The South America paints and coatings additives market size is anticipated to expand at a significant CAGR during forecast period 2021–2028. Growth of the market is attributed to increase in population, unhealthy lifestyles, increase in application of powder coatings, and growing demand for automotive industry.
The paints and coatings additives are used in a broad range of applications such as protective, architectural, wood, transportation. They are used as emulsifiers, deformers, thickeners, dispersants, leveling agents, curing catalysts, and photo-stabilizers. They also help to increase the shelf life and substrate durability of coatings and provide corrosion protection to coatings of the infrastructure and buildings.
The Covid-19 pandemic affected the demand and supply of paints and coatings additives market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Market Segment Insights
Based on applications, the South America paints and coatings additives market is segregated into protective, architectural, wood, transportation, and other applications. The architectural segment accounts for a key share of the market. Growth of the market is attributed to increasing population, rising disposable income, and increase in urbanization. However, the wood segment is anticipated to expand at a rapid pace during the forecast period due to factors such as improved standard of living, rapid expansion of construction industry, and increased demand for decorative coatings in the house.
On the basis of types, the South America paints and coatings additives market is segmented into dispersants wetting agents, biocides, stabilizers, defoamers deaerators, surface modifiers, rheology modifiers, leveling flow additives, and other types. The antimicrobial additives are also known as biocides. They are used in formulation to keep paint safe from bacteria during the storage and also to stop algae, fungi, and other micro-organisms from growing on applied paint. The stabilizers are important additives for organo-silicate paint preparation as they have a major influence on the paints flow behavior by softening the interactions between paint elements.
On the basis of geography, the South America paints and coatings additives market is categorized as Argentina, Chile, Brazil, Colombia, and Rest of South America. The market in Brazil is projected to hold a major market share due to factors such as development of advanced and environment friendly additives, high disposable income, and growing buildings and construction sector. The market in rest of South America is anticipated to expand at high CAGR during forecast period due to factors such as growing demand for environment products, increase in urbanization, and improved standard of living.
Key Players covered in the Report
Solvay, Dow, Altana, ELEMENTIS PLC, PPG Industries, Inc., Axalton Coating Systems, Jotun, and Akzo Nobel N.V.
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