“Rising government regulations coupled with technological advancement in paints & coating additives will boost the market”
The global paints & coating additives market is growing proficiently, projected to grow at a CAGR of 6.1% during the expected period from 2023 to 2030, starting from US$ 8.78 Bn in 2021.
The paint & coating additives are used as raw materials that improve both features and application of paints & coatings in numerous industries. Additionally, a slight addition of additives to paints and coatings will significantly expand their performance efficiency. Moreover, the additives which include wetting & dispersing agents, thickener & anti-setting agents, deformers, and specialty additives offer numerous properties like durability, enhanced appearance, and anti-corrosiveness. The aforementioned factors have increased the major application of additives in decoration, environmental protection, and texture enhancement, thereby expanding the market for paints & coating additives over the forecast period.
In the present global scenario, additives are mainly used as performance enhancers throughout the production process. Additionally, the growing trend of using multifunctional additives which provides multiple properties in a single additive will drive the market on a global scale. For instance, Troy Corporation introduced a wet substrate and flow additive i.e. “Troysol ZLAC”, which subsidizes the emission of volatile organic compounds (VOC) from the substrate during and after application of paint/coating. Furthermore, the significant use of paints & coating across various industries like architectural, automotive, industrial, wood, aerospace, and marine applications, will drive the demand for additives globally.
“Rapid growth in industrial activities coupled with increasing demand for decorative coating worldwide will spark market growth”
The architectural segment comprises coating additives that are used in commercial purposes like warehouses, office buildings, shopping malls, retail convenience stores, and residential buildings. In addition, few of its major application in architectural coating includes defoamers, rheological modifiers, wetting agents and dispersants. Moreover, the presence of properties like stabilizing pigment, enhancing surface properties, dispersing properties, enhancing wetting and defoaming properties, is likely to expand the market revenue globally. Furthermore, the growing demand for decorative coatings in residential units for better aesthetics is projected to expand the market in architectural coatings in the coming years.
On account of, growing demand for paints and coatings, in turn, will increase the additives market exponentially. Moreover, additional applications such as corrosion inhibition, surface protection, infrastructure, and decoration of buildings, are likely to enhance the architectural segment, thereby boosting the market growth for the architectural segment over the forecast period.
“Dominance is led by the growing construction activities coupled with rising in consumer disposable income to drive the global paint & coating additives market”
Asia-Pacific is projected to hold the highest market share in 2021 and is likely to remain the largest market over the forecast period, owing to the growing demand from automotive, construction, furniture, and industrial applications. Additionally, swift growth in the construction industry is a significant driver for the paint & coating additives market across the region. Moreover, the presence of developing countries like India, China, and Japan contributes to the market growth, owing to the rising demand for paints & coatings from numerous industries such as furniture, construction, and many more industries. Furthermore, augmented prominence on environment-friendly coatings will continue to expand the market over the forecast period 2023-2030.
Growing adoption towards new rules and regulations by major industry players for environmental concerns will dominate the market in the coming years. For instance, a new tariff/tax policy was placed on paints for every gram of VOC. Of the large global markets, India is predicted to be the fastest-growing market globally, owing to the swift growth in the paint & coating additives market. On account of continuous enhancements in economic conditions across the region, the market for paints & coating additives will boost the demand for infrastructural activities in the country. Additionally, growing developments in residential and commercial sectors are predictable to lift the paints and coatings market across India. Thus, fueling the demand for paints and coatings additives in the coming years. Moreover, an increase in a number of mergers and acquisitions, joint ventures, and collaboration between various industry players will give plenty of room for the paints & coating additives market across the region.
List of Companies Covered:
Key Industry Development:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Paints & Coating Additives market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Billion |
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Region Segment (2022-2032; US$ Billion)
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Key questions answered in this report
