The global coating additives market is anticipated to reach USD 11.91 billion by 2026 according to a new study published by Polaris Market Research. Increasing demand of coatings from several end use industries is the major factor driving this market.
There has been an insatiable and continuing demand for improved and novel types of coating additives, not only intended for competitive reasons but also to satisfy increasingly stringent regulatory framework designed for the well-being of the environment. Mainly three major driving forces have affected the growth of new-fangled additives. New and rigorous environmental regulations, designed particularly to minimize misuse & waste and encourage recovery and recycling of material, have undoubtedly resulted in higher widespread application of new additive technologies in the present industry scenario.
Although application markets for these products have been growing highly moderate, demand for improved and novel additive systems are expected to increase considerably. Environmental pressure being one of the main driving forces for introduction of new types of coating additives, significant notice has also been taken of the effect on appearance along with the costs of its utilization. Coating manufacturers are hence currently required to innovate products that not only present aesthetic appeal along with higher resistance to adverse service and atmospheric conditions but are also completely acceptable to environment.
The Coating Additives Market is factually and figuratively increasing sales of additives annually. Factors such as rising environmental legislation, increasing prices of raw materials, emerging application markets, industry consolidation, innovation of environment friendly and cost-effective formulations have been the major trends in the present industry scenario. Higher quality of additives with complex technological specifications in terms of finish, rheology, material constituents etc. has been the primary indicators for success.
Coating Additives Market participants invest nearly at an average of over five percent on research and development projects every year. High demand for customized formulations that can cater to specific application requirements are expected to further augment demand for these products in the near future.
Asia Pacific Coating Additives Market is expected to emerge as the largest regional market by 2026. Presence of a fairly established manufacturing base in many nations of the region along with India and several South East Asia’s increasing production of automobiles, consumer goods, developing infrastructure, industrial production etc. are the major factors driving the industry. Several research and development projects undertaken by the industry participants along with universities have been the major factors for the development of high performance coating additive formulations in the region. Presence of a well-established manufacturing base in the U.S. and significantly growing automobile production market especially in Mexico and Canada apart from the U.S. are the major factors driving the North American Coating Additives Market.
Some of the leading coating additives market participants in this category of coating production globally includes Solvay, DSM, Lord Corporation, Jotun A/S, Eastman Chemical Company, Clariant AG, Cabot Corporation, Dynea as (Norway), Rhodia SA, Double Bond Chemical Ind., Co., Ltd. , ICL Advanced Additives, Kenrich Petrochemicals, Inc., Berger Paints, Beckers Group, Arkema SA, Sherwin-Williams Company, AkzoNobel, Valspar Corporation, KCC Paint, Bayer AG, Nippon Paint, Kansai Paint, PPG Industries, BASF and Axalta Coating Systems.
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