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Coating Additives Industry Poised for Strong Growth, Projections Indicate a $10.22 Billion Market in 2024 with a Striking 9.2% CAGR
Coating Additives Global Market
The coating additives market has witnessed robust expansion, projecting a rise from $9.36 billion in 2023 to $10.22 billion in 2024, reflecting an impressive compound annual growth rate (CAGR) of 9.2%. Looking ahead, the market is set to continue this upward trajectory, reaching $14.36 billion in 2028 at a CAGR of 8.9%.
Drivers: Construction and Automotive Sectors
The construction sector plays a pivotal role in propelling the coating additives market, utilizing these additives to enhance viscosity, surface effectiveness, and impact resistance. The surge in residential and commercial construction globally, coupled with the adoption of eco-friendly additives, is anticipated to boost market growth.
Similarly, the rapid expansion of the automotive sector is expected to propel the coating additives market forward. Various additives are employed to enhance the appearance, durability, and performance of coatings. The rise in passenger car sales globally reflects the potential for substantial market growth.
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Key Players and Market Dynamics
Major companies contributing to the coating additives market include Akzo Nobel NV, Allnex Netherlands BV, Clariant AG, and Dow Chemical Co. These industry leaders play a vital role in shaping the market landscape, providing essential products and solutions to meet evolving demands.
Market Trends: R&D Investments and Innovative Additives
Investments in research and development emerge as a key trend in the coating additives market. Companies are dedicating resources to developing technologically advanced products to meet diverse industry demands.
Market competitiveness is driven by major companies introducing advanced and unique coating additives. This includes products such as Evonik Industries AG's TEGO Rad 2330, exemplifying a radically crosslinkable coating additive with versatile applications.
Regional Outlook and Segments
Asia-Pacific emerged as the largest region in the coating additives market in 2023 and is projected to be the fastest-growing region in the forecast period.
Market Segmentation:
1) By Type: Acrylics, Fluoropolymers, Urethanes, Metallic Additive, Other Types
2) By Function: Anti-foaming, Wetting & Dispersion, Rheology modification, Biocides, Impact Modification, Other Functions
3) By Application: Architectural Application, Automotive, Industrial Application, Wood & Furniture, Other Applications
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Coating Additives Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Coating Additives Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on coating additives market size, coating additives market drivers and trends, coating additives market major players, competitors' revenues, market positioning, and market growth across geographies. The coating additives market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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