The coatings industry has been significantly impacted by stringent emission norms in the recent past, compelling manufacturers to shift from conventional coatings to sustainable bio-based coatings. Coating manufacturers have strict VOC emission permits driven by stringent regulations proffered by local and state authorities. In response to these emission regulations, technological advancements are focused on the development of natural additives. This will propel the growth of the global coating additives market – anticipated to surpass US$ 9 bn mark by 2029, states insightful report.
Report states that preference for water-based coatings over solvent-based coatings by consumers, makes water based coatings a leading formulation, accounting for around 60 per cent of the global market share
Acrylic-based and urethane-based coatings are showing promise, accounting for around half of the global demand for coating additives
According to the report, fluoropolymer coating additives are anticipated to witness an exponential growth of around 6 per cent throughout the forecast period on the back of an increasing requirement for high temperature resistant and corrosion resistant additives
Wetting agent and foam control segments are high growth segments among all primary functions of coating additives, and are likely to create a collective incremental opportunity of around US$ 1.5 bn by 2029
Demand for architectural coatings would increase by as much as 1.5X over the next decade owing to the rapid infrastructural growth in emerging nations.
Coating additives market in the North America and Europe regions is highly affected by regulatory policies resulting in a moderate growth of around 4 per cent in these regions till 2029.
East Asia, on the back of China, is expected to maintain its front running position throughout the forecast period, accounting for over 30 per cent of the global share in the coating additives market
Top 5 players in the coating additives market hold around 45-50 per cent share of the global coating additives market
To gain prominence in the competitive market, a manufacturer such as element is plc and AkzoNobel specialty chemicals (Nouryon) have included natural coating additives in their product portfolios.
“Coating additives manufacturers are focusing on expanding their product portfolios by adding sustainable and multifunctional additives, which are anticipated to witness high demand in the foreseeable future,” says analyst.
Prominent stakeholders are taming manufacturing complexity through R&D centered on bio-friendly additives.
