the market with the largest market share of 34%. The direct materials used for coatings, inks, and paint are rheological elements since they control the finish and formulation. Rheology modifications enable to change the flow actions of paints and coatings while enhancing consistency, increasing leakage, and distribution of colors. In the paints and coating enterprise, the need is rising for rheology modifiers, which help develop the market for formulation additives over dispersing agents and defoamers.
- In 2021, the construction segment dominated the market with the largest market share of 25%.
The application segment is divided into transportation, industrial and oil & gas, food & beverage, furniture & flooring & construction. In 2021, the construction segment dominated the market with the largest market share of 25%. The construction industry is the biggest user of such additives due to vast industrial applications such as improving distribution properties and environmental conditions and maximizing the foam regulation over construction products and architectural fabrics. Customers often appreciate exquisite homes as their living requirements rise with growing disposable income, expanding the need for such additives in the construction industry. It improves the construction’s strength and decreases maintenance requirements.
Regional Segment Analysis of the Formulation Additives Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the Asia-Pacific region emerged as the largest market for the global formulation additives market, with a market share of around 34.5% in 2021. The rising use of formulation additives in different end-use industries, including transportation, furniture & flooring, and construction, is expected to boost the market's growth in the APAC region.
Also, North America is anticipated to have a significant market percentage in the global formulation additives market due to the growth in the need for formulation additives in the packaging, automotive, and construction sectors.
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Key players operating in the global formulation additives market are:
- Trio
- San Nopco
- Patcham FZC
- Munzing Corporation
- Momentive Performance Materials
- Michelman
- Lehmann&Voss&Co.
- Lanxess
- King Industries
- Isca UK
- Huntsman
- Honeywell
- Harmony Additive
- Evonik
- Elementis
- Eastman
- DowDuPont
- Cabot
- BYK Additives
- Borchers
- BASF
- Arkema
- Allnex
- Akzonobel
- Afcona Additives
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Markets and Research have segmented the global formulation additives market based on the below-mentioned segments:
Global Formulation Additives Market by Type:
- Rheology Modifiers
- Defoamers
- Dispersing Agents
Global Formulation Additives Market by Application:
- Transportation
- Industrial And Oil & Gas
- Food & Beverage
- Furniture & Flooring
- Construction
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About the report:
The global formulation additives market is analysed based on value (USD Million). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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