Coating additives are special kind of additives or engineered chemicals, resins, or metal derivatives that are added to enhance the performance and quality of coatings by modifying their properties. Acrylic resin is a thermoplastic or thermosetting material derived from certain compounds such as acrylic acid or methacrylic acid. Its quality, better efficiency, and VOC-free formulation are some of the characteristics that have increased the demand for acrylic resin coating additives, thereby boosting the growth of the overall market.
What the Market Looks Like?
The value of the Global Acrylic Resin Coating Additives Market is projected to reach USD 1,797.0 Million by the end of 2019, growing at a CAGR of 6.3% during the forecast period from 2014 to 2019. Among regions, Asia-Pacific holds the largest share of the market, and this trend is expected to continue over the forecast period as well, owing to the economic development, high disposable incomes, growing automotive sector and other end-use industries, advancements in technology, and increased demand from China and Japan. On the other hand, the North American market was valued at USD 352.8 Million in 2014, and is projected to reach USD $476.4 Million by 2019, growing at a CAGR of 6.2% during the forecast period.
Based on application, the market was dominated by the architectural segment with a share of 33.4% in 2014, in terms of consumption, which is projected to reach 233.6 KT by 2019, growing at a CAGR of 4.3%. However, the automotive segment is expected to grow at the highest CAGR of 4.8% by 2019, in terms of consumption.
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What Drives the Market?
The growth of the global market for acrylic resin coating additives is primarily influenced by the following factors:
- Increased use of additives in end-user industries
- Economic developments
- Increased construction and architectural activities
- Growing automotive sector
Moreover, the leading players operating in this market are adopting strategies like new product launches, expansions, and mergers & acquisitions in order to sustain their position in the global market.