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Coalescing Agent Market Size
Coalescing Agent Market was valued at USD 1.5 billion in 2023 and is anticipated to register a CAGR of over 4.4% between 2024 and 2032. The industry is a vital segment within the chemical industry, playing a crucial role in the formulation of coatings, adhesives, and sealants. Coalescing agents are additives designed to improve the film formation and performance of these products by aiding in the fusion of individual polymer particles into a cohesive film. As industries increasingly focus on enhancing product quality and sustainability, the demand for efficient coalescing agents has witnessed significant growth. Thus, the market growth is expected to attain a market value of over USD 2 billion by 2032.
Regulatory initiatives promoting the use of eco-friendly and low-VOC (volatile organic compounds) products have further accelerated the adoption of coalescing agents that enable the formulation of environmentally compliant coatings. The market is characterized by ongoing research and development activities aimed at introducing novel coalescing agents with enhanced performance attributes.
One significant challenge facing the coalescing agent industry is its heavy dependency on the construction and automotive sectors. The demand for coalescing agents is closely linked to the performance coatings used in these industries for various applications, such as architectural coatings, automotive paints, and industrial coatings. Economic downturns, fluctuations in consumer spending, or disruptions in the construction and automotive sectors can have a profound impact on the market. During periods of reduced construction activity or a slowdown in the automotive industry, the demand for coatings diminishes, directly affecting the need for coalescing agents.
Why is the demand for hydrophobic coalescing agents growing?
Hydrophobic coalescing agents market generated USD 0.8 billion in 2023 and is estimated to record considerable growth through 2032 owing to its extensive use in formulations where water sensitivity is a critical concern.
How big is Asia Pacific coalescing agent market?
Asia Pacific industry for coalescing agent generated USD 0.5 billion in 2023 and is set to exhibit robust growth through 2032 owing to the rising demand for coats and adhesives from the flourishing automotive and manufacturing sectors in countries like China, India, Japan, and South Korea.
Who are the major participants in the coalescing agent industry?
The leading companies operating in the coalescing agent are ACS Technical Products, Arkema, BASF SE, Cargill Inc., Dow, Eastman Chemical Company, eChem Ltd., Elementis Plc., Evonik Industries, Solvay S.A., Stepan Company, Syensqo, Synthomer Plc, and xF Technologies.
What is the size of the coalescing agent market?
Coalescing agent industry was worth around USD 1 billion in 2023 and is set to expand at over 4.4% CAGR between 2024 and 2032 driven by the growing use in formulation of coatings, adhesives, and sealants.