APAC is the largest market in the world—followed by North America and Europe—and is also one of the most promising markets for solvent borne coating additives.
(PRWEB) May 27, 2014
The solvent borne coating additives market is mainly driven by the increase in demand from its end-users. These industries, which include construction, bedding & furniture, construction, and automotive paints, have witnessed strong growth in the past few years, which is driving the manufacturers to increase the production of solvent borne coating additives. It is expected that the future prospects of the industry would be dominated by additives which reduce the VOC and APEO content in the formulation. To some extent, restraints faced by the paint and coating industries hinder the growth of the solvent borne coating additives market.
The Asia-Pacific solvent borne coating additives market is expected to reach $1,592.24 million by 2018, growing at a CAGR of 4.8% from 2013 to 2018. In terms of global coating additives consumption, APAC is the largest market in the world—followed by North America and Europe—and is also one of the most promising markets for solvent borne coating additives, both in terms of production as well as consumption. The availability of cheap raw material and labor, coupled with upcoming domestic demand, enables this market to be the most attractive one for industry participants.
The European solvent borne coating additives market is expected to reach $566.73 million by 2018, growing at a CAGR of 2.5% from 2013 to 2018. Europe is the third-largest consumer of coating additives globally. In 2011, Europe accounted for 19.8% of the global solvent borne coating additives consumption. Major countries in Europe that consume solvent borne coatings are Germany, the U.K., and France.
The North American solvent borne coating additives market is expected to reach $978.01 million by 2018, growing at a CAGR of 4.8% from 2013 to 2018. North America is the second-largest consumer of solvent borne coating additives after Asia-Pacific. This market is driven by end-users in North America, which includes building and construction, automotive, infrastructure spending, and energy. Manufacturers are into developing coating additives which reduce the requirement of solvents or any VOC in the formulation. These products, in particular, have witnessed strong growth in the past few years, which is driving manufacturers to develop and launch more and improved products in the market.
The South American solvent borne coating additives market is expected to reach $296.5 million by 2018, growing at a CAGR of 5.6% from 2013 to 2018. South America contributes to a small percentage in terms of the global coating additives consumption. The economic downturn in South America has affected the region’s coating additive market leading to slow volume growth. The reduction in the output of automotive and construction industries in many South and Central American countries has resulted in decreased demand for coating additives, in both industrial and architectural applications.
The Middle East and African solvent borne coating additives market is expected to reach $164.8 million by 2018, growing at a CAGR of 8.6% from 2013 to 2018. The construction industry in Saudi Arabia is shrinking due to the ongoing economic crisis. This, in turn, is expected to reduce the demand for coating additives in the country. Added to that, the volume growth in other Middle East and African countries is experiencing a reduction in demand due to the slowdown in their economies.
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