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Double-digit growth is expected to be seen in the coating additives market in China in the coming years, according to a new report from market research and consulting firm TechSci Research.
The coating additives market is directly related to China's coatings industry, which is projected to expand at a compound annual growth rate (CAGR) of over 10% in 2014-19. Significant demand for coatings is expected to come from the architecture and automotive industries over the next five years.
Coating additives are specialty additives that are primarily used during the manufacturing of coatings in order to improve their quality and performance. Common types of coating additives include rheology modifiers, wetting and dispersing additives, defoamers, flow and leveling additives, biocides, slid and rub additives and UV stabilizers.
A CAGR of around 12% is projected for China's coating additives market during 2014-19. TechSci Research said that this growth will be driven by increasing use of high quality coatings in major end-user industries such as architecture, automotive, marine and shipping and wood and plastic coatings.
In particular, innovative products such as silicone based additives, multifunctional additives and green coating additives are expected to see robust demand, giving a boost to the country's coating additives market over the next few years, commented research director Karan Chechi.
With demand on the rise, major global manufacturers such as AkzoNobel, BASF, PPG Industries, VALSPAR and Axalta are increasing their production capacities in China.