NEW YORK, March 26, 2021 /PRNewswire/ -- The latest report by Fact.MR on global coating additives market projects an average growth of around 4% CAGR through 2029. Skyrocketing demand of green coatings from multitude of industries such as architectural and automotive to boost the sales. According to the study, the growing focus on sustainable and high-performance quality coating is driving the demand in manufacturers.
These latest insights from Fact.MR projects a bullish run for coating additives market. Application in architectural and automotive accounts for the major market share backed by the usage of green and waterborne coatings from the manufacturers. Significant application in industrial and residential coatings backed by the high usage of water-based and green coatings to bolster the demand of coatings additives. Hence fostering the sales.
"Acrylic-based and urethane based coatings are showing potential, however preference for sustainable product is accelerating the demand for green coating additives among prominent manufacturers," says a Fact.MR analyst.
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Key Takeaways
- By function, rheology modifiers to acquire maximum share attributed to its increased used in soft-texture coatings
- Bio-based coatings to emerge as a highly sought after segment owing to its sustainable properties
- Application in architectural and automotive sustaining demand
- Waterborne coatings to remain dominant through 2029
- Asia Pacific to thrive owing to surge in sales of coating additives in commercial & residential activities
- Silicon based and green coating additives to witness a spike in demand during forecast period
- Solvent-based and powder-based coating to emerge as a potential segment through 2021 and beyond
- North America to retain its dominance owing to the heavy investment by manufacturers in low volatile organic compound
- Europe to account for the second largest market share in the global market
Competitive Landscape
Arkema SA, Ashland Inc., BASF SE, Buckman Laboratories International Inc., BYK-Chemie GmbH, The Chemours Company, Cabot Corp, Chattem Chemicals, Solvay SA, and Daikin Industries Ltd., among others are some of the prominent manufacturers, profiled by Fact.MR. According to the study, with the market being consolidated, key manufacturers are developing and introducing innovative products to expand their geographical reach to cater to the demand.
For instance, in March 2021, Axalta introduced Spies Hecker waterborne full system, GB24409-2020, for Chinese auto refinish market. This new auto refinish coating system provides high-performance quality and excellent color performance.
In a similar fashion, AkzoNobel, on 23rd March 2021, introduced its latest high-performance, Intersmooth anti-fouling hull coating from its International brand, Intersmooth 7200Si SPC and Intersmooth 7476Si SPC next generation Silyl Methacrylate anti-fouling.
Additionally, Lubrizol Performance Coatings, in 2020, announced the availability of PTFE wax additives containing less than 25 ppb PFOA to meet new PFOA regulations which are commonly used in coating and ink industries to deliver beneficial surface protection properties.
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More Valuable Insights on Coatings additives Market
Fact.MR, in its latest report, presents a detailed analysis of the global coatings additives market. The study divulges essential insights on the coatings additives market on the basis of product (acrylic-based, urethane, metallic, fluoropolymer, and other product types), function (rheology modifiers, dispersants, foam control, slip/rub, wetting agents, and other functions), formulation (waterborne coating, solvent-based coating, powder coating, high solids, and UV curve), application (architectural coatings, automotive coatings, wood coatings, industrial coatings, and other applications), and region (North America, Latin America, Europe, East Asia, South East Asia & Oceania, and MEA)
Key Questions Covered in the Report
- How will demand for coatings additives will evolve in the future?
- Which application of coatings additives accounts for the highest demand?
- Which is the most lucrative market for coatings additives?
- Which are the factors that will drive the demand for coatings additives sales?
- What are the winning strategies key players will adopt to generate future prospects?
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Source: Fact.MR
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