Increasing coating additives demand from major end-use industries such as construction, automotive and furniture are expected to drive the global market growth over the forecast period. Growing multifunctional additives demand is expected to have a positive impact on the global market over the forecast period. Shift in trend towards using aqueous additives as an alternative to solvent based additives is expected to further complement the global market growth. The global market is characterized by stringent environmental regulations regarding presence of hazardous substances and volatile organic compounds. Companies are actively involved in developing superior, bio-based coating additives in order to comply with the regulations. Volatile urethane, acrylate and silicone prices on account of supply-demand bottlenecks and faltering petrochemical prices are expected to affect the market participants in terms of product pricing. This in turn is expected to hinder the coating additives market growth.
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North America is a major regional coating additives market. Increasing government spending to improve public infrastructure and steadily increasing automotive production in the region are expected to drive coating additives demand over the forecast period. Asia Pacific is expected to witness significant growth owing to increasing construction spending in the region and growing automotive industry. Increasing automotive consumption in China and India on account of rising income levels coupled with growing automotive production in Japan and South Korea are expected to augment the market growth.
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The global market is characterized by high degree of competition. Major companies are involved in frequent M&A with smaller manufacturers in order to reduce competition and attain market share. Some of the major companies operating in the global coating additives market include BASF, Dow Chemical Company, Evonik Industries, Lubrizol Corp., AkzoNobel, Eastman, Valspar and King Industries Inc.
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