New York, Feb. 22, 2023 (GLOBE NEWSWIRE) -- The global coating additives market is valued at over US$ 9 Billion in 2022 and The global Coating Additives Market is set to reach US$ 17 Billion by 2032. The global coating additives market is projected to expand at a CAGR of 5.9% from 2022 to 2032. The introduction of green coatings and the booming building & construction sector worldwide are likely to drive high demand for coating additives. North America, led by the United States, holds the largest share in the global coating additives market.
Coating additives are added to paints and coatings to improve their performance characteristics, such as durability, scratch resistance, anti-corrosion, and adhesion. The growing demand for eco-friendly coatings and increasing demand from end-use industries, such as automotive, construction, and furniture, are driving the growth of the coating additives market.
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Market Overview:
Coating additives are specialty chemicals that are added to coatings to enhance their performance characteristics, including appearance, durability, scratch resistance, and adhesion. The global coating additives market is primarily driven by the increasing demand for eco-friendly coatings and the rising demand for end-use applications such as automotive, construction, furniture, and industrial.
The market is segmented by function, formulation, application, and region.
- By function, the coating additives market is segmented into rheology modifiers, wetting and dispersing agents, foam control agents, biocides, impact modifiers, and others. Among these, the rheology modifiers segment is expected to hold the largest share of the market due to their ability to modify the viscosity of the coating and improve the application and leveling properties of the coating.
- By formulation, the market is segmented into water-based, solvent-based, powder-based, and radiation cured coatings. The water-based segment is expected to dominate the market due to its low VOC content and eco-friendliness.
- By application, the coating additives market is segmented into architectural, automotive, industrial, wood and furniture, and others. The automotive segment is expected to hold the largest market share due to the increasing demand for high-performance coatings in the automotive industry.
- Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The Asia Pacific region is expected to hold the largest market share due to the increasing demand from end-use industries and the presence of major coating additives manufacturers in the region.
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Key Players:
Some of the key players in the coating additives market include
- Akzo Nobel N.V.
- Arkema SA
- Ashland Inc.
- BASF SE
- Cytec Industries Inc.
- Evonik Industries AG
- Momentive Specialty Chemical Inc.
- Solvay S.A.
- The Dow Chemical Company
Recent Developments:
- In 2021, Evonik Industries AG expanded its production capacity for precipitated silica at its Rheinfelden site in Germany.
- In 2020, BYK Additives & Instruments introduced a new rheology modifier for water-based coatings, which provides better viscosity control and leveling properties.
- In 2019, Lubrizol Corporation introduced a new resin technology for coatings, which enhances the performance of coatings in extreme weather conditions.
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Conclusion:
The global coating additives market is expected to witness significant growth in the coming years due to the increasing demand for eco-friendly coatings and the rising demand from end-use industries. The market is highly competitive, with key players focusing on expanding their production capacity and introducing new products to meet the changing demands of customers. The Asia Pacific region is expected to dominate the market due to the presence of major coating additives manufacturers in the region and the increasing demand from end-use industries.
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