Market Dynamics
The increasing use of these additives in various industries such as paints and coatings, construction, automotive, electronics, printing and packaging, and furniture is driving the worldwide formulation additives market. Paints and coatings are utilized in practically every major industry, and the market for these additives in paints and coatings is growing. Architectural coatings contain these chemicals to protect building structures and components. In addition, the increasing use of formulation additives in industries such as furniture flooring, food beverage, and oil gas is likely to boost the global market’s growth. Construction has expanded as a result of rapid industrialization and urbanization in Asia-growing Pacific’s economies, which is also fueling market expansion. The development of various companies, including as development, mechanical and oil and gas, furniture and ground surface, and so on, can be credited for the global development of the formulation additives market. These additives are crucial to these organizations because they improve the handling qualities and qualities of various materials while also improving execution.
Some of the reasons acting as restraints in the formulation additives market trends include increasing pressure on manufacturers to deliver cost-effective and high-performance products, as well as rising raw material prices. Furthermore, rising car production and sales around the globe are likely to drive market expansion throughout the forecast period. Product demand is also likely to be fueled by rising demand for electronic gadgets such as laptops, gaming devices, and smartphones. Consumers’ changing lifestyles and high discretionary incomes are to blame for this.
During the projection period, however, changing raw material prices are projected to stifle market expansion.
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Analytical Segmentation
Type, end-use industry, and region have all been used to segment the worldwide formulation additives market.
The market is divided into dispersion agents, defoamers, rheology agents, wetting and leveling agents, and film forming agents based on kind. Another factor likely to assist the segment’s expansion over the projected period is manufacturers’ increasing focus on providing cost-effective solutions such as dispersion agents without sacrificing product performance.
Paints and coatings, construction, automotive, electronics, printing and packaging, furniture, and other end-use industries have been separated into the market. Because of the increasing demand in major sectors, the paints and coatings industry is driving the market. During the projected period, demand for formulation additives is predicted to be driven by rapid industrialization and rising commercial and residential building around the world. Demand for automotive OEM and refinish coatings is also expected to drive market expansion.
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Regional Overview
Asia-Pacific, North America, Europe, Latin America, and the Middle East and Africa are the five regions that make up the worldwide formulation additives market.
Due to increasing demand in major end-use industries, Asia-Pacific dominated the global formulation additives market in 2017. Product demand in the construction sector is likely to be fueled by the rapid industrialization of emerging nations such as China and India. Because of the low cost of production, the Asia Pacific region offers potential for formulation additives makers to expand. In Asia Pacific, there are less restrictions governing the usage and manufacture of formulation additives, which is influencing the growth of the formulation additives market.
Owing to the significant demand for formulation additives in the automotive, electronics, and construction industries in the area, North America had the second-largest market share in 2017. The development of the building, transportation, and oil and gas industries in these regions is primarily driving this rise. Because of the increasing development in construction projects and infrastructure operations, the construction industry dominates the overall formulation additives market.
Because of the huge production and sales of automotive parts in Europe, the market is likely to increase at a large rate.
Due to the rising automotive industry in Brazil and Argentina, the Latin American industry is expected to rise significantly. With the increased building and architectural activities in rising nations such as Brazil, global demand for formulation additives in the construction sector is continuously expanding. In addition, a rise in demand for formulation additives is being driven by rising population and fast urbanization in emerging nations.
Because of the presence of infrastructural hubs in the region, the market in the Middle East and Africa is also expected to rise.
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Competitive Analysis
Some of the manufacturers operating in the global formulation additives market are BASF SE (Germany), Eastman Chemical Company (US), Evonik Industries AG (Germany), Altana (Germany), DowDuPont (US), Cabot Corporation (US), Allnex Group (Germany), Arkema (France), Momentive (US), Münzing Corporation (Germany), Lanxess (Germany), and Honeywell International Inc. (US).
Industry News
Milliken Company, a materials science company, has acquired Borchers, a stalwart in the paints coatings industry. The large portfolio of additives for coatings, inks, and adhesives as well as its large customer base will be a welcome addition for Milliken for enhancing its customer base.
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