Coating Additives Global Market Report 2024

The term 'coating additives' refers to a specialized category of chemically engineered materials designed to enhance performance by modifying the rheology and anti-foaming, wetting, and dispersing properties of coating formulations. These additives play a crucial role in addressing coating defects such as foam bubbles, poor leveling, and flocculation, while also imparting specific properties to formulations, including enhanced slip, flame retardance, UV stability, and chemical resistance.

The primary types of coating additives include acrylics, fluoropolymers, urethane, metallic additives, and others (such as epoxy, polyalkyds, and amines). Acrylic, a synthetic resin and mild alkaline polymer material (methyl isobutyl ketone), is particularly utilized for creating high-quality and durable acrylic coatings and paintings. Acrylic additives are categorized based on their intended applications. These coating additives serve various functions, including anti-foaming, wetting and dispersion, rheology modification, biocide production, impact modification, and others. They find applications in diverse sectors such as architectural, automotive, industrial, wood and furniture, among others

The coating additives market research report is one of a series of new reports that provides coating additives market statistics, including global market size, regional shares, competitors with a coating additives market share, detailed coating additives market segments, market trends and opportunities, and any further data you may need to thrive in the coating additives industry. This coating additives market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The coating additives market size has grown strongly in recent years. It will grow from $9.36 billion in 2023 to $10.22 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth observed in the historical period can be attributed to several factors, including the expansion of the construction industry, increased demand for paints and coatings, growth in industrial manufacturing, heightened focus on regulatory compliance, and a rise in environmental concerns.

The coating additives market size is expected to see strong growth in the next few years. It will grow to $14.36 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The anticipated growth in the forecast period can be attributed to various factors, including infrastructure development, the automotive industry's expansion, rapid urbanization, a rising trend in the use of biodegradable additives, and the growth of emerging markets. Noteworthy trends expected in the forecast period encompass innovation in architectural coatings, the development of customized additive solutions, technological advancements, the introduction of innovative specialty coatings, and the launch of high-performance additives.

The robust growth in the buildings and construction sector is a key driver for the coating additives market. Coating additives play a crucial role in enhancing the viscosity, surface effectiveness, and impact resistance of substrates in the construction sector. The significant increase in residential and commercial construction activities globally, coupled with the growing adoption of environmentally friendly additives for improving wall and roof installations while minimizing environmental impact, is propelling the demand for coating additives. In March 2023, the United States Census Bureau reported a seasonally adjusted yearly basis of 1,524,000 privately owned housing units approved by building permits in February, marking a 13.8% increase from the corrected January rate of 1,339,000. The strong growth in the building and construction sector is anticipated to contribute to the expansion of the coating additives market during the forecast period.

The rapid expansion of the automotive sector is expected to drive the growth of the coating additives market. Coating additives, including defoamers, wetting and leveling agents, dispersing agents, rheology agents, and UV stabilizers and absorbers, play a vital role in enhancing the appearance, durability, and performance of automotive coatings. The global sales of passenger cars saw a significant rise, with a 25.8% increase in the UK from 140,958 units in 2022 to 177,266 units in 2023, as reported by the Society of Motor Manufacturers and Traders (SMMT). Additionally, the International Organization of Motor Vehicle Manufacturers reported a global increase in the sales of passenger vehicles from 56.43 million in 2021 to 57.48 million in 2022. This surge in the automotive sector is expected to propel the demand for coating additives.

A key trend gaining popularity in the coating additives market is companies' increased investment in research and development (R&D). Companies in the coating additives market are focusing on boosting their R&D efforts and initiatives to develop technologically advanced products that meet the diverse demands of end-user industries globally. For instance, in June 2021, BASF, a multinational chemical company, invested in a new R&D center in Japan dedicated to the development and production of new products. This strategic move enables companies to leverage global R&D expertise while maintaining local flexibility to provide innovative solutions tailored to specific market needs.

Major companies in the coating additives market are strategically focused on introducing advanced and distinctive coating additives to establish a competitive advantage. These advanced additives are designed to enhance coating quality and application, with even a small addition having the potential to alter physical properties and contribute to product customization. For instance, in October 2023, Evonik Industries AG, a Germany-based specialty chemicals company, launched TEGO Rad 2330, a highly crosslinkable coating additive specifically designed to improve slip and substrate wetting in radiation-curing coatings and inks. TEGO Rad 2330, known for its great wetting, sliding properties, and minimal foaming, is suitable for various ink and varnish applications, as well as clear and pigmented wood coatings. The additive's molecules feature multiple reactive groups, promoting strong crosslinking and reducing migration, while consistently delivering low foaming, sliding, release, and effective anti-crater and surface tension reduction effects.

In July 2022, The Sherwin-Williams Company, a US-based paint and coating manufacturing company, made a strategic acquisition by acquiring Gross & Perthun GmbH for an undisclosed amount. This acquisition provides Sherwin-Williams with cutting-edge waterborne and solvent liquid coating technology, premier specification and approval positions, strong connections to local and international clients, strategically located manufacturing, and an accomplished commercial and technical team dedicated to delivering innovative and value-added solutions. Gross & Perthun GmbH, a Germany-based coating additive manufacturer, specializes in industrial coatings and special paint systems. This strategic move strengthens Sherwin-Williams' position in the market and enhances its capabilities in providing advanced coating solutions.

Major companies operating in the coating additives market include Akzo Nobel NV, Allnex Netherlands BV, ANGUS Chemical Company, Arkema SA, Ashland Global Holdings Inc., BYK Additives & Instruments, Cabot Corporation, Clariant AG, Dow Chemical Co., Eastman Chemical Company, Elementis PLC, Evonik Industries AG, Ineos Group AG, Kamin LLC, Keim additec surface GMBH, Kyoeisha chemical co. ltd., Michelman Inc., Momentive Performance Materials Inc., Rhodia SA, Shamrock Technologies, Solvay SA, BASF SE, ADEKA Corporation, Allnex, Croda International PLC, DIC Corporation, Emerald Performance Materials, King Industries Inc., Lubrizol Corporation, Michelman Inc., Munzing Chemie, AkzoNobel Specialty Chemicals, SI Group Inc., Specialty Polymers Inc., Synthomer plc

Asia-Pacific was the largest region in the coating additives market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the coating additives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the coating additives market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.

The coating additives market consists of sales of coating additive formulations such as solvent-borne coatings and water-borne coatings. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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