LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global paint additives market is expected to grow at a CAGR of more than 6% during the forecast period.
This research report titled ‘Global Paint Additives Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
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Technavio’s chemicals and materials research analysts categorize the global paint additives market into the following segments by application. They are:
- Architectural
- Industrial
- Wood and furniture
- Automotive
- Others
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The top three revenue-generating application segments of the global paint additives market are discussed below:
Architectural
The increase in demand for residential and non-residential buildings is expected to propel the demand for paint additives owing to their use to improve corrosion resistance, water resistance, thermal stability, and abrasion resistance. The global construction growth in 2016 was mainly driven by worldwide construction, improvement in the living standards of individuals, and continued urbanization.
According to Hitesh Bhatia, a lead additives, adhesives, and sealants research analyst from Technavio, “The growing construction activities in countries such as India, China, and Japan in APAC is expected to propel the demand for paint additives. The construction industry in India is anticipated to grow almost twofold as fast as China by 2030, providing a new opportunity for global growth in emerging markets. The urban population in India is expected to grow by more than 164 million by 2030, with Delhi projected to become the second largest city in the world in terms of population with around 10.3 million people.”
Industrial
There has been an increase in the use of paint additives in the formulation for different industries such as steel, electrical and electronics, and household appliances. Paint additives are commonly used in industrial coatings for metal, plastic, and mineral substrates. They are commonly used in steel structures, chemical and petroleum plants, steel bridges, off-shore oil rigs and equipment, piping, and other equipment that require protection against corrosion.
“The increase in demand for paint additives in industrial application owing to their anti-corrosive properties is expected to foster the paint additives market. India and China are emerging as manufacturing hubs in APAC. The growing demand for industrial paints in the emerging economies is expected to foster the growth of the global paint additives market,” adds Hitesh.
Wood and furniture
Growing population across regions is resulting in a higher demand for basic household needs such as bedding, upholstered furniture, and others. This, in turn, is expected to foster the global market for paint additives during the forecast period.
The growing demand for luxury bedding and furniture is also mounting owing to the increase in production capacities of suppliers in emerging economies. These vendors are also expanding rapidly to cater to the increasing demand from the domestic markets such as China, Indonesia, Brazil, and India.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Akzo Nobel
- Arkema
- Ashland
- BASF
- The Dow Chemical
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