Global Paints & Coatings Additives Market - Segmented by Type, by Application, and Geography - Growth, Trends and Forecasts (2018 - 2023)
Asia-Pacific is expected to remain the largest market in the near future, owing to increasing investment and upcoming infrastructure projects in key countries such as China and India through the forecast period (2018 - 2023).
Growing Demand From Construction Industry in Asia-Pacific
The construction industry in Asia-Pacific is expanding at a very rapid rate primarily in major economies such as China, India, and ASEAN countries. This is majorly due to the increasing urbanization, industrialization, rising population, along with increase in middle-class disposable incomes. Additionally, the entry of major construction players from the European Union into the lucrative markets of countries, such as China, in the recent years, has further fueled the industry expansion. Moreover, growing business potentials in countries such as Indonesia, China, Malaysia, Singapore and South Korea, have made these countries hosts to numerous national and international events. As a result, the demand for hotels, shopping malls, high-rise buildings, arenas and stadiums (both outdoor and indoor), and infrastructure sector including roads, bridges, and dams, has increased, in turn propelling the construction industry in these countries. Consequently, increasing the demand for paints & coatings and their additives in the region.
Rheology Modifiers Dominates the Market
The inclusion of rheology modifiers in paints helps adjust the flowing pattern of paints while improving the paint’s viscosity and application characteristics. For instance, they aid in reducing the dripping and spattering of paint during roller or brush application. In addition, these modifiers also prevent sedimentation of pigments within a formulation during the transportation or storage of paint. All such factors have made rheology modifiers an important additive for the paint and coatings industry. The growing consumption of paints & coatings will augment the market for rheology modifier in the near future.
Saudi Arabia to Witness the Fastest Growth
Saudi Arabia, an oil-rich country, has an emerging economy that slowed down in 2017 over 2016, due to low crude oil prices and the country’s regulatory policy. On a country-by-country basis, Saudi Arabia is by far the largest national market, accounting for nearly half of the total demand for paints and coatings in Middle East. The country has generated large-scale projects worth USD 800 billion to boost its infrastructure in the coming years. The government has expansive plans for the development of social infrastructure, transportation, and energy & utility construction in the country. The country’s primary growth in construction has been largely powered by the massive investments done by the government and increased inflow of FDI. Few major construction projects are as follows: Junail II, Makkah Grand Mosque Redevelopment, and Jeddah and Riyadh Metro.
The other major end-user industry is automotive. Saudi is focusing on establishing itself as the new automotive hub in the Middle East. Though the country is a large importer of vehicles and auto parts, it is now trying to attract original equipment manufacturers (OEMs) to open their production plants in the country to develop the domestic auto industry. Furthermore, the country is experiencing a steady growth in new car sales, with the market expecting to reach one million units by 2020, growing at a rate of 6.7% per annum. According to the General Authority for Statistics, the automotive industry is expected to witness a growth rate of around 4%-5% annually over the next decade. Therefore, it is expected to augment the paints & coatings market in the country.
The development of automotive sector has been set as one of the five priorities in the National Industrial Clusters Development Program. All the aforementioned developments are expected to drive the country’s demand for paints & coatings additives market during the forecast period.
Major Key Players: Akzo Nobel N.V., Arkema, and BASF SE.
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