Construction Industry Driving Global Paint Additives Market
The latest trend gaining momentum in the market is reportedly increased R&D activities.
The global paint additives market is expected to grow at a compound annual growth rate (CAGR) of 6.12% during the period 2017-2021, according to ”Global Paint Additives Market 2017-2021,” a recent report from Research and Markets. According to the report, one of the major drivers for this market is the rising demand from the construction industry. The growing construction industry is expected to drive the demand for paint additives owing to the use in coatings for protecting various materials under extreme conditions.
The latest trend gaining momentum in the market is reportedly increased R&D activities. Major paint additive players have increased their R&D spending to reduce manufacturing and operation cost of paint additives. According to the report, innovation and product extension to provide products with better efficiency and enhanced properties are a growing trend in this market.
The report also states that one of the major factors hindering the growth of this market is volatility in raw material prices. The oil and gas industry is a major suppliers of raw materials for the production of different types of paint additives, such as acrylic, urethane, and others. It is predicted that the increase in crude oil prices will have a severe effect on the prices of raw materials, thereby having an impact on the cost of paint additives.
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