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Formulation Additives Market Share, Application Analysis, Growth Trends, Restraints, Market Strategy
The global formulation additives market has been segmented by type, end-use industry, and region.
By type, the global formulation additives market has been segmented into dispersing agents, defoamers, rheology agents, wetting and leveling agents, and film forming agents. Dispersing agents are surface-active ingredients that prevent flocculation and ease the incorporation of pigments and fillers in the liquid. Anti-foaming agents are responsible for breaking down foam film, which, if present, may cause poor dispersion of fillers, defects in coating, creation of scum, product separation, and inhibition of permeation and wetting.
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Rheology agents are used to improve the flow properties of paints and coatings. Wetting agents ensure that the paint spreads uniformly over the surface whereas leveling agents help control surface tension and provide a flat and smooth appearance. Film forming agents, also known as coalescing agents, are often used to support the process of film formation by reducing the minimum film forming temperature of the binder polymer in use.
Based on end-use industry, the market has been segmented into paints and coatings, construction, automotive, electronics, printing and packaging, furniture, and others. The paints and coatings industry are leading the market due to the high demand in major industries. Rapid industrialization and increasing commercial and residential construction across the globe is expected to drive the demand for formulation additives during the forecast period. Furthermore, the demand for automotive OEM and refinish coatings is likely to propel market growth.
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).
The formulation additives market has been analyzed with respect to five regions, namely, Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
The market in Asia-Pacific dominated the global formulation additives market in 2017 on account of the high demand in major end-use industries such as paints and coatings, automotive, construction, and electronics in the region.
The North American market is expected to witness significant growth due to the demand in the packaging, construction, and automotive industries.
The market in Europe is expected to drive product demand due to the high production and trading of automotive parts in countries such as Germany, the UK, France, and Italy.
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