As per a market research and competitive intelligence provider, the global coating additives market had a value of around US$ 8 billion in 2020. The predictions also show that it will expand at a CAGR of 5% over 2021-2031 forecast period.
The expectation is that the increased adoption of smart coatings will rise because of their multifunctional benefits such as anti-fouling, anti-corrosive, and anti-microbial, among others. Smart coatings provide both protective and decorative properties with self-healing characteristics, thereby positively impacting demand for coating additives.
Transformation of the aerospace industry and increasing aircraft deliveries will accelerate demand for coating additives over the coming years. Multifunctional additives are pivotal advances in the coating industry. Urbanization is also expanding at a rapid pace. In addition, infrastructural growth rate in various countries has increased considerably.
Coating manufacturers have strict VOC emission permits driven by stringent regulations proffered by both local and state authorities. In response to these emission regulations, the focus of technological advancements are on the development of natural additives. This will propel the growth of the global coating additives market in the future.
Key Takeaways from Market Study
- Global coating additives market to top US$ 11 billion by 2031.
- The projections show that waterborne coating additives will reach around US$ 2.5 billion by 2031.
- Other projections show that solvent-based coating additives will record above 4% CAGR over the next 10 years.
- Market in Japan to record 3% CAGR over the forecast period of 2021- 2031.
- China forecast to reach a projected market size above US$ 3 billion by 2031.
- Market in Canada projected to expand at above 4% CAGR over next 10 years.
“Coating additive manufacturers are focusing on expanding their product portfolios by adding sustainable and multifunctional additives, which are anticipated to witness high demand in the foreseeable future,” says a research analyst.
New entrants and emerging companies to the manufacturing coating additives market are involved in product innovation and expansion of product portfolio. Additionally, they collaborate with both industry giants and end users to capture as much visibility as possible.
- In 2019, BASF introduced Hydropalat WE 3225, a new silicone wetting agent in its product portfolio. This new product combines excellent substrate wetting agents with pronounced defoaming performance. The company also launched Dispex Ultra PX 4290, a new high molecular weight dispersing agent, which opens up a plethora of opportunities in broad applications such as automotive OEM & refinish coatings, industrial coatings, and wood coatings.
- In 2019, Daikin Industries Ltd., a leading producer of fluoropolymer products announced the establishment of a new subsidiary in Jiangsu Province, China for both the sale and manufacturing of fluorochemical products.
These insights are based on a report on Coating Additives Market by Fact.MR.