Is the Growth of Aerospace Industry Boosting the Demand for Global Coating Additives Market?
According to the latest Arizton's market research report, the global coating additives market to reach around USD 11 billion by 2026, growing at a CAGR of over 5% during the forecast period.
Global Coating Additives Market Growth Analysis
The increasing adoption of smart coatings is expected to rise because of its multifunctional benefits such as anti-fouling, anti-corrosive, anti-microbial, among others. Smart coatings provide protective and decorative coatings with self-healing characteristics thereby, positively impacting the growth of the global coating additives market. The transformation of the aerospace industry and increasing aircraft deliveries will accelerate the demand for coating additives in the coming years. Multifunctional additives are pivotal advances in the coating industry. In 2020, the coating additives market in Japan accounted for over 16%, followed by South Korea at over 11%, and other countries. The increasing production and growing demand for electric vehicles are driving the global coating additives market.
Read: Waterborne Coatings Market - Global Outlook and Forecast 2021-2026
What’s Trending in the Market?
- BASF in the global coating additives market is focusing on acquisition and innovation to boost its presence and get access to sophisticated technologies.
- Akzo Nobel N.V. is the largest global paints and coating company and a major producer of specialty chemicals.
- The number of aircraft is expected to increase from 23,480 in 2016 to 48,950 in 2036, which will create growth opportunities for the manufacturers in the global coating additives market.
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Key Offerings:
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by formulation time, function, type, end-user industries, and geography
- Competitive Landscape – 5 Key Company Profiles and 15 Other Prominent Vendors
Global Coating Additives Market – Geography Analysis
Europe has grown rapidly in terms of standard of living, per capita income, and adoption of innovation and technology which is expected to drive the demand for coating additives in the upcoming years. The surge in the investment proposal by the European Commission and several upcoming projects will increase the demand for coating additives in European countries. Europe is one of the major markets for coating additives. The major drivers for coating additives in Germany are stimulating demand for end-user industries such as automotive, construction, aviation, and chemical industry. For instance, Ikea reported a surge in demand for furniture, especially in the home office furniture, through online sales, witnessing high demand for coating additives market across Europe. In North America, with several projects in the pipeline for residential and non-residential, the demand for greenhouse, and government investments for the construction of non-residential projects is likely to boost the market for coating additives in the future.
Read: Specialty Chemicals Market - Global Outlook and Forecast 2021-2026
Strategies Adopted by Players in the Global Coating Additives Market
Product portfolio, quality of the product, geographical presence, brand image, and cost differentiation are some of the factors creating high competition among the players in the global coating additives market. Players are concentrating on developing innovative products by increasing investments on R&D. The advances in technologies are intensifying the competition among the players. Established players to dominate the coating additives market, small players, and new entrants are focusing on capitalizing their product portfolio that best suits the domestic market. Companies are concentrating on delivering environment-friendly coating with low or no VOC content. One of the leading brands AkzoNobel has partnered with BioCote to expand its world-class Interpon and, created Interpon AM, a world-class antimicrobial powder coating.
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