Based on type, the formulation additives market is segmented into defoamers, rheology modifiers, dispersing agents, and others. Rheology modifiers type segment held the largest share in the overall market. Rheology additives are among the main ingredients of the paint, coatings, and inks, as it helps in controlling the coating application and the final appearance.

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On the basis of end-user, the formulation additives market is classified into construction, transportation, oil and gas, industrial, food and beverage, furniture and flooring, and others. The construction industry is the largest consumer of these additives, due to its wide application in the industry such as improve dispersion properties, better wetting, optimize foam control of building materials and architectural coatings, and others.

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.

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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.

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