The global formulation additives market size was worth around USD 30.26 billion in 2023 and is predicted to grow to around USD 55.40 billion by 2032 with a compound annual growth rate (CAGR) of roughly 6.95% between 2024 and 2032.
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Formulation additives are employed in minimal amounts to alter or enhance the characteristics of a wide range of formulations, including coatings, adhesives, and more. The incorporation of formulation additives not only improves the performance of the materials but also enhances their processing characteristics and properties. These additives enhance the wetting of substrates, pigment dispersion, slip resistance, anti-settling, levelling, and plasticizing properties. These additives are incorporated into design coatings that serve to safeguard building segments and structures. Additionally, they find application in compositional coatings, automotive coatings, and architectural coatings. Formulation additives consist of defoamers, rheology modifiers, and scattering operators, among others.
In the coming years, the formulation additives market is anticipated to be primarily driven by the expansion of these additives’ applications in a variety of end-user sectors, including packaging, printing, automotive, construction, electronics, furniture, and paints and coatings. It is expected that rapid industrialization and the expansion of construction projects worldwide will contribute to the continued rise in demand for these additives, particularly in emerging economies like China and India. Due to their advantageous properties, including optimal depth, superior substantive properties, and enhanced light fastness, these additives hold considerable importance in a wide range of coating applications.
Consequently, this is anticipated to stimulate the expansion of this market throughout the projected period. In addition, the global production and high sales of automobiles, which necessitate the use of formulation additives in vehicle coatings, are expected to have a positive impact on the future expansion of this market. Nonetheless, the volatility of raw material costs could impede the expansion of this market throughout the projected period.
The study examines the factors that drive and restrain the formulation additives market, as well as the effect those factors will have on demand during the period of forecast. Furthermore, the report encompasses an analysis of the potential prospects that exist within the global market for formulation additives.
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The Global Formulation Additives Market is segmented based on product, application and region
Global Formulation Additives Market: Product Segment Analysis
● Defoamers
● Dispersing Agents
● Rheology Modifiers
Global Formulation Additives Market: Application Segment Analysis
● Construction
● Furniture and Flooring
● Food and Beverage
● Industrial and Oil and Gas
● Transportation
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The global Formulation Additives market profiles key players such as:
● Huntsman
● Munzing Corporation
● Honeywell International
● Momentive Performance Materials
● Allnex Group
● Arkema
● Cabot Corp.
● BYK Additives
● Dow
● Altana
● Eastman
● Evonik Industries
● Lanxess
● Michelman
● Cytec
● BASF
Analysis of the Formulation Additives Market by Region
The global market for formulation additives is segmented into the following regions: Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. In 2023, the Asia Pacific region held a dominant position in this worldwide market, and this trend is expected to continue in the years to come. The regional hegemony can be ascribed to the transportation and construction sectors’ expansion, as well as the increasing demand for formulation additives among diverse end-user industries, particularly in the developing nations of China and India. Due to the high demand for formulation additives in the region’s electronics, automotive, and construction sectors, the North American formulation additives market is anticipated to record the highest CAGR during the period of forecast.
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