Global Coating Additives Market to Grow at a CAGR of 4.35% by 2030 | ChemAnalyst
According to ChemAnalyst report, “Global Coating Additives Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, global coating additives market has shown promising growth in the past five years and is anticipated to achieve a CAGR of 4.35% during the forecast period. Rise in the demand of automotive industry along with the increasing demand of other application areas such as architectural coatings, industrial goods etc. is projected to drive the demand of coating additives during the forecast period. Moreover, increasing population and subsequent urbanization is also a propelling factor supporting demand growth of coating additives during the forecast period.
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Coating additives are the chemicals are added to various coatings to enhance their performance and properties such as adhesion, dispersion, chemical resistance etc. There are several types of coating additives including rheology modifiers, dispersing agents, wetting agents, impact modifier, anti-foaming agent. Due to property enhancement capabilities, they have application in automotive, architectural coatings, industrial goods, wood, and furniture. Coating additives are necessary ingredients of many coatings as they enhance the properties when added to the coating. They also help in lowering down the cost of the coating. Another function of coating additive is to find affinity for the substrate on which the coating is applied. They improve the adhesion and overall outlook of the coating.
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Coating additives are chemicals which are added to coatings in fixed proportions to reach the desired properties. Major properties associated with coating additives are adhesion which is the overall binding of the coating to the substrate, dispersion which involves proper laying of the coating onto the substrate and proper composition of various components of the coating throughout the resin matrix, and at last the chemical resistance which is the most important property of coating additives because the coating is susceptible to many external chemical agents which can wear and tear the coating thereby decreasing the performance levels of the coating, coating additives provide the coating with necessary chemical resistance. Due to these properties, they find application in architectural coatings, industrial goods, wood and furniture.
Coating additives are related to coatings which find application in several areas including the major application areas namely automotive and architectural coatings hence their price is directly linked to the fluctuations in the demand of automotive and architectural coatings. In the first half of FY20 sudden outbreak of novel coronavirus followed by fall in in the demand of automotive rendered a major downfall in the global coating additives, hence the prices remained low for coating additives during the coronavirus pandemic. Demand has picked up in the recent quarters and is projected to grow due to increasing demand from Asia Pacific and North America.
Regionally, Asia Pacific dominates the Global coating additives market and holds the largest market share in FY20. Asia’s coating additives market is anticipated to grow in the economies like China due to increasing demand of automotive and architectural coatings.
According to ChemAnalyst report, Global Coating Additives Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, some of the major players operating global coating additives market are Croda International Plc, Eastman Chemical Company, ANGUS Chemical Company, Dow, BASF SE, Huntsman International LLC., Royal Dutch Shell Plc, Formosa Plastics Corporation, Eni S.p.A., Evonik Industries AG, Ineos Group AG, LANXESS, Repsol, SABIC, Exxon Mobil Corporation. TPC Group, Zeon Corporation., Borealis AG.
“Being linked to the automotive and architecture industry, the global coating additives industry has shown a robust growth alongside growing population and changing consumer preference. China serves as the key growth region with sufficiently installed capacities for coating additives. With new competitors emerging across the Asia Pacific coating additives market, players anticipate that there will be sufficient supply demand gaps in future. At this, it is extremely important to keep an eye which region will grab the biggest market share in the upcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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