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Coating Additives Market Size
Coating Additives Market size was valued at around USD 10.6 billion in 2023 and is anticipated to grow at a CAGR of 5.8% between 2024 and 2032. Increasing construction activities, including residential, commercial, and infrastructure projects, drive the demand for architectural coatings and additives. Coating additives are used to enhance properties such as durability and weather resistance.
The automotive industry requires high-performance coatings to improve aesthetics, corrosion resistance, and durability. Coating additives play a crucial role in achieving these properties. The furniture and woodworking industry relies on coatings for aesthetics and protection. Additives enhance properties like scratch resistance, gloss, and UV resistance in wood coatings.
| Report Attributes | Details |
|---|---|
| Base Year: | 2023 |
| Market Size in 2023: | USD 10.6 billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 5.8% |
| 2032 Value Projection: | USD 17.5 billion |
| Historical Data for: | 2018 to 2023 |
| No. of Pages: | 150 |
| Tables, Charts & Figures: | 191 |
| Segments covered: | Product, Formulation, Application, Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Meeting and staying compliant with stringent environmental regulations, such as restrictions on volatile organic compounds (VOCs) and hazardous materials, can be challenging and costly. Fluctuations in the prices of raw materials, including petrochemical derivatives, solvents, and resins, can impact production costs and pricing strategies for coating additives. Disruptions in the supply chain, such as shortages of key raw materials or transportation issues, can impact manufacturing and delivery schedules. Thus, the risks associated with coating additives may drive down the acceptance rate, further hampering the business growth.
COVID-19 Impact
The construction industry, which is a major consumer of architectural coatings and additives, experienced delays and reduced activities due to lockdowns and social distancing measures. This led to decreased demand for related coating products. Thus, the reduced number of COVID-19 cases and implementation of subsequent strategies by government and non-government organizations is anticipated to drive the business expansion in the upcoming years.
Coating Additives Market Trends
There is a growing emphasis on eco-friendly coatings and additives to meet stringent environmental regulations and consumer preferences. Additive manufacturers are developing products with lower volatile organic compound (VOC) content and reduced environmental impact. Industries such as automotive, aerospace, and electronics demand high-performance coatings with advanced additives for properties like scratch resistance, UV protection, and corrosion resistance.
Coating Additives Market Analysis
Based on product, the coating additives market is segmented as rheology modifiers, dispersing agents, defoamers, wetting agents, adhesion promoters, antimicrobial agents, uv stabilizers, anti-corrosion agents, drying agents, others. Rheology modifiers held a majority market value of USD 3.03 billion in 2022. Demand for thickeners is driven by the need for improved viscosity control in coatings, which enhances application properties and prevents sagging or dripping. Dispersants are essential for achieving uniform pigment dispersion, preventing agglomeration, and improving color consistency in coatings.
Based on formulation, the coating additives market is segmented as water-based coatings, solvent-based coatings, powder coatings, high-solids coatings, others. Water-based coatings held a dominant market share of around 40% in 2022. Water-based coatings are favored due to their lower volatile organic compound (VOC) content, making them compliant with stringent environmental regulations. Additives that enhance the performance of water-based coatings are in demand.
Based on application, the coating additives market is segmented as Architectural Coatings, Automotive Coatings, Industrial Coatings, Wood Coatings, Packaging Coatings, Marine Coatings, Aerospace Coatings, Others. Architectural Coatings held a dominant market share in 2022 and is anticipated to grow at 5.6% CAGR till 2032. The demand for coating additives is driven by the need to enhance the durability and weather resistance of architectural coatings to protect buildings from harsh environmental conditions.
U.S. dominated the North American region with majority coating additives market share and a revenue of USD 5.3 billion in 2022. North America experiences ongoing construction and infrastructure projects, which drive the demand for architectural coatings and additives. Additives that enhance durability and weather resistance are essential for these applications.
Coating Additives Market Share
Some of the major industry players operating in the coating additives market are
- BASF SE
- Evonik Industries AG
- Dow, Inc.
- Akzo Nobel N.V.
- Elementis PLC
- BYK Additives & Instruments
- Eastman Chemical Company
- Arkema Group
- Lubrizol Corporation
- Croda International PLC
- Clariant AG
- Michelman, Inc.
- Huntsman Corporation
- Solvay S.A.
- Wacker Chemie AG
These players focus on strategic partnerships, new product launch & commercialization for market expansion. Furthermore, these players are heavily investing in research that allows them to introduce innovative products and garner maximum revenue in the market.
Coating Additives Industry News:
- In May 2022, Ashland Global Holdings Inc. has introduced special additives for rheology operations, including cellulosic (HEC) and synthetics (NSAT). The additives also serve to the construction operations.
- In 2019, the specialty chemicals company BYK-Chemie GmbH (Altana) announced the expansion of BYK's specialty chemicals division in Shanghai, China. This expansion allows the company to serve customers in the rapidly expanding Asian markets.
Coating additives market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million & Kilo tons from 2018 to 2032, for the following segments:
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Product
- Rheology Modifiers
- Dispersing Agents
- Defoamers
- Wetting Agents
- Adhesion Promoters
- Antimicrobial Agents
- UV Stabilizers
- Anti-Corrosion Agents
- Drying Agents
- Others
By Formulation
- Water-Based Coatings
- Solvent-Based Coatings
- Powder Coatings
- High-Solids Coatings
- Others
By Application
- Architectural Coatings
- Automotive Coatings
- Industrial Coatings
- Wood Coatings
- Packaging Coatings
- Marine Coatings
- Aerospace Coatings
- Others
The above information is provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Indonesia
- Malaysia
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Egypt
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