TAGS: Automotive Coatings Aerospace Coatings
The coating additives market will be scaling innovatively upwards in the next 10 years, according to a recent market analysis by Persistence Market Research.
Market-driven Growth of Coating Additives
The coating additives are added to paints and coatings to augment their quality and performance. The additives improve the dispersion of solids, wetting, foam-reduction, anti-catering, gloss control, anti-chipping and UV protection, etc. of the coatings. The coating additives can be of various types such as acrylics, urethanes, fluoropolymers and metallic, among others.
Acrylic additives are the leading product type, followed by urethanes and metallic additives. Coating additives help the surfaces to deal with higher temperature, abrasion, moisture, biocides and chemical resistance. Based on formulations, the market for coating additives is divided as water-borne, solvent-borne and powder-based coatings.
Major Drivers for Coating Additives
The main driver for coating additives has been the huge infrastructure boom in the past decade in the building & construction industry and this demand stems from the ever-increasing need for better quality surfaces. The residential and commercial buildings are the leading end-users for coatings additives and are likely to gain further market share in near future owing to increased construction activities in Asia Pacific and RoW.
Another major driver for coating additives market is the automotive industry. Coating additives are used in the automotive industry to enhance the surface quality and protect them from abrasion, UV rays, other weathering effects and chemicals. Other end-users for coatings additives include wood & furniture, industrial engineering and aviation, among others.
In the wood and furniture industry, coating additives are used to preserve the wood surfaces from microbial growth and moisture content. The increasing demand for multifunctional coating additives is anticipated to be the major opportunity for the coating’s additives market. However, various environmental regulations associated with VOC content in formulation technologies can act as a major restraint for the market.
Increasing Requirement of Water-Borne Formulations
Solvent-borne coatings were the leading coating additive formulations in the past few years. However, due to high VOC content and environmental concerns, the popularity of water-borne coating additives formulations has increased tremendously in the recent past and they are anticipated to grow substantially soon owing to their lower VOC content.
In terms of formulation used, water-borne additives exhibited the highest consumption in past few years and are likely to grow more in the coming years. The water-borne formulations have lower VOC content than other coating additives formulations and are preferred in developed countries where there are stringent environmental regulations regarding paints and coatings industry.
Larger quantities of coating additives are required in case of water-borne formulations, over other types, to achieve higher performance. Powder-based formulations are also likely to gain more market share in the near future owing to their better performance than solvent-borne formulations.
Rising Geographical Demand
Asia Pacific was the leading region for the demand of coating additives and accounted for majority of the market. India and China are the major consumers of coating additives in Asia Pacific region. The demand is huge in these countries due to huge construction and automotive industry.
The scenario for formulations is bit different where coating additives for solvent borne systems had the largest share in Asia Pacific region. Asia Pacific is forecasted to be the fastest growing market for coating additives in the upcoming years. North America had the second-largest market share in global coating additives market.
Water borne formulations were the largest used in North America region. Increasing demand from aviation and marine sector was the major driver for the coatings additives market in this region. Europe had a lower market share for coating additives due to stringent environmental regulations associated with the paints and coating industry resulting in declining performance in the market. However, there is a huge opportunity for the manufacturers to develop multifunctional and bio-based coatings additives to meet the demand of the customers.
The Rest of the World is likely to show potential growth for the coating’s additives market in upcoming years. Growing construction and manufacturing activities in the Middle East and North Africa region is likely to drive the coating additives market in the next few years.
Manufacturers in the coating’s additives market:
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Source: Persistence Market Research