The growth of the market is driven by the increase in demand from emerging markets for conformal coatings and high demand in the automotive & transport and electronics industries.
New York, Aug. 10, 2020 (GLOBE NEWSWIRE) -- The Global Coating Additives Market is forecast to reach USD 12.74 Billion by 2027, according to a new report by Reports and Data. This can be mainly associated with the increase in demand owing to its properties such as durability, scratch resistance, and glossy look, which are influencing the market growth. Growing popularity among end-users, especially automotive, shipbuilding, and pipeline industries, will also encourage the growth of the market.
The implementation of stringent regulations across several countries, regarding green and solvent-free coating technologies, will lead to a reduced amount of VOC emissions. This will boost the demand for coating additive worldwide. Ongoing research and development efforts and analysis of trends are enabling the research team to improve paint performance and create innovations that stand out in the marketplace. From better hiding, enhanced durability, and stain resistance to low- to no-VOC coatings with reduced environmental impact, binders and additives are increasing performance to meet and exceed end-user demands for coatings.
Factors such as the increase in the price of raw material and their volatility is anticipated to hinder the growth of the market. Furthermore, the raw material industry of the coating additive market is on the verge of consolidation that improves the bargaining power of suppliers and impacts the market growth negatively.
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COVID-19 Impact Analysis:
The growing pandemic situation has led to the weakening demand for paints and coatings in construction, automotive, electronics, and white goods. The market can bounce back, but it completely depends on the duration of the lockdown that has been imposed, and also the impact of the COVID-19 virus on the economy. Although the overall demand of the market is falling, the demand for antimicrobial coating is witnessing a surge in demand in food and healthcare industries.
Further key findings from the report suggest
- The water-borne coating is majorly fueled by the growing demand for construction and the emergence of new buildings in both developed and developing countries. Electronics, automotive, and paper printing industry also play a part in boosting the market growth. They are finding a niche as it is quickly becoming an alternative for solvent-based coatings. It is supposed to be safer than solvent-based, which is harmful to the respiratory system.
- The architectural coatings segment is on the rise, due to increasing applications, technological advancements, and the growing demand for coatings that makes substance, to which it is applied to make it more durable, boost its weathering performance with dynamic mechanical properties, such as improved corrosion resistance and improved flexibility.
- Metal additive coatings separate a structural metal from the environmental corrosion. These types of coatings are used for the protection of steel, aluminum, zinc, and up to a certain extent, cadmium.
- The Asia Pacific region accounted for 6.1% of the global coating additive market. Courtesy of increased applications of architectural coatings, rising constructional, and renovation activities in China, increased demand from the furniture market in India are boosting the growth of the market in the region.
- Key participants include AkzoNobel N.V., BASF SE, Ashland Inc., Arkema SA, BYK-Chemie GmbH, Evonik Industries AG, Eastman Chemical Company, Lonza Group Ltd., Momentive Performance Materials Inc., and Cabot Corp., among others.
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For the purpose of this report, Reports and Data has segmented the Global Coating Additives Market on the basis of type, application, distribution channel, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
- Acrylic Coating Additives
- Urethane Coating Additives
- Metallic Coating Additives
- Fluoropolymer Coating Additives
Application Outlook (Revenue, USD Billion; 2017-2027)
- Architectural Application
- Wood & Furniture
- Industrial Application
Function Outlook (Revenue, USD Billion; 2017-2027)
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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