Press release
Coating Additives Market Will Target Emerging by 2021
Coating additives help the surfaces to deal with higher temperature, abrasion, moisture, biocides and chemical resistance. Based on formulations, the market for coating additives is divided as water-borne, solvent-borne and powder-based coatings. Solvent-borne coatings were the leading coating additives formulations in the past few years.However, due to high VOC content and environmental concerns, the popularity of water-borne coating additives formulations has increased tremendously in the recent past and they are anticipated to grow substantially in the near future owing to their lower VOC content.
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The main driver for coating additiveshas been the huge infrastructure boom in the past decade in thebuilding & construction industry and this demand stems from the ever-increasing need for better quality surfaces.Residential and commercial buildings are the leading end-users for coatings additives and are likely to gain further market share in near future owing to increased construction activities in Asia Pacific and RoW.
Another major driver for coating additives market is the automotive industry. Coating additives are used in the automotive industry to enhance the surface quality and protect them from abrasion, UV rays, other weathering effects and chemicals. Other end-users for coatings additives include wood & furniture, industrial engineering and aviation, among others. In the wood and furniture industry, coating additives are used to preserve the wood surfaces from microbial growth and moisture content. Increasing demand for multifunctional coating additives is anticipated to be the major opportunity for the coatings additives market. However, various environmental regulations associated with VOC content in formulation technologies can act as a major restraint for the market.
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In terms of formulation used, water-borneadditives exhibited the highest consumption in past few years and are likely to grow more in the coming years.Water-borne formulations have lower VOC content than other coatings additivesformulationsand are preferred in developed countries where there are stringent environmentalregulations regarding paints and coatings industry.Larger quantities of coatings additives are required in case of water-borne formulations, over other types,in order to achieve higher performance.Powder-based formulations are also likely to gain more market share in the near future owing to their better performance than solvent-borne formulations.
Asia Pacific was the leading region for the demand of coating additivesand accounted for majority of the market.India and China are the major consumers of coating additives in Asia Pacific region. The demand is huge in these countries due to huge construction and automotive industry. The scenario for formulations is bit different where coating additives for solvent borne systems had the largest sharein Asia Pacific region.Asia Pacific is forecasted to be the fastest growing market for coating additives in upcoming years. North America had the second-largest market share in global coating additives market. Water borne formulations were the largest used in North America region. Increasing demand from aviation and marine sector was the major driver for the coatings additives market in this region. Europe had lower market share for coatings additives due to stringent environmental regulations associated with paints and coatings industry resulting in declining performance in the market. However, there is huge opportunity for the manufacturers to develop multifunctional and bio-based coatings additives in order to meet the demand of the customers. The Rest of the World is likely to show potential growth for the coatings additives market in upcoming years. Growing construction and manufacturing activities in the Middle East and North Africa region is likely to drive the coating additives market in next few years.
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