NEWARK, Del, Aug. 08, 2023 (GLOBE NEWSWIRE) -- The Coating Additives Market is anticipated to thrive at an average CAGR of 4.8% between 2023 and 2033. The market is expected to have a market share of US$ 17.77 billion by 2033, while it is likely to be valued at US$ 11.12 billion in 2023.
- Advanced functions like anti-foaming properties, biocides, and impact modifiers are likely to add value to the market structure. Furthermore, the additives for the automotive and packaging sectors are likely to flourish in market growth.
- The OEM coatings, primers, monolayer topcoats, and other coatings improve surface properties. The higher demand for customized layers with specific detailing, chemicals, and elements is anticipated to flourish the market success.
- The stringent zero-VOC emission regulations and government support to automotive businesses contribute to market dynamics. Alongside this, the improved wettability, UV protection, and advanced chemical resistance are likely to help industries get the best out of these additives.
- New vendors are focusing on building their products through different chemicals and elements that limit microbial growth and prevent corrosion. Alongside this, the high-end research and development facilities and extensive usage of raw materials are increasing the demand for coating additives.
- The fluctuation in raw material prices makes manufacturing smooth and unique, though the strict government regulations limit the market growth.
- The surge in rheology modification operations is expected to help the market widen its boundaries. The construction application of coating additives involves delivering durability and texture.
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Key Pointers:
- The United States market leads the North American coating additives market in terms of market share in North America. The United States held a healthy market share of 17.0% in 2022. The factors attributed to the growth are increased automotive operations, higher construction activities, and adoption of advanced coatings.
- The German coating additives market held an average market share of 5.2% in 2022. The market growth is caused by higher automotive applications due to the large manufacturing sites.
- The Indian market thrives at a healthy CAGR of 5.9% between 2023 and 2033. The growth is attributed to higher economic activities and higher construction activities.
- Based on formulation type, the solvent-based segment held the leading market share of 58.7% in 2022.
- Based on application, the rheology lead as it held a market share of 33.7% in 2022.
Competitive Landscape:
The key suppliers focus on improving texture, enhanced color, and longer protection. The competitors also merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
Recent Market Developments are:
- Evonik Industries AG has introduced its business line-based traditional additives such as defoamers, wetting and dispersing, deaerators, and matting agents.
- Momentive Performance Materials, Inc. has launched coating additives for applications such as Coat OSil 1770 and CoatOSil 3505. Their applications involve wetting waterborne systems on standard and hard-to-wet substrates, auto refinishing, and leather goods.
Top Players in the Global Market are:
- Akzo Nobel NV
- Arkema SA.
- Ashland Global Holdings Inc.
- BASF SE
- BYK-Chemie GmbH
- Asahi Glass Co., Ltd.
- Dow Chemical
- Evonik Industries AG
- Solvay SA
- Momentive Performance Materials, Inc.
- Arch Chemicals
- Lonza Group AG
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Key Segmentation of Coating Additives Market:
By Product Type:
- Acrylics
- Fluoropolymers
- Urethanes
- Metallic Additive
- Others (Epoxy, Polyalkyds, and Amines)
By Formulation Type:
- Solvent-Based
- Water-Based
By End Use Industry:
- Automotive
- Architectural
- Industrial
- Wood & Furniture
- Others
By Application:
- Rheology Modification
- Biocides Impact Modification
- Anti-Foaming
- Wetting & Dispersion
- Others (slip & rub, flexibility, curing)
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