The Global "Paint Additives Market" is expected to grow at a CAGR of 4.8% during the forecasting period (2022-2029).
Additives are the special components of paint. It is used in small quantities to impart additional characteristics and qualities to the paint. Use of additives in the right order, at the right time, and in the right proportion in a paint can help improve the appearance, durability of coating, and flow of paints. Additives break bubbles that are formed in the paint when the paint is mixed for application. The purpose of using additives is also to improve the production and storing properties. It is also reducing the drag of the paint. Additives include deformers, wetting & dispersing agents, thicker &anti setting agents, specialty additives, effluent treatment additives, Emulsifiers, etc.
The global Paint Additives Market is primarily driven by heavy investments in the infrastructure in developing nations like China, Brazil, and India due to increase in urbanization, industrialization, rising population, and the increase in disposal income of the middle-class people. Moreover, rising demands for green paints which are eco-friendly and zero volatile organic compounds.
However, the strict environmental regulations in various countries will be hampered the growth of Paint Additives.
By Function, the global Paint Additives Market is segmented into Rheology Modifiers, Dispersing, Wetting Agent, Impact Modifier, and Anti-Foaming. Rheology Modifiers has the dominant position in the Paint Additives market due to increased use in architectural, industrial, and automotive applications as they enable formulators to change the structure or flow of materials. Additionally, they also improve the viscosity and thickness of coated surfaces, in addition to, offering finish and functionality to the substrate surface. and is expected and hence due to high demand will retain its dominance in the forecasted period. It is expected that Rheology Modifiers will grow at a CAGR of ~YY% during the forecast period.
By application, the global Paint Additives Market is segmented into Architectural, Wood, Automotive, Protective & Marine, and Others. Architectural have higher dominance in the application and Automotive application of Paint Additives share is to increase with higher CAGR due to high growth of automobile industry and the rising demand for the paint additives in the inner and outer surface of automobile.
By geography, the global Paint Additives Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and Middle East and Africa (MEA).
APAC holds the largest market share for Paint Additives Market due to economic rise and rising activity in infrastructure and industrial development in developing nation like China and India has high demands for Paint Additives and has made APAC hold most of the market share. However, North America is after APAC in terms of market share of Paint Additives Market, due to large investment for the infrastructure development and also due to increase in the urban population, increasing the demand in residential construction will create large demand for paint additives.
In the Middle East and Africa (MEA) region, the middle east countries are expected to increase the market for the construction composite market as the activities for the construction is planned by the government. For instance, the government of Qatar is planning to spend over US$ 200 billion as part of a major infrastructure investment scheme between 2016 to 2022 as they are hosting the FIFA world cup 2022. The World Cup is expected to cost about US$ 30 billion, with stadiums accounting for US$10 billion. Africa’s demand for construction will also subsequently increase due to the rise in the economy which attracts more investments in infrastructure for the forecasted period 2019-2026.
Key players are adopting strategies such as Acquisition, new product launches, and investment in R&D to stand out as strong competitors in the market. The major players include Akzo Nobel N.V, BASF SE, Dow Chemicals, Evonik Industries, and Ashland. Other key players in the market include Arch Chemicals, ANGUS Chemical Company, BYK-Chemie GmbH, Lonza Group AG, Daikin Industries Ltd, and PPG Industries Inc.
In November 2018, Ashland has launched a new white gelcoat to help boat manufacturers improve the efficacy and usability of their products in demanding marine applications. Maxguard EZM marine additive white gelcoat offers easier application in complex molds and excellent weathering performance. In addition to its application properties, this gelcoat achieves the high level of ultraviolet (UV) and blister resistance required by the world’s top boat builders to deliver an alluring finish desired by consumers, according to the company.
In August 2018, LyondellBasell, one of the largest plastics, chemicals and refining companies in the world, today announced it has completed the acquisition of A. Schulman, Inc., a leading global supplier of high-performance plastic compounds, composites, and powders. New to LyondellBasell's product portfolio are several materials previously manufactured by A. Schulman that will also be included in the Advanced Polymer Solutions segment going forward:
Engineered composites – lightweight, strong materials that are used in infrastructure, aerospace, and automotive applications such as headlamps
Powders – specialty particle materials used in coatings, rotational molding, toll compounding, and other technical applications
Masterbatches – colouring and additive materials used in the production of paper, paint, and plastic goods around the world
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