Environmental pressures and the growing shift toward water-based paint systems are fueling demand for paint and coating additives, providing tremendous growth potential for additives suppliers, a new report says.
As a result, the U.S.-dominated world market for paint additives is projected to exceed $6.0 billion by the year 2015, reports market researchers Global Industry Analysts Inc.
"Paint Additives: A Global Strategic Business Report" provides a comprehensive review of market trends, competitive scenario, product introductions, and recent industry activity, GIA says. The study analyzes market data and analytics in terms of value sales for regions including the United States, Japan, Europe, and Asia-Pacific.
“The paint and coatings industry has been put under significant pressure by stringent environmental regulations in the recent years,” GIA reported in a summary of its findings. “In a bid to minimize impact of their products on the environment, which is an effect of increasing pressure from society and regulations, several manufacturers of coatings and paints began reformulating their products. As a result, demand for novel additives that ensure aid in addressing the concern increased in the recent years.”
Additives have a range of functions, including enabling the paint to stick better, limiting the growth of mildew, improving the smell and antibacterial properties of the paint, and enhancing flow of the paint.
The United States dominates the world paint additives market as the single largest market, GIA says. However, “the credit crisis in 2007 and the subsequent recession in 2008 decelerated growth in value demand of paint additives in the U.S.”
It added: “Demand for paint additives is expected to revive in the upcoming years, owing to increasing demand for these products from formulators in an effort to adhere to changing legislations.”
Growth in the global market for paint additives is primarily originating from emerging markets such as Asia-Pacific, GIA said. “The rapid economic growth in most of the emerging countries in the recent years resulted in rampant architectural construction and industrial activity, which created significant demand for paints and additives that, in turn, rocketed demand for paint additives,” it reported.
Key players profiled in the report include Air Products And Chemicals, Inc., AkzoNobel Chemicals Inc., American Casein Company, Arch Chemicals Inc., Ashland Inc., BASF SE, Buckman Laboratories International Inc., BYK-Chemie USA, Inc., Cabot Corporation, Chemtura Corporation, Clariant Corporation, Cognis GmbH, Croda Oleochemicals Ltd, Cytec Industries Inc., Dover Chemical Co., Dow Chemical Co., Rohm and Haas Company, ANGUS Chemical Company, Dow Corning Corporation, Eastman Chemical Company, Elementis Specialties, Inc., Estron Chemical Inc., Evonik Industries AG, Ferro Corporation, Huntsman International LLC, International Specialty Products, and Lubrizol Corporation.
For more information, visit http://www.strategyr.com/Paint_Additives_Market_Report.asp.