Coating Additives Market size worth $ 13.23 Billion, Globally, by 2028 at 5.4% CAGR: Verified Market Research®
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Global Coating Additives Market Overview
Growing demand from several application markets, such as automotive, construction, furniture, and other industrial applications, is expected to drive the coating additives to demand over the next six years. Growing importance for multifunctional additives is expected to further complement market growth. The increasing adaption of multifunctional additives in the automotive industry is propelling the growth of the market. In addition, the increasing demand for environmentally friendly paints and rising research and development activities are driving market growth.
Furthermore, rapid urbanization is also another factor imposing a positive outlook on market growth. The imposition of stringent regulations and volatility in the prices of raw materials is expected to hamper the growth of the market. The booming construction industry is a significant growth indicator for the market. Population rate is expanding swiftly and hence, this factor will enable the rise in the construction of residential and commercial buildings. These factors will have a profound impact on the growth of the coating additives market.
Sustainability is playing a significant role in the growth of the coating additives market. Research and development activities have a major part in the growth of the market. However, fluctuations in the raw material prices such as silicones, acrylate, and urethane due to the fluctuating prices of petrochemical are some of the majors constrain for the growth of the global market for coating additives. In addition, concerns with emission of the harmful volatile organic compounds (VOC) are another factor hampering the growth of the global coating additives market.
Key Developments
Key Players
The major players in the market are BYK-Chemie GmbH, Elementis PLC, ExxonMobil, BASF, AkzoNobel N.V., Arkema, Evonik Industries, DuPont, and Eastman Chemical Company, and among others.
Verified Market Research has segmented the Global Coating Additives Market On the basis of Type, Application, Function, and Geography.
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