International. Multifunctional additives and rheology control agent additives are experiencing the highest growth in the market.
A recent report by Fortune Business Insights notes that the global paint and coating additive market size in 2019 was $8299.7 million and is projected to reach $12659.4 million by 2027, with a compound annual growth rate (CAGR) of 5.9% over the period from 2020 to 2027.
"In the current world scenario, the use of multifunctional additives is a growing trend, accounting for the beneficial properties of a single additive," the report states.
The publication presents as an example the flow and wetting additive Troysol ZLAC, presented by the troy Corporation. It subsidizes volatile organic compound (VOC) emissions from the substrate during and after the application of paints and coatings.
"In addition, the increasing use of paints and coatings in automotive, architectural, timber, industrial, aerospace and marine applications is another market trend driving growth."
Growth Drivers
Experts hypothesize that the increasing adoption of multifunctional additives is due to the greater simplicity of using one rather than several. This is especially useful in high-efficiency industries recovering from pandemic-era delays, such as the U.S. homebuilding industry.
Architectural applications occupied the largest share in the global paint additives market in 2019.
Work at many construction sites around the world had to be temporarily suspended during the height of the COVID-19 pandemic. Still, analysts expect architecture and construction to be crucial drivers in market growth in 2022 and through the end of the decade.
At the same time, environmental regulations from different countries influence what can and cannot be in the paints used in new construction projects. The 2018 ban on solvent-based paints in China's major cities is a case in point.
On the other hand, a trend in the paint additive market is the move away from solvent-based paints and coatings. This trend is a significant positive force for the paint additives market.
To this is added the impact of the specific method of painting or coating, as well as the application tools used and whether the painters use dry or wet processes.
Finally, while the COVID-19 pandemic significantly affected activity in the paint additive market and virtually every other industry on the planet, millions of people around the world began buying DIY paints, coatings, additives, and other home improvement supplies.
Likewise, from the boom in the real estate market that appeared during the COVID-19 pandemic, the growing demands for new homes are likely to increase the demand for paint additives.
In conclusion, market growth is occurring across the globe, although there are hotspots in the United States and Asia-Pacific. The COVID-19 pandemic disrupted the development of major applications, but professionals expect the market to maintain its projected expansion as industrial activity returns to normal.
