Coating additives are special type of solutions that are added to paints to improve their performance and quality. Coating additives enhances dispersion of solids, wettability, anti-catering, anti-chipping, gloss control, and UV protection functionalities of paint coatings. There various type of coating additives available in the market such as urethanes, acrylic, metallic and fluoropolymers.
Among these, acrylic coating additives continue to gain momentum. The global coating additives market is projected to surge at steady growth rate and exhibit a CAGR of 4.8% during the forecast period (2017-2022). The global market for coating additives is projected to stand a US$ 8,851.3 Mn by the end of 2022.
Coating additives are being increasingly used in painting of surfaces that are prone to external problems such as abrasion, high temperature, toxicity, decaying and biocides. Over the years, there has been a tremendous growth in the building and construction sectors, which has concurrently boosted the global sales of coating additives.
Due to the rising demand for high-quality painting materials for buildings, usage of various types of coating additives have escalated to a substantial level in the building & construction industry. Utilization of coating additives in decorative paints and advanced aerospace coatings to witness significant growth in coming years. Use of coating additives has become more frequently for painting exteriors of commercial and residential buildings.
Moreover, use of coating additives has also surged in the automotive sector, owing to their exceptional performance in maintaining the vehicle’s exterior paint work for longer durations. Meanwhile, coating additives remains a key material in manufacturing of various wood & furniture, aviation and industrial engineering products among others. On the other hand, most coating additives are consistently scrutinized by environmentalists and regulatory bodies due to growing concerns over harmful VOC effects.
Manufacturer are also paying more attention towards development of eco-friendly bio-based and water-borne coating additives, which, in turn, is expected to create more market opportunities in the near future. The aforementioned factors are expected to influence the dynamics of the global market for coating additives in the forthcoming years.
Europe’s Leadership in the Global Coating Additives Market to Remain Unchallenged
The report projects that Europe will continue to lead the global market for coating additives in 2017 and beyond. During the forecast period, the market in Europe is expected to remain highly lucrative. Influx of emigrants from surrounding regions due to geopolitical instability is resulting in rampant construction of relief shelters and housing in many of the countries in Europe to provide temporary settlements.
To an extant, this particular phenomenon is driving the demand for various construction materials including paints and coating additives in the region. Between 2017 and 2022, the region’s coating additive market is set to ride at a CAGR of 4.3%.
Solvent Based Coating Additive will continue to Outperform the Water Based Variant
On the basis of formulations, the global market for coating additives has been segmented into; solvent based and water based. The former is expected to remain dominant throughout the forecast period. Currently, the global sales of solvent based coating additives represents more than half of the total revenue share of the global market. Towards the end of 2022, close to US$ 4,954 Mn worth solvent based coating additives are estimated to be sold worldwide.
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Leading companies that manufacture coating additives have also been profiled in the report. Key players contributing to the growth of the global market for coating additives include Akzo Nobel NV, Arkema SA., Ashland Global Holdings, Inc., BASF SE, BYK-Chemie GmbH, Asahi Glass Co., Ltd., Dow Chemical, Evonik Industries AG, Solvay SA, Momentive Performance Materials, Inc., Arch Chemicals, and Lonza Group AG. Many of these companies are actively focusing on enhancing their product functionality and applicability in order to increase market share.
- Metallic Additive
- Others (epoxy, polyalkyds, and amines)
- Solvent Based
- Water Based
- Rheology Modification
- Biocides Impact Modification
- Wetting & Dispersion
- Others (slip & rub, flexibility, curing, and so on)
End Use Industry
- Wood & Furniture