The global paint additives market is expected to thrive on the provision for better functional performance and it would depend a lot on the product quality. Paint additives are known for their properties and the ability to improve the performance of normal paints. The global market for paint additives is showing ample opportunities in the market to record growth by 6.4% CAGR between 2018 and 2023, which Market Research Future (MRFR) describes as the forecast period.
The global market for paint additives is all set to benefit from the increasing demand for the substance from industries like oil & gas, automotive, construction, and others. Other environmental laws can also be taken into account as major market influencers. Manufacturers are trying to develop products that would be of great assistance in the coming years. Increasing demand for paint additives for texture and paint additive for mold can inspire better growth.
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Companies are making a significant market contributions using various tactics that would include mostly mergers, acquisitions, and other moves. MRFR has profiled these companies to make sure that trends of the market get properly covered. These companies are Arkema SA, Akzo Nobel NV, BASF SE, Ashland Global Holdings, Inc., Asahi Glass Co., Ltd., BYK-Chemie GmbH, Evonik Industries AG, Dow Chemical, Lonza Group AG, Arch Chemicals, and Daikin Industries, Ltd. These companies have cemented their market state and have recorded various changes that can be of great significance.
In October 2019, Hyderabad-based firm Esskay Laboratories announced a new type of paint additive that can reduce the chances of a fire breakout. They have named the product Firolac.
The global Paint Additives Market for, as covered in the MRFR report, has a strong foundation on product type and application. These segments have data about factors that can trigger better market growth in the coming years. Volumes and values have backed the data.
By product type, the market for paint additives can be segmented into biocides, rheology modifiers, wetting & dispersion agents, anti-foamers, and others. The rheology modifiers had the largest market share in 2017 and its growth would be quite dominating during the forecast period. It has almost 25% of the market share. Its application in various substances like coatings, paints, and inks would increase their properties.
By application, the market report on the paint additives includes industrial, architectural, automotive, wood & furniture, and others. The architectural application segment can produce the maximum market share in the coming years.
The market in the Asia Pacific region can come out as the largest contributor and it was leading the market in the year 2017. The regional market would have strong traction from the booming construction and automobile industries. In the construction sector, government initiatives would play a pivotal role in taking the regional market forward. Major market players of the automotive sector are planning well to expand their business into the region, which can also boost the growth of the regional market.
North America had the second-largest market in 2017 and the credit goes to the presence of manufacturers of the paint and coating industries. Both these industries, construction, and automobile, are going to have a significant impact on the growth of the market. Several companies are also creating scope for the market to have growth in the coming years. Europe is growing prominently as the robust automotive sector in the UK, Italy, France, and Germany can trigger high growth for the market in the coming years. The European regulations regarding eco-friendly applications of the industry can also inspire innovations and influence the treading of tracks for the market.
Latin America and the Middle East & Africa can witness moderate growth as the industrial growth is limited in these two regions owing to the presence of several poor economies.
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