Coating additives are added to paints and coating to augment its quality and performance. Additives improve dispersion of solids, wetting, foam reduction, anti-catering, gloss control, anti-chipping and UV protection of the coatings. The coatings additives can be of various types such as acrylic, urethanes, fluoropolymers and metallic among others. Acrylic additives are the leading product type followed by urethanes and metallic additives. Coating additives help surfaces deal with external problems such as high temperature, abrasion, moisture, biocides and chemicals resistance. Based on the formulations, the market for coating additives is divided into waterborne, solvent borne and powder coatings systems.
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The main drivers for the growth of coating additives market are the growing building & construction and automotive industries. There is a huge demand for coating additives from building & construction industry due to increasing demand for better and superior quality surfaces. Residential and commercial buildings are the leading end-users for coating additives and are likely to gain higher market share in the near future owing to increased construction activities, particularly in Asia Pacific, Eastern Europe and Latin America. Other end-users for coating additives include wood & furniture, industrial engineering and aviation among others. However, environmental regulations associated with the harmful effects of VOCs are expected to be a major restraint for the market. Development of water-borne and bio-based coating additives is likely to offer more opportunities in the near future.
In terms of formulation used, waterborne systems had the highest consumption in the past few years and are likely to grow in the upcoming years. Waterborne formulations have lower VOCs than others types and are preferred in developed countries where there are stringent environmental regulations. However, more additives are required in case of waterborne in order to achieve higher performance. Asia Pacific was the leading region for the demand of coating additives out of which solvent borne systems had the largest share in the region. The demand in Asia Pacific is due to the increasing construction industry coupled with growing manufacturing activities. North America had the second-largest market share in global coating additives market. European countries had lower share due to the presence of stringent environmental regulations associated with paints & coatings industry, thereby resulting in declining performance in the market.
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Some of the key players present in the coating additives market are Akzo Nobel N.V., Ashland Inc., Evonik Industries AG, Momentive Specialty Chemical Inc., The Dow Chemical Company, BASF SE and Cytec Industries Inc. among others.
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