The global matting agents market is estimated to witness a healthy growth, at an estimated CAGR of over 4%, over the forecast period. The major factors driving the growth of the market studied are increasing demand for matting agents for production of architectural coatings and superior properties than glossy finishes.
- Regulations related to solvent-based matting agents are likely to hinder the markets growth.
- Increasing application in the packaging coatings is likely to create opportunities for the market in the coming years.
- Asia-Pacific region is expected to dominate the market and is also likely to witness highest CAGR during the forecast period.
Key Market Trends
Increasing Demand from the Production of Architectural Coatings
- Architectural coating application of matting agents is expected to remain highest during the forecast period. The application of matting agents in the architectural coatings helps to increase temperature and corrosion resistance.
- Besides this, the use of matting agents in paints & coatings provides antiglare properties to the end-user products. Owing to such benefits, the demand for matte finish architectural paints & coatings has been increasing for application on interior and exterior walls in residential, commercial, institutional and industrial buildings.
- The continuous improvements in economic conditions in the region have enhanced the financial status of the consumers, in turn, boosting the demand for buildings and other infrastructural activities in the Asia-Pacific region.
- China’s 13th Five Year Plan started in 2016 as it was an important year for the country’s engineering, procurement, and construction (EPC) industry. In addition to this, the country ventured into new business models domestically and internationally, during the year. Although the construction sector slowed down after 2013, it is still a major contributor to the GDP of the country.
- Owing to all these factors, the market for matting agents is likely to grow across the world during the forecast period.
Asia-Pacific Region to Dominate the Market
- In the Asia-Pacific region, China is expected to witness the highest growth in construction activities, followed by India.
- In China, the government spending has been increasing, in order to construct affordable housing facilities, to cater to the housing demand.
- Despite the volatile growth in the real estate sector, the significant development of rail and road infrastructure by the Chinese government, to withstand the expanding industrial and service sectors, resulted in a significant growth of the Chinese construction industry in the recent years. As the construction industry is dominated by state-owned enterprises, the increased government spending is boosting the industry in the country.
- In India, the infrastructure sector has become one of the major focus areas for the government. The government aims to boost the construction of buildings in the country and has decided to come up with a single window clearance facility, in order to provide speedy approvals of the construction projects.
- Japan is keen to invest in overseas infrastructure projects, rather than in its own country, as the country is more interested in reaping the profits of using its technology in other countries, like India. Internally, Japan’s architectural and infrastructural industry has matured, thus making it a less prospective country for paints and coatings.
- Therefore, the growing residential and commercial construction activities in the region are expected to drive the market for matting agents in Asia-Pacific, over the forecast period.
The matting agents market is consolidated in nature. Some of the major players in the market include Evonik Industries AG, PPG Industries, Inc., BASF SE, Huntsman International LLC, and Axalta Coating Systems, among others.
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