Market Trends of Defoaming Coating Additive Industry
This section covers the major market trends shaping the Defoaming Coating Additive Market according to our research experts:
Booming Construction Sector is Driving the Market
- The major factor driving the growth of the global defoaming coating additive market is the booming buildings & construction industry.
- By restricting the formation of foam during the production and application of paint, defoaming additives ensure a smooth appearance and even finish on the surface of the buildings. It also helps in reducing the VOC emissions and other features involve excellent dispersion stability, gloss enhancement, boosted stain resistance and improved quality.
- The market value of global paints and coatings industry was worth about USD 153.9 billion in 2019 and is expected to rise to USD 200 billion by 2024.
- The global expenditure of the construction industry is assessed to be USD 11 trillion in 2019 and is projected to reach around USD 14 trillion by 2025, thereby ought to surge the demand for defoaming coating additives.
- Hence the aforementioned factors are forecasted to drive the global market of defoaming coating additives during the forecast period.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific region accounts for the largest share in the global defoaming coating additive market and it is also forecasted to be the fastest-growing region over the forecast period.
- High economic growth and rapid industrial expansion in emerging countries like India, China, Malaysia, Vietnam, etc. from the region are likely to foster the growth of the market in the region.
- The projected growth of the global construction industry is 3.6% per annum until 2022, out of which Asia-Pacific will continue to account for the largest share.
- In 2019, the market value of the paints & coatings industry of the Asia-Pacific region was about USD 76.5 billion. This is forecasted to propel to reach a total of USD 106 billion by 2024, making Asia-Pacific the largest consumer-based on value.
- The automotive production in China and India which represents the largest global automobile producers has witnessed huge slowdown in 2019 and hence, thereby reducing the demand for the market studied.
- Hence, from the above mentioned factors, the demand for defoaming coating additive is expected to grow considerably in Asia-Pacific region over the forecast period.
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