Newark, NJ, May 24, 2022 (GLOBE NEWSWIRE) — The market research report titled, The global formulation additives market is expected to grow from USD 18,750 million in 2021 to USD 28,593 million by 2030, at a CAGR of 4.8% during the forecast period 2022-2030.
The global formulation additives market is primarily driven by the increasing use of these additives in major industries such as construction, automotive, electronics, paints & coatings, furniture & printing, and l ‘packaging. Paints and coatings are used in almost every primary industry, and the need for these additives in paints and coatings is propelling the market growth. These additives are used in architectural coatings to protect building structures and elements. Rapid urbanization and industrialization in developing Asia-Pacific economies has led to an increase in construction, which is also driving the growth of the market. Additionally, high production and sales of automotive cars globally are expected to drive the market growth over the projection period. Also, the growing demand for electronic devices such as gaming gadgets, smartphones and laptops is expected to increase the demand for the products. This is also attributed to the varied lifestyles of customers and the increase in disposable income.
To strengthen their position in the global formulation additives market, the major players are now focusing on adopting strategies such as product innovations, mergers and acquisitions, recent developments, joint ventures, collaborations and partnerships.
- Milliken & Company, a materials science company, acquired Borchers, a mainstay in the paints and coatings industry. The comprehensive portfolio of additives for inks, adhesives and coatings and its large consumer base will be an extension for Milliken to enhance its customer base.
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Market growth and trends
Formulation additives are used in lesser quantities to improve or modify the effects of different formulations. The benefit of formulation additives is that they improve workmanship and improve processing characteristics and material properties. Growing needs of construction and transportation industries have driven the growth of the market. Furthermore, factors such as the wide applicability of formulation additives in architectural coatings and building materials and the growing process of manufacturers to provide low cost solutions without compromising product performance are driving the growth of the market. Opportunities in businesses such as food and beverage, oil and gas, and furniture and flooring are also benefiting from the growth of the market. Either way, unstable commodity prices and the global covid-19 outbreak are likely to slow down market development.
- In 2021, the rheology modifiers segment dominated the market with the largest market share of 34%.
The type segment is divided into rheology modifiers, defoamers and dispersing agents. In 2021, the rheology modifiers segment dominated the market with the largest market share of 34%. Direct materials used for coatings, inks and paints are rheological elements because they control finish and formulation. Rheological modifications allow the flow actions of paints and coatings to be altered while improving consistency, increasing leakage and color distribution. In the paints and coatings business, the need is growing for rheology modifiers, which help grow the market for formulation additives over dispersants and defoamers.
- In 2021, the construction segment dominated the market with the largest market share of 25%.
The Application segment is divided into Transportation, Industrial & Oil & Gas, Food & Beverage, Furniture & Flooring, and Construction. In 2021, the construction segment dominated the market with the largest market share of 25%. The construction industry is the largest user of these additives due to wide industrial applications such as improving distribution properties and environmental conditions and maximizing foam regulation on construction products and fabrics architectural. Customers often appreciate exquisite homes as their living needs increase with increasing disposable income, increasing the need for such additives in the construction industry. It improves the strength of the construction and reduces maintenance requirements.
Regional Segment Analysis of Formulation Additives Market
- North America (United States, Canada, Mexico)
- Europe (Germany, France, UK, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, rest of APAC)
- South America (Brazil and rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, Asia-Pacific has emerged as the largest market for the global formulation additives market, with a market share of approximately 34.5% in 2021. The increasing use of formulation additives in different end-use industries including transportation, furniture & flooring, and construction are expected to drive the market growth in the APAC region.
Additionally, North America is expected to have a major market percentage in the global formulation additives market owing to the growth in the need for formulation additives in the packaging, automotive, and automotive industries. construction.
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Leading players operating in the Global Formulation Additives Market are:
- San Nopco
- Patcham FZC
- Munzing Corporation
- Momentive Performance Materials
- King Industries
- United Kingdom
- Harmony Additive
- BYK Additives
- Afcona Additives
This study forecasts revenue at global, regional and country levels from 2019 to 2030. Markets and Research has segmented the global Formulation Additives market based on the segments mentioned below:
Global Formulation Additives Market by Type:
- Rheology modifiers
- Dispersing agents
Global Formulation Additives Market By Application:
- Industrial and oil and gas
- food and drinks
- Furniture and flooring
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About the report:
The global Formulation Additives market is analyzed on the basis of value (USD Million). All segments have been analyzed on a global, regional and country basis. The study includes analysis of more than 30 countries for each part. The report offers an in-depth analysis of the drivers, opportunities, restraints and challenges to gain a critical overview of the market. The study includes Porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position analysis, distribution and marketing channel analysis.
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