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Coating Additives Market Expected to Reach $17.1 Billion by 2032—Allied Market Research

 
2022
Coating Additives Market

Report Code : A01392

quote Water-based coatings are gaining popularity due to their lower VOC content and reduced environmental impact compared to solvent-based coatings. Coating additives play a vital role in improving the performance of water-based coatings, making them comparable or even superior to traditional solvent-based coatings. Moreover, the automotive sector is a major consumer of coatings, including automotive paints. Coating additives are used to enhance the appearance, durability, and performance of automotive coatings. With the growth of the automotive industry globally, the demand for coating additives has also increased. quote

Yerukola Eswara Prasad - Manager
Materials and Chemicals at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Coating Additives Market," The coating additives market was valued at $10.0 billion in 2022, and is estimated to reach $17.1 billion by 2032, growing at a CAGR of 5.7% from 2023 to 2032.

A coating additive is a substance that is added to coatings, paints, or surface treatments to modify or improve their performance and properties. These additives are mixed into the formulation of the coating to achieve specific effects, enhance functionality, or address certain challenges. Coating additives can be liquid or solid, and they serve various purposes depending on their chemical composition and properties. Coating additives are added to paints to improve their quality and performance to improve dispersion of solids, wetting, foam-reduction, anti-catering, gloss control, anti-chipping, and UV protection. Coating additives also help surfaces to deal with higher temperatures, abrasion, moisture, biocides, and chemical resistance. Such coating additives properties drive the market growth globally.

The construction and automotive industries are major consumers of coatings. The growth in these sectors, particularly in emerging economies, increases the demand for coatings and, consequently, coating additives. Increasing infrastructure development, urbanization, and automotive production contribute to the growth of the coating additives market. Coatings are used for protection as well as for enhancing the appearance of surfaces. The demand for coatings with unique visual effects, textures, or special functionalities has increased in the automotive industry.

Coating additives, such as pigments, effect additives, and special additives for texture or gloss control, enable manufacturers to meet these aesthetic and functional demands. Furthermore, the benefits of using coating additives, such as improved durability, adhesion, weather resistance, or chemical resistance, are becoming more widely recognized. Industries are increasingly incorporating coating additives into their formulations to enhance the performance and longevity of their coatings, leading to market growth. These factors collectively contribute to the growth of the coating additives market, as industries seek to meet evolving performance requirements, regulatory standards, and sustainability goals in various applications.

In addition, the rise in commercial and residential construction in Asia-Pacific drives the demand for coating additives for better protection of buildings. Technological advancements in formulation and processing techniques are expected  to drive market growth during the forecast period. The increase in demand for coating additives from several end-user industries fuels the growth of the market globally. For instance, solventless coatings are used as a premium coating in many end-user industries such as automotive, architectural, and industrial.

Furthermore, emerging economies are witnessing rapid urbanization and infrastructure development, leading to an increase in demand for coatings. Coating additives that offer improved performance, durability, and protection are expected to find opportunities in these expanding markets. In addition, the need for sustainable and long-lasting coatings in infrastructure projects presents a significant opportunity for coating additives manufacturers.

 High demand for coating additives in the construction industry

The increased demand for coating additives in the construction industry is expected to drive the market growth during the forecast period. Coating additives play a crucial role in enhancing the performance, durability, and aesthetic appeal of coatings used in construction projects. Coatings applied in the construction industry need to withstand various environmental factors, including UV radiation, moisture, temperature fluctuations, chemical exposure, and abrasion. Coating additives such as UV absorbers, antioxidants, biocides, and crosslinking agents help improve protective properties and durability of coatings, ensuring long-lasting performance. 

Exterior coatings used in construction need to be weather-resistant to withstand harsh environmental conditions, such as rain, wind, and extreme temperatures. Coating additives such as anti-fading agents, anti-weathering agents, and film-forming agents help enhance the weather resistance of coatings, preventing color fading, cracking, and deterioration. Coatings applied to metal surfaces in construction projects require effective corrosion protection.

