By 2032, the worldwide paint additives market is expected to be worth US$ 14,877.8 million. During the forecast period of 2022 to 2032, overall demand is expected to increase at a moderate CAGR of 4.6%. The market for paint additives is expected to grow to a value of US$ 9,489.0 million in 2022, driven by rising demand across a variety of industrial verticals, including automotive, architecture, wood & furniture, and others. Throughout the projected period, one of the main development factors for the paint additives market will be the building and construction sector.
Paint additives help enhance the performance, efficacy, and usefulness of paint while addressing flaws, and increasing functionality. These additives remove deficiencies in the coating, boost abrasion resistance, stem the growth of microbes, and bestow distinctive properties to the paint, which are not easily attained. The escalating demand for paints and coatings is mainly because of the swift growth witnessed in the automotive and construction sectors. Further, the growing need to improve the efficiency and functionality of paints is expected to continue to play a vital role in the rising demand for paint additives throughout the upcoming decade.
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One of the primary end-user and growth drivers of the paint additives market is the building & construction sector. A wide range of paints and coatings are used to beautify and shield the details on the building surface. The paint additives market is growing at a rapid rate due to the extensive usage of paint additives in commercial and residential construction. These additives provide water resistance, corrosion resistance, abrasion resistance, and thermal resistance. The growth of infrastructure activities like highways and dams, particularly in developing countries, are further propelling the growth of the target market.
In addition to this, elevated demand for low VOC paints also augments the sales of paint additives in the global market. Low VOC paints ensure cleaner air, easier cleanup, greater durability and longevity as well as economic effectiveness. All of these aforementioned factors work in tandem to provide a positive market atmosphere for paint additives over the forecast period.
“Expanding construction and building sector including infrastructure projects in developing countries will propel the market growth of the paint additives over the forecast period,” says an FMI analyst.
Key Takeaways:
- Rising adoption of paint additives in automotive, wood & furniture, and other industries will facilitate market growth.
- Strict environmental regulations may hinder the expansion of the paint additives market.
- China accounts for over 50% of the market share.
- In 2022, the U.S. will hold about 17.4% of the global market share.
- Based on application, the rheology modification application segment will account for the largest market share.
- Water based paint additive segment is expected to dominate the market.
Competitive Landscape
AkzoNobel N.V., Arkema SA, Asahi Glass Co. Ltd., Ashland Inc., BASF SE, BYK-Chemie, Dow Chemical, Evonik Industries, Arch Chemicals, Lonza, and Daikin Industries among others are some of the major players in the paint additives market profiled in the full version of the report.
Leading market players are focusing on expanding their manufacturing capacities to cater to the growing demand. Mergers, acquisitions, collaboration, product releases, and facility expansions are some of the other strategies employed by these organizations.
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More Insights into Paint Additives Market Report
In its latest report, FMI offers an unbiased analysis of the global paint additives market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type (acrylics, fluoropolymers, urethanes, metallic additives, others (epoxy, polyalkyds, and amines), formulation (solvent based, water based), application (rheology modification, biocides impact modification, wetting & dispersion, anti-foaming, others (flexibility, curing, slip & rub)), end use (industrial, automotive, architectural, wood & furniture, others), and region.
According to the latest FMI reports, based on segmentation, the rheology modification segment is predicted to remain one of the most common applications in the paint additives market. In terms of formulation, water-based paint additives will gain traction over the forecast period.
Based on region, the paint additives market in China is anticipated to exhibit significant growth over the assessment period. The country is expected to dominate the Asia Pacific regional market, accounting for over 50% of the market share. The rapid growth of the automotive sector coupled with the expansion of the construction industry are accountable for the market growth of paint additives during 2022-2032.
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