The global paint additives market size is expected to reach USD 10.9 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 6.0% during the forecast period. The industry is driven by growing demand from industrial and architectural segments. Paints and coatings are used in a wide range of applications in industries such as oil and gas, marine, aerospace, cookware and household, furniture, machinery, and automotive.
Currently, an increasing number of industry participants are moving toward manufacturing “green paints” — environment-friendly paints with zero volatile organic compound. This trend is primarily owing to a shift in consumer preferences, influenced by stringent regulatory policies. These aspects are expected to positively influence the market over the forecast period.
Increase in construction spending in emerging economies is expected to boost demand for various types of paints and coatings in the buildings and construction segment, consequently driving demand for paint additives. Surge in demand for paints and coatings, particularly powder-based coatings, is expected to benefit the overall product sector.
In terms of revenue, the architectural application segment held the largest share in 2016, accounting for 38.1% of the industry revenue that year. Increased use of waterborne paints and coatings in the construction sector is expected to fuel segment growth over the coming years, owing to the eco-friendly nature of these products.
Rise in demand for bio-based products and sustainable solutions, including amendments in regulations in the recent past, are major factors increasing the use of paints and coatings in various segments of the industry. Any change in government regulations and additive norms, especially regarding personal care and homecare products, is expected to significantly impact the economy of the market.
To request a sample copy, click the link below:
Further key findings from the report suggest:
- The paint additives market was estimated at USD 6.5 billion in 2016 and is projected to expand at a CAGR of 6.0% from 2017 to 2025, mainly owing to increasing demand from industrial and architectural applications
- The architectural application segment is anticipated to register the highest CAGR of 7.1% from 2017 to 2025, on account of growing construction activities in developing countries, particularly in Asia Pacific and Central and South America
- Rheology modifiers emerged as the largest product segment in terms of revenue in 2016; the segment is estimated to reach close to USD 3.0 billion by 2025
- The industry in Asia Pacific is projected to witness substantial growth over the next eight years owing to thriving construction, automotive, and marine industries. In terms of revenue, the regional market is expected to exhibit a CAGR of 6.9% from 2017 to 2025
- Key players such as AkzoNobel N.V.; Arkema S.A.; BASF SE; Evonik Industries; Ashland Global Holdings Inc.; ANGUS Chemical Company; and Buckman Laboratories International, Inc. dominate the global market for paint additives.
About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com