Paints are thin coatings applied to substrate surfaces in the form of liquid. Paints are helpful to protect surface from moisture, sunlight, dust, abrasion, etc. Additives help to improve appearance & durability of coating, flow of paints & inks, and sustainability of formulations. Paint additives are used in small quantity and provide specific paint properties such as mildew resistance, defoaming, and good flow and leveling. Paint additives are used in various industries such as automotive, architecture, and wood & furniture industries for coating purpose.
Increasing demand for multifunctional additives, owing to its cost-effectiveness, ability to simplify formulation process, and ability to help aqueous solutions to maintain their performance. This is a key factor driving growth of the global paint additives market. In addition, increasing economic development in emerging countries led towards rising architectural construction and industrial activities. These are other factors expected to fuel growth of the global paint additives market over the forecast period.
However, volatility in raw material prices is a key factor restraining growth of the global paint additives market. Also, presence of local players may create stringent competition for global market players in emerging countries.
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Increasing R&D activities and investment to reduce manufacturing and operation cost of paint additives is current trend driving growth of the global paint additives market. In addition, rising adoption of zero-VOC (Volatile Organic Compounds) or low-VOC products and water-based paint systems are expected to boost the global paint additives market in the near future. Increasing demand for solvent-based paint additives, owing to rising environmental regulations-which in turn expected to create numerous opportunity to drive adoption of water-based paint additives.
The global paint additives market report has been segmented on the basis of function, formulation, application, and region. On the basis of region, the global paint additives market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The market in Europe accounted for largest revenue share in the global paint additives market followed by Asia Pacific, North America, Latin America and Middle East & Africa respectively. The market in Asia Pacific is projected to have fastest growth in terms of revenue, owing to increase in number of architectural construction activities in countries such as India and China in this region.
Key players in the global paint additives market include Akzo Nobel N.V., Arkema Inc., Ashland LLC, BASF SE, Dow Chemical Company Limited, Air Products and Chemicals, Inc., BYK USA, Inc., Eastman Chemical Company, Cytec Solvay Group, and Dow Corning Corporation.
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