The global coating additives market is expected to witness robust growth in the foreseeable future owing to shift in focus from solvent based additives to aqueous additives. Growing demand from various application markets such as automotive, construction, furniture and other industrial applications is expected to drive the coating additives demand over the next six years. Growing importance for multifunctional additives is expected to further complement market growth. The global market is characterized by high degree of competition by market participants and growing environmental regulations. Companies are involved in development of higher quality additives through new technologies and raw material sources.
Increasing R&D to develop superior and bio-based products which comply with environmental regulations is expected to yield opportunities to coating additives market participants over the forecast period. Volatility in prices of raw materials such as urethane, acrylate and silicones on account of fluctuating petrochemical prices and supply-demand bottlenecks is expected to pose challenges to market participants in terms of pricing, end-product supply and profitability.
Increasing infrastructure spending, particularly in emerging markets of Asia Pacific and Latin America have been driving the global construction industry. Coating additives are used in construction paints to improve impact resistance, viscosity and surface effectiveness of substrates. Growth of construction industry is expected to drive the demand for paints & coatings which in turn is expected to drive coating additives demand over the forecast period. Growing automotive production on account of increasing demand for vehicles in emerging markets is expected to further drive coating additives demand over the forecast period. Demand in the region is expected to be driven by increasing usage of urethane based additives in construction, industrial and automotive applications. Increasing production in China is expected to further benefit the Asia Pacific market over the forecast period. Coating additives market in North America and Europe are expected to witness moderate growth over the next six years mainly due to economic crisis in these regions which have witnessed slow growth in major end-use industries.
Some of the major companies operating the global coating additives market include Arkema, BASF, King Industries Inc., Valspar, Eastman, Dow Chemical Company, Evonik Industries, AkzoNobel, Lubrizol Corporation and BYK-Chemie.
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The prevailing pandemic situation has led to weakened demand for paints and coatings in automotive, construction, electronics, and white goods. The path to recovery of growth for the industry is highly dependent on the duration of restrictions imposed and their influence on economic activity across the globe. Contrary to the trend prevalent in the industry in general, certain segments of the market such as antimicrobial coatings are witnessing a surge in demand in healthcare and food industries. The report will account for Covid19 as a key market contributor.