The global formulation additives market is growing at a decent pace, due to the increasing use of these additives in the number of industries. The major objectives of these additives are to enhance the properties and processing characteristics of materials in which they have been used. Also, the demand for these additives in paints and coatings industry is significantly increasing, further boosting the market growth.

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The main factors driving the formulation additives market growth are the increasing population in the emerging countries, rapid industrialization, increasing demand from end-user industries. The population of emerging countries is increasing at a fast rate, and to meet the housing need of the increasing population, the builders are investing heavily in construction projects. Hence, the growing construction is driving the demand for these additives in the building and construction industry.

Asia-Pacific is the largest consumer of these additives and also expected to register the fastest growth in the formulation additives market during the forecast period. This can be attributed to the growing construction and transportation activities in the region, to meet the demand of the ever-increasing population.

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Key players in the formulation additives industry are investing in strategic locations such as Asia-Pacific to set up the manufacturing units, which can be attributed to the easy availability of cheap raw materials. BASF SE, Eastman Chemical Company, DowDupont Inc., Cabot Corporation, Allnex Technologies, Arkema Group, Evonik Industries, Momentive Performance Materials, Huntsman Corporation, and AkzoNobel N.V. are some of the key players offering formulation additives products.

Source: VynZ Research