Paint Additives Market Outlook, Current and Future Industry Landscape Analysis
The global market for paint additives is highly fragmented, with presence of several regional and international players. A number of domestic vendors have been observed to enter the market, influenced by rapid growth in urbanisation and industrialization in emerging economies. These vendors are competing on the basis of innovation, product quality, price, operation cost, and economies of scale for strengthening their position in the market. A latest research by Future Market Insights (FMI) projects the global market for paint additives to exhibit a moderate 4.8% CAGR during the forecast period 2017 to 2022. Revenues from the global paint additives market will reach nearly US$ 9,000 Mn by 2022-end.
Vendors of Paint Additives are Focusing on Product Differentiation & Innovation to Maintain their Market Presence
Huge investments are being made by vendors of insulating paint additives in research & development activities, with an aim of reducing the cost associated with manufacturing and operation. Vendors are also concentrating on product extensions and new technologies, to develop highly efficient products with enhanced properties. Innovation and product differentiation are primarily adopted strategies by vendors in the market to maintain their presence in the market. These factors might influence expansion of paint additives market across the globe. In addition, rapid economic expansion in developing countries has led toward a rise in industrial activities and architectural construction. This has further fuelled adoption of paints, thereby creating huge demand for paint additives.
Although environmental regulations have kept expansion of the paint industry in check, manufacturers of paints are endlessly stressing on reformulating their products, which in turn is driving demand for novel additives. Surging demand for multifunctional additives is another major factor favouring growth of the global paint additives market. Utilised in paint formulations, multifunctional additives offer performance level similar to that of individual additives. Multifunctional additives reduce the cost, and simplify the formulating process, and help aqueous solutions to perform well and remain compliant with safety standards.
Architectural Sector to Remain Dominant End-users of Paint Additives
Architectural sector is the major end-user of paint additives and will continue to dominate the market, in terms of revenues. Rising construction of residential and commercial buildings, especially in emerging regions, will drive demand for paint additives, as they improve corrosion resistance, abrasion resistance, thermal stability, and water resistance. Growing urbanization, improving living standards of population worldwide, and growth in construction activities are factors fuelling adoption of paint additive in the architectural end-use industry.
Sales of paint additives will witness the fastest expansion in anti-foaming, and biocides impact modification applications. In addition, sales of paint additives for application in wetting & dispersion, and rheology modification are expected to register a parallel expansion through 2022. Wetting & dispersion is expected to remain the least lucrative application of paint additives over the forecast period.
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