The global paint additives market size is expected to reach USD 10.9 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 6.0% during the forecast period. The industry is driven by growing demand from industrial and architectural segments. Paints and coatings are used in a wide range of applications in industries such as oil and gas, marine, aerospace, cookware and household, furniture, machinery, and automotive.
Currently, an increasing number of industry participants are moving toward manufacturing “green paints” - environment-friendly paints with zero volatile organic compound. This trend is primarily owing to a shift in consumer preferences, influenced by stringent regulatory policies. These aspects are expected to positively influence the market over the forecast period.
Increase in construction spending in emerging economies is expected to boost demand for various types of paints and coatings in the buildings and construction segment, consequently driving demand for paint additives. Surge in demand for paints and coatings, particularly powder-based coatings, is expected to benefit the overall product sector.
Access Research Report of Paint Additives Market@ https://www.grandviewresearch.com/industry-analysis/paint-additives-market
As of 2019, there are more than 70000 commercial construction businesses in the United States, with the spending in 2017 in this sector being USD 1.23 trillion, and with building and construction segment being one of the major contributors for paint additive products, this market is expected to show promising growth in coming years.
Many formulators are being pressurized to reduce VOCs for marine and protective coatings, with countries like China and Korea implementing regulations strongly. Also, manufacturers are striving to reduce costs in coating processes through proper rheological modification. There is a lot of focus on development of low- and zero-VOC products, which would conversely help in the growth of the paint additives market.
The U.S. Green Building Council launched the LEED v4.1 green building program in April 2019, with the emission evaluation requirement for paints, sealants, adhesives and coatings being reduced from 90% to 75%. Decisions and developments by the USGBC will have a major effect on the growth of the paint additives market for the construction industry.
Industrial paint consumption is expected to receive significant boost in India, with the manufacturing sector in the country predicted to be among the top three growth economies and manufacturing destinations globally by 2020. This will have a very positive effect on the growth of the future market.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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