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Coating Additives Market 2024-2033 - Size, Growth, Trends & Competitive Analysis
Coating Additives Market
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According to The Business Research Company's, The coating additives market size has grown strongly in recent years. It will grow from $9.36 billion in 2023 to $10.22 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to construction industry growth, increased paints and coatings demand, industrial manufacturing, increased regulatory compliance, and increased environmental concerns.
The coating additives market size is expected to see strong growth in the next few years. It will grow to $14.36 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to infrastructure development, automotive industry, rapid urbanization, increasing use of biodegradable additives, and emerging market growth. Major trends in the forecast period include architectural coatings innovation, customized additive solutions, technological advancements, innovative specialty coatings, and introduction of high-performance additives.
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Market Drivers and Trends:
The strong growth in buildings and the construction sector is driving the growth of the market. In the construction sector, coating additives are used to improve the viscosity, surface effectiveness, and impact resistance of substrates. The rapid growth in residential and commercial construction activities across the globe and the growing adoption of environmentally friendly additives to improve wall and roof installations while maintaining environmental impact. For instance, in March 2023, according to the United Stated Census Bureau, a US-based principal agency of the federal statistical system, the number of privately owned housing units approved by building permits in February was 1,524,000 on a seasonally adjusted yearly basis. This is 13.8% more than the January rate, which was corrected to 1,339,000. Thus, strong growth in the building and construction sector is expected to boost the coating additives market during the forecast period.
The company's investment in R&D (research and development) is the key trend gaining popularity in the coating additives market. Companies operating in the coating additives market are increasing investments in R&D and initiatives to develop technologically advanced products to meet demand from various end-user industries across the globe. For example, in June 2021, BASF, a multinational chemical company, invested in a new R&D centre in Japan for the development and production of new products. This R&D center was established to get global R&D expertise and local R&D flexibility to provide the best solutions.
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Major Key Players of the Market:
Akzo Nobel NV, Allnex Netherlands BV, ANGUS Chemical Company, Arkema SA, Ashland Global Holdings Inc., BYK Additives & Instruments, Cabot Corporation, Clariant AG, Dow Chemical Co., Eastman Chemical Company, Elementis PLC, Evonik Industries AG, Ineos Group AG, Kamin LLC, Keim additec surface GMBH, Kyoeisha chemical co. ltd., Michelman Inc., Momentive Performance Materials Inc., Rhodia SA, Shamrock Technologies, Solvay SA, BASF SE, ADEKA Corporation, Allnex, Croda International plc, DIC Corporation, Emerald Performance Materials, King Industries Inc., Lubrizol Corporation, Michelman Inc., Munzing Chemie, AkzoNobel Specialty Chemicals, SI Group Inc., Specialty Polymers Inc., Synthomer plc
Coating Additives Market 2024 Key Insights:
• The coating additives market size is expected to see strong growth in the next few years. It will grow to $14.36 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%.
• Robust Growth In Construction Sector Fuels Coating Additives Market
• Rising R&D Investments Fuel Coating Additives Market Trends
• Asia-Pacific was the largest region in the coating additives market in 2023
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