Based on the region, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific was leading the paint additives market in 2019 and is expected to grow at a significant rate during the review period with construction and automobile industry. North America emerged as the second largest market in 2019 owing to the presence of major paint and coating manufacturers. Furthermore, the burgeoning automobile industry coupled with increased spending on construction activities is likely to propel the market growth.
Market Scenario and Growth Factors:
On the basis of the application, the market is segregated into architectural, industrial, wood and furniture, automotive and others. The architectural application segment accounted for the largest market share owing to increasing demand for the residential and commercial building. Architectural coatings are used in roofs, walls, and deck finishes among others. Based on the region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Some of the key players operating in the global paint additives market are:
Akzo Nobel NV,
Ashland Global Holdings, Inc.,
Asahi Glass Co., Ltd.,
Evonik Industries AG,
Lonza Group AG,
Daikin Industries, Ltd.
Europe is a prominent region in the global paint additives market with growing paint and coatings industry as a result of rising construction spending in Germany. However, the strict EU regulations in the region are expected to restrict the market growth to some extent. Latin America and the Middle East & Africa are emerging markets, which are likely to show healthy growth during the review period. The growing industrialization in this region is projected to drive the growth of the paint additives market.
On the basis of the product type, the market is segregated into rheology modifiers, biocides, anti-foamers, wetting and dispersion agents, and others. The rheology modifiers were the largest segment in 2019 and is expected to continue dominating the market during the forecast period. The segment accounted for over 25% of the total revenue of the global paint additive market. These additives are major ingredients used in paints, coatings, and inks to enhance the properties and characteristic of the fluids. Rheology modifiers also reduce spattering during application hence are extensively used in wide range of industries.
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