The coatings industry has been significantly impacted by stringent emission norms in the recent past, compelling manufacturers to shift from conventional coatings to sustainable bio-based coatings. Coating manufacturers have strict VOC emission permits driven by stringent regulations proffered by local and state authorities. In response to these emission regulations, technological advancements are focused on the development of natural additives. This will propel the growth of the global — coating additives market - anticipated to surpass US$ 9 Bn mark by 2029, states Fact.MR in its newest, insightful report.
Key Takeaways of the Coating Additives Market
- Fact.MR states that preference for water-based coatings over solvent-based coatings by consumers, makes water based coatings a leading formulation, accounting for around 60% of the global market share
- Acrylic-based and urethane-based coatings are widely used across applications, accounting for around half of the global demand for coating additives
- According to Fact. MR, fluoropolymer coating additives are anticipated to witness an exponential growth of around 6% throughout the forecast period on the back of an increasing requirement for high temperature resistant and corrosion resistant additives
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- Wetting agent and foam control segments are high growth segments among all primary functions of coating additives, and are likely to create a collective incremental opportunity of around US$ 1.5 Bn by 2029
- Demand for architectural coatings would increase by as much as 1.5X over the next decade owing to the rapid infrastructural growth in emerging nations.
- Coating additives market in the North America and Europe regions is highly affected by regulatory policies resulting in a moderate growth of around 4% in these regions till 2029.
- East Asia, on the back of China, is expected to maintain its front running position throughout the forecast period, accounting for over 30% of the global share in the coating additives market
- Top 5 players in the coating additives market hold around 45-50% share of the global coating additives market
To gain prominence in the competitive market, manufacturers such as Elementis plc and AkzoNobel Specialty Chemicals (Nouryon) have included natural coating additives in their product portfolios.
“Coating additives manufacturers are focusing on expanding their product portfolios by adding sustainable and multifunctional additives, which are anticipated to witness high demand in the foreseeable future,” says a Fact.MR analyst.
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Prominent Stakeholders Are Taming Manufacturing Complexity Through R&D Centered Around Bio-Friendly Additives
Fact.MR opines that the Coating additives market is consolidated with a handful of market players accounting for over 40% share in the market. The critical strategy of manufacturers is expansion of production facilities for sustainable and VOC exempted coating additives, especially in matured markets such as Europe and North America. Here government regulations are stricter leading to slow growth in demand for conventional coating additives. In order to remain relevant in the coating additives market, manufacturers have invested in extensive R&D activities to meet the requirements for low VOC content and product innovation, mainly centered towards bio-based, environment-friendly coating additives.
Find More Valuable Insights on Coating Additives Market
Fact.MR, in its new offering, brings to the fore an unbiased analysis of the global coating additives market, presenting historical demand data (2014-2018) and forecast statistics for the period of 2019-2029. The study offers compelling insights on the coating additives market on the basis of product type(acrylic-based, urethane-based, metallic, fluoropolymer, and other product types), function (rheology modifier, dispersants, foam control, slip/rub, wetting agent, and other formulations), formulation (water-borne coatings, solvent-based coatings, powder coating, high solid, and UV cure), and application (architectural coating, automotive coating, wood coating, industrial coating, and other applications) across seven key regions and 22 countries.
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