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China will Become the Major Coating Additives Market by Surpassing the U.S.
Global coating additives market is growing at a stable but slow growth rate, due to the direct correlation of its end-user industries to the economic development of various countries. There is a growing need for additives which perform various functions and has potential to reduce the VOC (volatile organic compound) content in the formulation. Therefore, all major companies have created advanced application technology centers for research and development, worldwide.
The increasing attention towards the protection of human health and hazards to the environment has promoted various government regulations, which has further resulted in increased consumption of low-VOC and APEO-free coatings in different industries as well as in different regions. In order to achieve this hike, innovations are being undertaken to meet the synchronization of consumer needs as per their requirements.
The Asia-Pacific market has tremendous opportunities for coating additives and their use in different applications. This region has emerged to be the driving factor for this market, contributing to more than 40% of the global demand in 2012. U.S. is the global market leader in the consumption of coating additives, which is expected to be taken over by China by 2018, due to the increasing demand from its construction, industrial, and automotive sectors. The other emerging economies such as Brazil, the Middle East, Russia, India, etc. are further lined up for the brighter future in this market. The company such as Dow Corning, headquartered at U.S., aims to increase its presence in the Middle-East market, particularly in Saudi Arabia, U.A.E, and Kuwait, etc., by extending its distribution agreement with a U.S.-based distribution company in the region.
Through their organic growth strategies of expansion and new product developments, the companies are opting to expand their coating additives business, worldwide. The major companies operating in this market, such as BYK-Chemie, BASF and Evonik located in Germany; U.S.-based Dow Chemical, Ashland; Akzo Nobel (The Netherlands) and Arkema (France), are engaged in bringing innovations in their products as well as enhancing their penetration in the global coating additives market.
Coating Additives Market by Function (Rheology Modifiers, Dispersing, Wetting Agent, Impact Modifier, Anti-Foaming), Application (Automotive, Architecture, Industrial), Formulation (Water, Solvent, Powder Based), & Types – Global Trends & Forecast to 2018
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