BASF (Germany) and Evonik (Germany) are the Key Players in the Formulation Additives Market
The formulation additives market is estimated at USD 20.62 billion in 2018 and is projected to reach USD 27.86 billion by 2023, at a CAGR of 6.2% during the forecast period. The formulation additives market is growing as there is a significant demand for these additives from industries such as construction, oil & gas, food & beverage, transportation, flooring, and chemical manufacturing, as it imparts properties such as antifoam, substrate wetting, and leveling, among others. The demand for high-quality products in emerging economies is another significant factor contributing to the growth of the formulation additives market
New product launch and expansions were the key growth strategies adopted by leading industry players between 2013 and 2017 to strengthen their foothold in the formulation additives market. The expansion strategy has been adopted by companies operating in this market to enhance their product portfolios.
New product launch was the most adopted strategy by companies in the Asia Pacific and European regions. Key players, such as BASF (Germany), Eastman (US), Cabot (US), Allnex (Germany), Münzing (Germany), Arkema (France), BYK Additives (Germany), Evonik (Germany), Dow (US), Honeywell (US), and Momentive (US) focus on expanding their customer base in various regions worldwide. These companies have adopted organic and inorganic growth strategies, such as expansions, mergers & acquisitions, and agreements, to enhance their market positions.
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BASF is a diversified chemical company. The company operates through major six business segments, namely, chemicals, functional & materials solutions, performance products, agricultural solutions, oil & gas, and others. The company operates in various regions, such as the Americas, Europe, APAC, Africa, and the Middle East. Its formulation additives section is capitalizing its growth by improving manufacturing efficiency and upgrading technologies. This is helping in improving the quality and performance of its manufactured products. The company offers diversified products that serve a wide range of applications. In 2017, BASF launched a new defoamer, enhancing its range of formulation additives. The new formulation additive FoamStar SI 2240 shows excellent compatibility with several binder systems and possess long-term stability and efficiency. This additive is widely used in industrial coatings, architectural coatings, and paints applications.
Evonik is one of the world’s leading specialty chemicals companies. It operates through five business segments, namely, nutrition & care, resource efficiency, performance materials, services, and others. The company, under its resource efficiency segment, manufactures formulation additives, including defoamers, wetting agents, dispersants, rheology modifiers, and other additives. The company has invested in the development of innovative products through R&D. It has signed various agreements to create new businesses with distributors, which enabled a profitable growth in the formulation additives market. For instance, in 2017, Evonik acquired the specialty additives business (Performance Materials Division) of Air Products, Inc. (US). This acquisition enabled the company to grow in the specialty additives market.
Related Reports:
Formulation Additives Market by Type (Defoamers, Rheology Modifiers, Dispersing Agents), End Use Industry (Construction, Transportation, Industrial and Oil & Gas, Food & Beverage, Furniture & Flooring), and Region - Global Forecast to 2023
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