Paint Additive Market to Reach USD 15840.4 Million by 2034 Backed by Rising Demand for Fire and Harsh Climate Resistant Paints | Future Market Insights, Inc.

Expanding construction and building sector including infrastructure projects in developing countries will propel the market growth of the paint additives over the forecast period, Can Additives Enhance the Functionality of Paints and Coatings? Find Out More in FMI's New Survey!

/EIN News/ -- NEWARK, Del, July 04, 2024 (GLOBE NEWSWIRE) -- The global paint additive market is set to witness a CAGR of around 4.6% in the forecast period. The market will likely reach a value of USD 10096.6 million in 2024. It is estimated to attain a value of about USD 15840.4 million by 2034.

Demand for paint additives is projected to rise in the assessment period due to surging emphasis on environmental friendliness and sustainability across home improvement and construction sectors. Paint additives with numerous beneficial properties like low volatile organic compound (VOC) emissions, weather resistance, and high durability are gaining momentum. With the implementation of stringent norms across emerging economies, key players are set to shift toward new additives to meet sustainability goals.

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Ongoing innovations in technology are projected to lead to the development of unique paint additive formulations. Improved UV protection, fire resistance, and anti-microbial properties are set to be included in the new formulations. The launch of new additives is set to create new opportunities for usage across the manufacturing, aerospace, and automotive Refinish coating industries.

The evolving preferences of modern consumers are further compelling key players to develop novel paints to provide aesthetic appeal. Rising demand for low-cost, mold-resistant, and easy-to-clean paints is anticipated to drive the market. Additives are set to provide anti-settling, anti-blocking, and superior adhesion properties.

The rapid growth of the building and construction industry along with the increasing usage of paints in this sector will continue to propel the sales of paint additives over the next ten years. Similarly, growing applications in the automotive, equipment manufacturing, consumer electronics, and aerospace sectors are projected to bolster the growth of the paint additives market in the coming years.

The market can be attributed to:

•        Paint additives' ability to not only improve the performance and effectiveness of the paint but also it's capacity to increase the usefulness of paint is contributing to market growth.

•        Increasing use of paint additives in end sectors such as automotive, industrial, and wood & furniture is bolstering the need for the paint additives market.

•        Paint additives' capability of preventing defects and imparting specific properties in paint is maximizing the use of the same.

Key Takeaways from the Report

• The global market is estimated to reach USD 10096.6 million in 2024.
• India is projected to witness a CAGR of 6.9% in the forecast period.
• Germany is anticipated to showcase a 2.2% CAGR through 2034.
• By product type, the acrylic segment is likely to account for a share of 35.4% in 2024.
• Based on end-use, the industrial segment is set to hold a share of 32.9% in 2024.
  
  

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Opportunities for Paint Additives Market

The market for paint additives is changing rapidly. This had led to the introduction of customized and environmentally friendly paints for different end-user sectors. In addition, the vast options for deploying paint additives on different surfaces are fueling the growth of the paint additives market. the numerous benefits provided by paint additives are another factor propelling the growth of the paint additives market.

For instance, not only do water-based paints allow the wood to expand and contract without cracking but they also enhance the existing quality of wood. Moreover, the expansion of the construction industry and smart cities is further contributing to the paint additives market growth. Technological advancements are helping in the accurate disposition of paint additives, thus, further making them a more viable option.

Paint additives have become ideal substances used in almost every paint and coating to achieve desired rheological characteristics for particular applications. Paint additives also help in controlling paint shelf stability, making painting easier, and preventing sagging. The construction, industrial, and automotive industries' rising demand for rheology modifiers is expected to fuel market expansion during the next ten years.

Paint additives are used to improve the performance, effectiveness, and usefulness of paint, which address flaws, and improve functionality. These additives prevent defects in the coating, improve abrasion resistance, extend paint open time, prevent the growth of microbes, and impart specific properties to the paint, which are otherwise difficult to achieve.

Rising demand for paints and coatings due to the rapid expansion of the automotive and construction industries along with the increasing need for improving the efficiency and functionality of paints will remain a key factor in boosting the demand for paint additives throughout the forecast period. Emerging trends reveal that the global paint additives market is anticipated to hold around 5 to 6% of the share in the overall paints & coatings market.

“The booming construction industry worldwide is set to augment the need for high-performance paints to help resist harsh climatic conditions. The surging demand for paints providing long-term protection is another key factor fostering sales globally,” - Says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)

Competition Outlook

The paint additive market contains several large to small-sized companies operating across the globe. With the rising demand for highly durable paints, these companies are focusing on research and development activities to come up with novel formulations.

A few small-scale companies are collaborating with renowned players to share their expertise and co-develop novel products. These companies are striving to keep up with sustainability norms set up by government bodies worldwide.

For instance,

• In March 2024, Syensqo, headquartered in Belgium, launched a unique solution under the company’s existing Rhodoline specialty coating additives line. Rhodoline HBR has an early hot block resistance feature and can help meet strict government norms associated with fluorosurfactants.
• In December 2023, PETRONAS, based in Kuala Lumpur, introduced ProShield+, a new paint additive for steel structures. The additive can help resist harsh weather conditions and protect structures from corrosion.

Leading Paint Additive Brands

• AkzoNobel N.V.
• Arkema SA
• Asahi Glass Co. Ltd.
• Ashland Inc.
• BASF SE
• BYK-Chemie
• Dow Chemical
• Evonik Industries
• Arch Chemicals
• Lonza
• Daikin Industries
  
  

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What are the Key Trends Driving Sales of Paint Additives?

• Booming Construction Industry to Propel Demand
  

The building & construction sector is the main end-user for paint and paint additives. Various types of paints and coatings are used to beautify and protect the details on the surface. The paint additives market is accelerating as a result of the expanding usage of paint additives in commercial and residential structures to employ water resistance, corrosion resistance, abrasion resistance, and thermal resistance.

In developing countries, the rise of infrastructure activities such as highways, dams, and smart city industries also contribute to the growth of the architectural industry, which in turn fuels the demand for paint additives. According to Oxford Economics, the worldwide construction output would increase by 85% to $15.5 trillion by 2030, with China, the United States, and India leading at the forefront. Aside from that, rising living standards and increased urbanization all support the expansion of the architecture industry. This expansion of the architectural market also provides a chance for the development of the paint additives sector.

• High Demand for Low VOC Paints Worldwide
  

The global paint additives market is expanding as a result of the rising demand for low-VOC paints. Low VOCs provide for cleaner air, simple cleanup, economic effectiveness, and greater durability and longevity.

A few other important factors affecting the sector are strict regulations on VOC emissions, supportive government initiatives to encourage the use of low-VOC paint, and an acceleration in the demand for the production of architectural and decorative paint in Asia-Pacific and Europe.

The use of water-based paint additives is also anticipated to be encouraged by rising environmental and health concerns. The market for paint additives is therefore anticipated to grow throughout the anticipated period as more end-use industries embrace water-based paint systems.

Get More Valuable Insights

Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global paint additive market presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034.

The study incorporates compelling insights on the paint additive market based on product type (acrylics, fluoropolymers, urethanes, and metallic additives), formulation (solvent-based and water-based), application (rheology modification, biocides impact modification, wetting and dispersion, and anti-foaming), end-use (industrial, automotive, architectural, wood and furniture), and region.

About the Chemicals and Materials Division at Future Market Insights (FMI)

The chemicals and materials division of Future Market Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on 'green alternatives, recycling and renewable technology developments, and supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing – 'The Way Forward'.

Authored by:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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