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The automotive segment, based on application, held a market share of about 7.6% in 2019 and is projected to experience considerable growth during the forecast period.
The global paints and coatings additives market size is expected to reach USD 12,659.4 million by 2027 while exhibiting a CAGR of 5.9% between 2020 and 2027. This is attributable to the surging demand for advanced paints and coatings additives owing to the increasing residential projects and the rising automotive sector across the globe. This information is published by Fortune Business Insights, in its latest report, titled, “Paints and Coatings Additives Market Size, Share and Industry Analysis, By Type (Dispersing Agent, Rheology Agent, Leveling Agent, Anti-foaming Agent, Adhesion Promoting Agent, and Others), By Application (Automotive, Architectural, Wood, Industrial, and Others), and Regional Forecast, 2020-2027.” The report further mentions that the market stood at USD USD 8,299.7 million in 2019.
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Paints and coatings additives consist of emulsifiers, pigments, curing catalysts, thickeners, and dispersants, among others. These additives are extensively adopted to enhance inherent properties such as good leveling and flow, UV protection, high-temperature stability, and chemical resistance. This makes them an ideal choice for applications across the automotive and construction sectors globally.
What does the Report Include?
The market report includes a detailed assessment of various drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive insights into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several research methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, mergers and acquisitions, and collaborations adopted by the companies to maintain market strongholds between 2020 and 2027.
DRIVING FACTORS
Increasing Focus on Development of Residential Sector to Augment Growth
The novel coronavirus has hampered painting and coating applications across the globe. However, the growing do-it-yourself projects undertaken by people to decorate their homes are driving the demand for paints and coatings additives. These additives are extensively adopted as emulsifiers, dispersants, thickeners, photo-stabilizers, and leveling agents as they provide efficient corrosion protection for infrastructures. Additionally, they improve the overall shelf life of coatings and increase substrate durability. Owing to their several benefits, the surging adoption of advanced additives is expected to boost the global paints and coatings additives market growth during the forecast period.
SEGMENTATION
Automotive Segment Held a 7.6% Market Share in 2019
The automotive segment, based on application, held a market share of about 7.6% in 2019 and is projected to experience considerable growth during the forecast period. This is ascribable to the growing demand for automobiles that propel the demand for advanced paints and coatings additives across the globe. These additives are beneficial in providing surface protection and texture enhancement in automobiles.
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REGIONAL INSIGHTS
Rising Automotive Sector in Asia-Pacific to Favor Growth
Among all the regions, Asia-Pacific is expected to remain at the forefront and hold the highest position in the global paints and coatings additives market in the forthcoming years. This is attributable to the rising automotive sector in countries such as India and China that drive the demand for advanced paints and coatings additives to prevent corrosion and protect the vehicle from extreme temperatures. The region stood at USD 3,766.8 million in 2019.
The market in Europe is expected to gain momentum owing to the increasing focus on improving the aesthetic look of the old government and residential buildings in the region between 2020 and 2027.
COMPETITIVE LANDSCAPE
Eminent Players Expanding Their Production Facilities to Leverage the Promising Opportunities
The global paints and coatings additives market is consolidated by the presence of several major companies that are focusing on expanding their production facilities to cater to the increasing demand for advanced paints and coatings additives for industrial applications such as automotive and construction.
Industry Development:
List of the Companies Operating in the Global Market for Paints and Coatings Additives:
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Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit Paints Coatings Additives Market Size Is Expected to Reach USD 12,659.4 Million by 2027|Paints Coatings Additives Industry Growth Driven by Increasing Demand