(Food-Beverage-News.Com, December 15, 2021 ) The report "Formulation Additives Market by Type (Defoamers, Rheology Modifiers, Dispersing Agents), End Use Industry (Construction, Transportation, Industrial and Oil & Gas, Food & Beverage, Furniture & Flooring), and Region - Global Forecast to 2023", The formulation additives market is estimated at USD 20.62 billion in 2018 and is projected to reach USD 27.86 billion by 2023, at a CAGR of 6.2% during the forecast period.
The growth of the formulation additives market is primarily driven by the increasing use of these additives in industries such as construction, transportation, furniture & flooring, food & beverage, industrial and oil & gas, and others. In addition, the growth of formulation additives industries in emerging economies of India and China in APAC region are influencing the growth of the formulation additives market. Expansions and acquisitions undertaken by key market players are further fueling market growth.
Rheology modifiers: Largest type of formulation additives market
Rheology modifiers, dispersing agents, and defoamers are the most widely used types of formulation additives. Increasing demand for rheology additives to impart functions such as enhanced pigment wetting, excellent spatter resistance, and enhanced flow behavior is driving this segment. These formulation additives are used to adjust the flow behavior and consistency in formulations as well as aid in excellent performance. They help reduce pigment sedimentation in paints & coatings applications which drives the rheology modifiers additives market.
Construction industry: Largest end-use industry segment of formulation additives market
The construction industry is the largest end-use industry segment of the formulation additives market. Formulation additives are used in the construction industry for several applications, such as architectural coatings and building materials to optimize foam control, improve dispersing properties, and ensure better wetting. Rising standards of living and customer preferences for attractive homes and commercial spaces are leading to the increasing demand for formulation additives used in the construction industry, as they help enhance the building structures and reduce the need for maintenance.
Asia Pacific: Largest market for formulation additives in 2017
Asia Pacific is the largest and fastest-growing formulation additives market, globally. Growing construction and transportation industries in the Asia Pacific, along with increasing formulation additives manufacturing activities, offer significant opportunities for the use of formulation additives in the region. The market in the region is projected to grow at the highest CAGR during the forecast period. Increasing use of formulation additives in various industries, such as construction, transportation, and furniture & flooring is driving the formulation additives market in Asia Pacific.
Major players, such as BASF (Germany), Eastman (US), Evonik (Germany), BYK Additives (Germany), Dow (US), Cabot (US), Allnex (Germany), Münzing (Germany), Arkema (France), Honeywell (US), and Momentive (US) have adopted growth strategies such as expansions and acquisitions to strengthen their foothold in the formulation additives market.
