Coating additives market size to reach $11.91 billion by 2026

By OEM Update Editorial May 12, 2020 2:36 pm IST

The global coating additives market size is anticipated to reach $11.91 billion by 2026, growing at a CAGR of 4.8 percent during the forecast period, according to a report published by Polaris Market Research. The report provides an extensive analysis of present market dynamics and predicted future trends.

Rapidly growing demand of coating additives from numerous end-use industries is anticipated to be the major driver for the market. Coatings are complex and versatile solutions and are generally known for offering better challenges to formulators in comparison to any other product. The global coating additive market has changed substantially in the last decade and is likely to continue with the changes during the forecast period due to its highly competitive characteristics.

The essential constituents of coatings, the process of its composition, and environment-based parameters have mainly driven the innovation for this market. The regulatory framework backed up by environmental and health concerns include reduction or complete elimination of volatile organic compounds (VOC) or any other constituent that is known to be hazardous in nature. The application sectors for coating additives have witnessed moderate growth; however, demand for novel and innovative additive compositions are anticipated to increase rapidly. Pressure due to environmental impact of these coating additives is considered to be a major driving force for the advent of new types of coating additives. Also, significant focus has been levied upon the appearance effect of these additives coupled with the costs of their utilisation. Stringent regulatory framework and changing consumer behaviour concerning environment-friendly products have forced coating manufacturers to launch innovative and sustainable products.