Coating additives such as corrosion inhibitors and metal adhesion promoters help prevent the formation and spread of corrosion, extending the lifespan of structures and reducing maintenance costs. Furthermore, the construction industry is subject to various environmental regulations and sustainability requirements. Coating additives that contribute to the development of low VOC coatings and environmentally friendly formulations are in high demand. These additives help reduce the environmental impact of coatings and ensure compliance with regulations.

Energy-efficient coatings are gaining popularity in the construction industry, as they contribute to reducing energy consumption and improving building performance. Coating additives that enhance the thermal insulation properties of coatings, such as infrared-reflective additives and insulating fillers, are in demand to achieve energy efficiency goals.

Moreover, rapid urbanization in many regions drives construction activities, including residential, commercial, and industrial projects. The need for high-quality coatings with superior performance and aesthetics increases the demand for coating additives. Overall, the construction industry's demand for coating additives is driven by the need for protective and durable coatings, weather resistance, corrosion protection, aesthetic appeal, compliance with environmental regulations, energy efficiency, infrastructure development, renovation and maintenance projects, and technological advancements. The application of coating additives in construction coatings helps improve the overall quality, performance, and lifespan of buildings and structures.

On the basis of function, the rheology modification segment dominated the market in 2022, and is expected to maintain its dominance during the forecast period, owing to increase in usage of rheology additives as it provides film thickness, increases viscosity of finished products, and improves elastic properties of coatings.

On the basis of type, the acrylic segment dominated the market, in terms of revenue, in 2022, owing to an increase in demand for acrylic material for coating additives.

On the basis of formulation, the water-borne coating segment dominated the market in 2022 and is expected to maintain its dominance during the forecast period, owing to an increase in usage of water-borne as water-bornequick-drying technology possess excellent durability, fewer odors, quick drying, less frequent repainting requirement, flexible finish, stable color, and low VOCs availability.

On the basis of the end-use industry, the architectural segment dominated the market in terms of revenue, in 2022, as economic development in emerging countries of Asia-Pacific and LAMEA has led to infrastructural growth, which results in a rise in demand for coating additives in the architectural segment.

On the basis of region, the Asia-Pacific region dominated the market in terms of revenue, in 2022, as economic development in emerging countries of Asia-Pacific.

Major players operating in the global coating additives market include Arkema, BASF, Ashland, Clariant, Dow Chemical Co., Eastman Chemical Co., Evonik, Lanxess, Momentive Performance Materials Inc., and. These players have adopted product launches as their key strategy to strengthen their presence in the market.

Key Findings Of The Study:

  • Based on type, the acrylic segment accounted for the largest share in 2022, contributing to more than one-fourth of the global coating additive market revenue, and is anticipated to register the highest CAGR of 6.2% during the forecast period.
  • On the basis of the formulation, the water-borne coating segment dominated the largest market share in 2022 contributing to more than one-fourth of the global coating additive market revenue.
  • On the basis of the function the rheology modification segment dominated the largest market share in 2022 contributing to more than one-fourth of the global coating additive market revenue and is anticipated to register the highest CAGR of 6.2% during the forecast period.
  • On the basis of the end-use industry, the architectural segment dominated the largest market share in 2022 contributing to more than one-third of the global coating additive market revenue, and is anticipated to register the highest CAGR during the forecast period.
  • Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than half of the global Coating additive market and is anticipated to  register the highest CAGR during the forecast period.

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quote Coating Additives Market By Type (Acrylic, Fluoropolymers, Urethanes, Metallic Additives, Others), By Function (Anti Foaming, Wetting and Dispersion, Rheology Modification, Biocides, Impact Modification, Others), By Formulation (Water Borne Coating, Solvent Borne Coating, Solventless Coating, Powder Coating, Radiation Curable Coating), By End Use Industry (Architectural, Industrial, Automotive, Wood and Furniture, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032 quote

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