The global paints and coatings additives market is anticipated to reach $12.659 billion by 2027, exhibiting a compound annual growth rate (CAGR) of 5.9% from 2020 to 2027. This growth is primarily fueled by the rising demand for sophisticated paints and coatings additives, spurred by the expansion of residential construction projects and the global automotive industry. These insights are detailed in a report by Fortune Business Insights™, titled “Paints and Coatings Additives Market Size, Share & COVID-19 Impact Analysis, By Type (Dispersing Agent, Rheology Agent, Leveling Agent, Anti-foaming Agent, Adhesion Promoting Agent, and Others), By Application (Automotive, Architectural, Wood, Industrial, and Others), and Regional Forecast, 2020-2027.” The report also notes that the market was valued at $8.3 billion in 2019.
Prominent companies in the global paints and coatings additives market include:
Dow (U.S)
Evonik Industries AG (Germany)
BYK-Chemie GmbH (Germany)
Clariant AG (Switzerland)
Kyoeisha Chemical Co., LTD. (Japan)
Arkema S.A. (France)
BASF SE (Germany)
Lubrizol Corporation (U.S.)
ELEMENTIS PLC. (UK)
Kusumoto Chemicals, Ltd. (Japan)
ALLNEX NETHERLANDS B.V. (Germany)
Shin-Etsu Chemical Co., Ltd. (Japan)
Shamrock Technologies (U.S.)
King Industries, Inc. (U.S.)
Troy Corporation (U.S)
Solvay S.A. (Belgium)
San Nopco Limited (Japan)
keim additec surface GmbH (Germany)
Other notable companies
Paints and coatings additives include a range of substances such as emulsifiers, pigments, curing catalysts, thickeners, and dispersants. These additives are crucial for improving properties like leveling, flow, UV resistance, stability at high temperatures, and chemical resistance. Their applications span across the automotive and construction sectors worldwide.
The market report provides an in-depth analysis of the factors driving and restraining market growth, along with potential opportunities and challenges during the forecast period. It also offers detailed insights into regional developments that are influencing the market. The report compiles information from industry experts and research analysts who have employed various research methodologies. The competitive landscape section details strategic initiatives such as product launches, partnerships, mergers and acquisitions, and collaborations undertaken by companies to maintain their market presence from 2020 to 2027.
Growing Residential Sector to Boost Market Expansion
Despite disruptions in painting and coating applications due to the COVID-19 pandemic, the increase in DIY home improvement projects has surged the demand for these additives. These additives, which serve functions like emulsification, dispersion, thickening, photo-stabilization, and leveling, are essential for providing corrosion protection for infrastructure. They also extend the shelf life of coatings and improve the durability of substrates. These advantages are expected to drive the adoption of advanced additives, thereby propelling the growth of the global paints and coatings additives market during the forecast period.
Automotive Segment Captured 7.6% Market Share in 2019
In terms of application, the automotive segment accounted for approximately 7.6% of the market share in 2019 and is expected to experience significant growth over the forecast period. This expansion is driven by the increasing demand for automobiles, which in turn boosts the need for advanced paints and coatings additives that provide surface protection and enhance the texture of vehicles.
Rising Automotive Sector in Asia-Pacific to Favor Growth
Asia-Pacific is expected to lead the global paints and coatings additives market in the forthcoming years, driven by the growing automotive sector in countries such as India and China. This growth is due to the demand for advanced paints and coatings additives to prevent corrosion and protect vehicles from extreme temperatures. The region's market value stood at USD 3,766.8 million in 2019.
In Europe, the market is expected to gain momentum due to increasing efforts to improve the aesthetic appearance of old government and residential buildings between 2020 and 2027.
Eminent Players Expanding Production Facilities to Leverage Promising Opportunities
The global paints and coatings additives market size is consolidated by several major companies focusing on expanding their production facilities to meet the increasing demand for advanced paints and coatings additives for industrial applications, including automotive and construction.
Blog Related Insights: https://www.globenewswire.com/news-release/2023/05/02/2658769/0/en/Paints-and-Coatings-Additives-Market-to-Reach-USD-12-659-4-Million-by-2027-Fortune-Business-Insights.html