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(IndustryNews247.Com, March 24, 2020 ) Market Overview
Coalescing agents are used in dispersion paints for optimizing the film formation process of the polymeric binder particles to ensure uniform and smooth surface finish. These typically reduce the formation temperature and as a consequence, maximize film coherence as well as appearance. These are generally used in the water-based paints and coatings.
The global coalescing agent market is expected to grow at a CAGR of just under 5% during the forecast period (2019-2026).
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Growth in end-user industries such as automotive, aerospace, and marine is one of the major factors that are boosting the market growth.
For instance, according to AIA in 2017, the U.S. aerospace industry had exported aircraft and engine parts, valued approximately USD 7,799 million.
Also, growing usage of coalescing agents in the industries such as adhesives and sealants, paints and coatings, and others owing to its superior & mechanical properties such as scrub resistance, corrosion resistance are propelling market growth.
Additionally, stringent government policies and regulations on prohibiting the use of conventional additives which are toxic along with increasing awareness among the manufacturers for the usage of eco-friendly agents will further fuel the coalescing market.
However, the cost of installation of non-volatile organic compounds content coalescing is relatively high, which is hampering the market growth. Also, rising raw material prices of coalescing agent is acting as a barrier to the growth of the global coalescing agents market.
Based on the application the global coalescing agent market is broadly segmented as paints & coatings, inks, adhesives and sealants, and others.
Among all these paints & coatings accounted for major market share and over the forecast period and is expected to grow at a higher CAGR.
Coalescing agents are added in the formulation of paints & coatings to substitute film formation process during drying.
Also, they impart better film properties such as scrub resistance, heat resistance, and appearance.
For instance, according to the US Census Bureau, the revenue of paint and coating manufacturing in the U.S. from 2010 to 2016 has increased by approximately 38%.
Based on the product the global coalescing agent is segmented into hydrophilic and hydrophobic agents.
The hydrophilic segment accounted for major market share and is projected to account for the larger share of the overall market during the forecast period.
Hydrophilic coalescing agents offer controlled water evaporation, medium to low volatility, and freeze-thaw stability. These are highly efficient coalescing agents having low water solubility. It also reduces the effecting early water resistance or the risk of losing material in the porous substrate.
The global coalescing agent market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
The Asia Pacific occupies the dominant share in the coalescing agents market and is expected to grow at a CAGR of XX% in the forecast period.
Growth in end-use industries such as construction and automotive, along with increasing disposable income, is majorly driving the market in this region.
Also, low manufacturing costs, large population, and rapid urbanization is boosting the market further.
For instance, according to CIC, it is expected that from 2019-2024 the Asia Pacific region's construction output will increase by 3.3%.
Significant players of the global coalescing agent market are Elementis Plc., Eastman Chemical Company, Synthomer Plc., DowDuPont, BASF SE, Croda International Plc., Evonik Industries AG, Arkema Group, Celanese Corporation, and others.
Most of these leading companies operating in the global coalescing market are implementing a few of their key strategies such as product developments, mergers & acquisition, and others to maintain their share in the competitive market.
For instance, in November 2017, Evonik Industries AG acquired the high-concentrates additive compounding business of 3M. In March 2017, Synthomer Plc. acquired Perstorp Oxo Belgium AB, an additives business serving the industrial and decorative coatings industries.
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