Paint additives are chemicals added to paints for improving specific properties such as mildew resistance, good flow, and leveling. It can improve the production and storing properties of paints. The global paint additives market report by Market Research Future (MRFR) comprises trends, opportunities, drivers, and challenges with a look at value and volume for the period of 2022 to 2030.
The global paint additives market is expected to exhibit 6.4% CAGR over the forecast period. Massive demand from architectural and industries for paint additives for increasing the luster and performance of paints can drive market demand exponentially. Large infrastructural budget in developing economies for modernizing its current cities can work in favor of the market. This is evident by the massive demand for powder coatings.
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The inclination towards eco-friendly paints can create a plethora of opportunities for the market. Eco-friendly paints contain low to zero VOC content and use sustainable sources for its production. Strict regulations barring its use will lead to rise in eco-friendly paints and preference from end-users. Increasing demand for sustainable solutions in light of regulations can change the expansion strategies of paint manufacturers.
Stringent regulations pertaining to volatile organic compounds (VOCs) can impede market growth.
The global Paint Additives Market Growth is segmented into type and application. On the basis of the product type, the market is segregated into rheology modifiers, biocides, anti-foamers, wetting and dispersion agents, and others. Rheological additives are projected to hold the highest market share during the assessment period as result of growing adoption of these additives in automobile and building & construction sectors. These additives can increase or decrease the viscosity of water-based paints. Furthermore, the use of water-borne paints in the construction industry can fuel segment growth in the global paint additives market.
On the basis of the application, the market is further segregated into architectural, industrial, wood and furniture, automotive and others. The architectural segment is projected to lead in the global market during the forecast period. This can be attributed to construction of modern homes and development of new sites. Architectural coatings are used in wall paints, roof coatings, and deck finishers.
Based on the region, the market is segmented into North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa (MEA).
APAC was the biggest region for the global paint additives market in 2017 owing to expansive growth of automotive and construction industries. The steady GDP of nations in the region in conjunction with the increased purchasing power of consumers can drive the market growth. The increasing population and rapid urbanization can have a positive impact on the regional market. India, China, and Malaysia can induce massive demand for these additives. Improved standards of living and purchase of vehicles by customers can fuel market growth.
North America is pertinent to the global paint additives market owing to construction and automotive sectors. Rise in government spending in beautification of cities, especially renovation and construction of commercial and residential building in Canada, and inclusion of additives in personal care and homecare products will trigger the market demand.
The global paint additives market is bound to accrue significant revenues in Europe due to the presence of various automotive manufacturers and revival of various industries. But strict government regulations can dampen its growth. Lastly, the MEA can display a positive growth rate due to automotive and construction sectors.
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Dow Chemical, Akzo Nobel NV, Evonik Industries AG, Asahi Glass Co., Ltd., Lonza Group AG, Daikin Industries, Ltd., BASF SE, BYK-Chemie GmbH, Ashland Global Holdings, Inc., Arch Chemicals, and Arkema SA are key players of the global paint additives market.
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