The global market for formulation additives is experiencing substantial growth due to increasing demand from the construction and automotive sectors. Additives are essential for enhancing the performance and characteristics of various formulations, including paints, coatings, adhesives, and sealants. Additionally, the market is influenced by the rising consumer inclination towards sustainable and eco-friendly products. This trend highlights the need for additives that contribute to environmentally conscious formulations.
According to Data Bridge Market Research, the Formulation Additives Market will witness a CAGR of 6.8% for the forecast period of 2022-2029
“Growing automotive industry surge market demand"
The growing automotive industry is crucial in driving the demand for formulation additives. These additives are extensively used in automotive coatings, lubricants, and plastics to enhance performance, durability, and aesthetic appeal. As the production and sales of automobiles continue to increase worldwide, there is a rising need for formulation additives that can meet the stringent requirements of the automotive sector, such as resistance to environmental factors, UV protection, friction reduction, and improved fuel efficiency.
What restraints the growth of the formulation additives market?
“Volatile raw material prices can impede the market growth”
The formulation additives market is susceptible to volatile raw material prices, which can significantly impact production costs and profitability. Raw materials such as petroleum-based chemicals and natural resources are essential for formulation additives. Fluctuations in the prices of these raw materials can disrupt the supply chain, leading to increased costs for manufacturers. This can result in higher product prices for end-users, potentially affecting market demand and profitability for formulation additive manufacturers.
Segmentation: Global Formulation Additives Market
The formulation additives market is segmented on the basis of type and end-use industry
- On the basis of type, the global formulation additives market is segmented into dispersing agents, rheology agents, wetting and levelling agents, and film forming agents.
- On the basis of end-use industry, the global formulation additives market is segmented into paints and coatings, construction, automotive and electronics and others.
Regional Insights: Asia-Pacific dominates the global formulation additives market
Asia-Pacific presents a favorable market scope for the formulation additives industry due to several factors. The region is experiencing rapid urbanization and population growth, driving the demand for construction and transportation activities. The need for infrastructure development and urban expansion creates a significant demand for formulation additives in applications such as paints, coatings, adhesives, and sealants. Additionally, the availability of relatively cheap labor in the region further supports the growth of the formulation additives market by attracting manufacturing and production facilities to the region.
To know more about the study, visit, https://www.databridgemarketresearch.com/fr/reports/global-formulation-additives-market
The Prominent Key Players Operating in the Global Formulation Additives Market Include:
- Altana (Germany)
- Evonik Industries AG (Germany)
- Honeywell International Inc. (U.S.)
- Momentive (U.S.)
- Lanxess (Germany)
- Solvay (Belgium)
- Akzo Nobel N.V. (Netherlands)
- Lehmann&Voss&Co. (Germany)
- Huntsman International LLC (U.S.)
- Elementis plc (U.K.)
- Michelman, Inc. (U.S.)
- AFCONA Chemicals Sdn Bhd (Malaysia)
- King Industries, Inc. (U.S.)
- Borchers (U.S.)
- ISCA UK Ltd. (U.K.)
- San Nopco Limited (Japan)
- Harmony Additive Pvt. Ltd (India)
- Dynea AS (Norway)
- DAIKIN INDUSTRIES, Ltd. (Japan)
- BYK-Chemie GmbH (Germany)
- Mitsubishi Chemical Corporation (Japan)
Above are the key players covered in the report, to know about more and exhaustive list of global formulation additives market companies contact, https://www.databridgemarketresearch.com/fr/contact
Research Methodology: Global Formulation Additives Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
