International. A recent market analysis by Persistence Market Research indicates that the coating additives market will grow in innovative ways over the next ten years.
Acrylic additives are the leading product type, followed by urethanes and metal additives. Coating additives help surfaces cope with higher temperatures, abrasion, moisture, biocides and chemical resistance.
The main driver of coating additives has been the huge infrastructure boom over the past decade in the building and construction industry, and this demand arises from the increasing need for better quality surfaces.
Residential and commercial buildings are the major end users of coating additives and are likely to gain a larger market share in the near future due to increasing construction activities in Asia and the rest of the world.
Asia Pacific was the leading region in the demand for coating additives and accounted for the largest share of the market; India and China are the main consumers, The demand is huge in these countries due to the huge construction and automotive industry.
This region is forecast to be the fastest growing market for coating additives in the coming years. North America had the second largest market share in the global coating additives market.
Automotive and wood industry
Another major driver of the coating additives market is the automotive industry. Coating additives are used to improve the surface quality of vehicles and protect them from abrasion, ultraviolet rays, other weathering effects and chemicals.
In the wood and furniture industry, coating additives are used to preserve wood surfaces from microbial growth and moisture content. It is anticipated that the increasing demand for multifunctional coating additives will be the biggest opportunity for the coating additives market.
However, several environmental regulations associated with volatile organic compound (VOC) content in formulation technologies can act as a major constraint for the market.
Based on water and dust
As for the formulation used, water-based additives exhibited the highest consumption in recent years and are likely to grow more in the coming years. Water-based formulations have a lower VOC content than other coating additive formulations and are preferred in developed countries where there are strict environmental regulations regarding the paints and coatings industry.
Water-based formulations were the most commonly used in the North American region. Growing demand from aviation and marine sector was the major driver of the coating additives market in this region.
Higher amounts of coating additives are required in the case of water-based formulations, compared to other types, to achieve higher yield. Powder-based formulations are also likely to gain a larger market share in the near future due to their better performance than solvent-based formulations.
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