Coating additives market to grow by USD 3,331.68 million from 2022 to 2027; Increased demand for paints and coatings with functional benefits boost the market

May 02, 2024

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15 Aug, 2023, 21:30 ET

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NEW YORK, Aug. 15, 2023 /PRNewswire/ -- The global coating additives market size is estimated to grow by USD 3,331.68 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 5.86% during the forecast period. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 42%. The growth of industries such as construction, automotive, aerospace, and defense. Major contributors to the regional coating additives market growth include China, India, Japan, and Australia are factors driving the growth in the region. Furthermore, numerous automotive manufacturing companies, including General Motors and Ford, are relocating their manufacturing bases to APAC. This is due to the availability of low-cost labor. Countries such as Indonesia, Malaysia, and Thailand are offering tax subsidies to automotive companies. Hence, such factors boost the coating additives market in the APAC region during the forecast period. For more insights on the historic period market data (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report

What's New?

Coating Additives Market - Segmentation AssessmentSegment OverviewTechnavio has segmented the market based on Application (Architecture, Industrial, Automotive, Wood and furniture, and Others), Formulation (Water-borne, Solvent-borne, Powder-based), and Geography (APAC, North America, Europe, South America, and Middle East and Africa).

Insights on the market contribution of various segments, including country and region wise historic data market data (2017 to 2021), and forecast market size (2023 to 2027) - Download a Sample Report

Coating Additives Market – Market DynamicsKey factor driving market growthIncreased demand for paints and coatings with functional benefits drives the coating additives market. The paints and coatings industry experiences an increase in the need for paints and coatings that provide practical advantages to end users. There is a significant demand for paints and coatings, which offer weather resistance to buildings and protection against corrosion, dampness, fungi, and other harmful influences.

Furthermore, manufacturers are also developing paints and coatings that reflect heat rays, thereby keeping buildings cool. Hence, such factors are anticipated to fuel the growth of the global coating additives market throughout the forecast period.

Leading trends influencing the market

Increasing focus on bio-based and eco-friendly products is an emerging coating additives market trend. There is a consumer shift towards environmentally friendly and sustainable products in the global market. Furthermore, the demand for bio-based, recyclable, and renewable coating materials is increasing in the United States and Europe, driving the global market for bio-based coating additives.

Additionally, other raw material suppliers and vendors also actively adopt sustainable processes with minimal environmental impact, as they focus on the development of eco-friendly products to gain a competitive edge, as seen with companies like Akzo Nobel and BASF. Hence, such trends boost the growth of the global coating additives market throughout the forecast period.

Major challenges hindering the market growth

Volatile raw material prices of coating additives challenge the coating additives market. Coating additives are substances added to coatings to enhance their performance, durability, and functionality, and are typically derived from various raw materials.

The raw materials include resins, pigments, solvents, and other chemicals. Furthermore, when the prices of these raw materials experience significant fluctuations, it creates uncertainty and increases the price of coating additives. Hence, such challenges impede the growth of the global coating additives market throughout the forecast period.

Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report!

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Coating Additives Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 5.86%

Market growth 2023-2027

USD 3,331.68 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

5.31

Regional analysis

APAC, North America, Europe, South America, and Middle East and Africa

Performing market contribution

APAC at 42%

Key countries

US, China, India, Germany, and Italy

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Akzo Nobel NV, Altana AG, Arkema Group, Ashland Inc., BASF SE, Berkshire Hathaway Inc., Cabot Corp., Clariant International Ltd., Daikin Industries Ltd., Double Bond Chemical Ind. Co. Ltd., Dow Chemical Co., Eastman Chemical Co., Elementis Plc, Huntsman International LLC, Lanxess AG, Momentive Performance Materials Inc., Munzing Chemie GmbH, RAG Stiftung, Solvay SA, and The Sherwin Williams Co.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Application

7 Market Segmentation by Formulation

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About UsTechnavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

ContactTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]Website: www.technavio.com

SOURCE Technavio