The global market for paints, additives, and coatings is expected to reach 12,659.4 million USD by 2027, growing CAGR of 5.9%.
Paint is a mixture or solution of opaque colors or powders in a fluid or vehicle. Varnishes and inorganic binders are also considered paint-like coatings. Additives, such as rheology modifiers, wetting agents, and anti-foaming agents, are used as raw materials to improve the efficacy and performance of the coating film.
The market was negatively impacted by the COVID-19 pandemic in 2020. The demand for architectural coatings is the key driver of the market. The highest consumption is in China and India, and the Asia-Pacific region dominates the market globally.
The global coating additives market is based on function, end-use industry, type, formulation, and region. By process, the market is split into rheology modification, wetting & dispersion, and anti-foaming. By type, it is divided into acrylic, urethanes, fluoropolymers, and others. By formulation, it is separated into solvent-borne coatings, water-borne coatings, solventless coatings, radiation-curable coatings, and powder-based coatings.
The architectural segment, which includes additives used in coatings for commercial buildings, retail stores, warehouses, and residential buildings, is expected to dominate the market in the forecast period. Additives used in architectural coatings help improve surface properties, stabilize pigments, enhance wetting, and defoaming properties, and disperse particles. The rising demand for decorative coatings in houses for better aesthetics is expected to increase the need for paint manufacture and coating additives in architectural coatings.
The market is partially consolidated, with major players such as Dow, BASF SE, Evonik, Altana Group (BYK), and Elementis PLC.
China is expected to spend nearly USD 13 trillion in the construction industry by 2030, which will further boost the demand for architectural coatings and the market for paints and coatings additives.
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