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Paint additives are extensively
used in paints to overcome certain defects in the paint system, such as foam or
flocculation, or to improve wetting and rheology properties of the paint,
making the paint fire-resistant and enhancing the overall performance. Paint
additives are often used in the paint and coatings industry, which are
extensively applied on the interior and exterior walls of residential buildings
such as independent homes, row houses, and more as it enhances the features of
paints while modifying the rheology properties. There is increasing use of
paint additives in construction sector owing to its various functional
benefits, such as avoiding priming preparation, improved paint flow and
levelling, improved paint spray ability, and more. In addition, paint additives
enhance durability, corrosion resistance, low odor, and hygiene that are
required for every unique construction project. Americas paint additives market size is forecast to reach US$4.1 billion by 2027, after growing at a CAGR of 4.8% during the year 2022-2027.
Paints are increasingly used in
the infrastructure sector to protect metal, wood, and a wide range of other materials
used during construction. While paint additives are increasingly being used in
paint formulations to manipulate a variety of traits and to provide
application-specific coverage durable paints. In February 2022, the work was
undergoing on US$5.7 billion Gordie Howe International Bridge project in
Canada. In December 2021, a US$4.7 billion Santa Cruz Hydroelectric dam project
is being carried out by a consortium led by China’s state-owned Gezhouba in
Argentina. The Government of Mexico has unveiled a US$43 billion infrastructure
plan for the years 2020 to 24 that aims to achieve annual growth of more than
4%. In December 2019, the expanded growth in the Americas (América Crece)
initiative was officially launched by the US government. Growth in the Americas
is a multi-agency initiative aimed at encouraging private sector infrastructure
investment in Latin America and the Caribbean. And, since paint additives are
often used in the infrastructure sector such governments initiatives coupled
with the growing infrastructure sector, will drive the paint additives market
growth in America during the forecast period.
The COVID-19 outbreak wreaked
havoc on the automotive ad construction sector, posing significant economic
concerns. As a result of the government's severe measures to slow the spread of
the coronavirus, automotive & furniture manufacturing, and construction
output growth decreased, causing widespread fear and financial difficulties for
the paint additives industry in America. Several projects remained unfinished
as a result of a lack of funding. The construction industry also experienced
problems including supply chain disruption, a shortage of subcontractors and
materials, and contract terminations to save costs, all of which slowed the
growth of the paint additives market in America. Automotive, furniture, and
construction industry in several American countries was temporarily halted. For
instance, according to the Business and Institutional Furniture Manufacturer's
Association (BIFMA), the North American office furniture size decreased from
US$16.61 billion in 2019 to US$14.63 billion in 2020, a decrease of 11.9%. according
to the International Organization of Motor Vehicle Manufacturers, the
production of motor vehicles in the USA decreased from 10,892,884 units in 2020
to 8,821,026 in 2021, a decrease of 16%. With the temporary decrease in production
activities, the demand for paint additives had significantly fallen, which had
an immediate major impact on the Americas paint additives industry in 2020.
Furthermore, powder coatings manufacturers across America had to shut down
their production facilities and services as countries adopted partial or
absolute lockdown policies to deal with the pandemic, which hindered the
production of paint additives. However American government took the initiative
to set the construction industry back on track, owing to which the future
outlook of the Colombia paint additives market is positive. For instance, an
infrastructure investment plan of US$5.868 billion was designed to mitigate the
pandemic’s economic impact by implementing 12 projects between 2020 and 2022.
North America held the largest
share in the Americas paint additives market. The North American building &
construction, automotive, aerospace, and furniture industry has continued to
record significant strong growth over the years and emerged as one of the
industries holding the highest potential for further development and growth. For
instance, the USA office furniture market size increased from US$13.78 billion
in 2017 to US$14.74 billion in 2019. Also, according to U.S. Census Bureau,
United States' new privately-owned housing units authorized, but not started
(i.e. in Permit-Issuing) increased from 146.3 housing units in 2015 to 188.1
housing units in 2018 and then 271.6 housing units in 2021. According to the
International Organization of Motor Vehicle Manufacturers, the production of
motor vehicles in the USA increased from 8,821,026 units in 2020 to 9,167,214
units in 2021, an increase of 4%. Furthermore, the Government of North America
is heavily investing in the building and construction industry to meet the
growing housing and infrastructure demand in the country. For illustration, in
January 2022, the Government of Canada announced a federal investment of US$7.1
million to create an estimated 74 new, affordable homes in the Waterloo region,
Canada. In the budget of 2016, "INVESTING IN CANADA" was introduced.
The government invested over US$180 billion in infrastructure over the 12 years
of the plan. The plan aims to propel Canada's infrastructure gap. In November
2019, Government of Mexico unveiled an 859 billion pesos (US$44 billion)
initiative in the development of infrastructure. According to the detailed
aspects of the plan, 72 projects were carried out in 2020, another 41 projects
are to be completed between 2021 and 2024. With the increasing building &
construction, automotive, aerospace, and furniture industry in North America,
the demand for paints as an exterior and interior coating material is
substantially rising in the country, which is driving the paint additives
market growth.
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Americas Paint Additives Market Growth Drivers:
Increasing Consumption of Paints and Coatings from various Industries
The increased consumption of paints and coatings is primarily fueled
by increased activity in the building and construction sector. Increased
manufacturing has also resulted in a greater demand for paints and coatings for
the production from automotive, aerospace, marine, wood and furniture, and
other industries. After the disruption caused by the pandemic, the construction
sector has been improving since 2021. According to the Associated General
Contractors of America (AGC), private residential construction spending in the
US rose 1.3% in January 2022 compared to December 2021 and 13.4% from January
2021, while private non-residential construction spending increased 1.8% from
December 2021 to January 2022 and 7.3% from January 2021. Along with
residential new construction, remodeling in this market is strong. In October
2021, the National Association of Home Builders (NAHB), Washington D.C., Royal
Building Products Remodeling Market Index reached a vigorous score of 87. A score
above 50 indicates positive remodeling activity. According to data from
StatCan, investment in building construction increased by 1.9% to US$14.68
billion in December 2021. Gains were reported in both the residential and
non-residential sectors. Overall, in Canada investment in building construction
had a record year, jumping 19.3% to US$174.09 billion in 2021. The Government
of Argentina sought to stimulate economic activity by awarding works for
housing complexes in various parts of the country. The most recent announcement
of the program was the tender for the construction of 172 homes in the province
of Buenos Aires. This project considers a public investment of more than US$8.5
million. Thus, with an increase in construction activity, the consumption of
paints also increases resulting in higher demand for paint additives.
The automotive industry was also on a recovery track during 2021. According to the International Organization of Motor Vehicle Manufacturers (OICA), the sales of new vehicles in North America was 11.52 million units during January to July 2021 compared to 8.83 million units in 2020 during the same period, and the sale of new vehicles in Central & South America was 1.77 million units during January to July 2021 compared to 1.21 million units in 2020 during the same period. Thus, with the increase in sales of new vehicles, the consumption of automotive paints and coatings increases which further leads to a high demand for paint additives from the automotive industry. Changes in consumer behavior, lifestyle, and rising prices of wood had an optimistic impact on the furniture industry during the pandemic. With the increased vaccination rates, physical stores are allowed to open which also increases customer spending. According to data from the U.S. Census Bureau’s Advance Monthly Retail Trade Survey, total sale estimates from furniture and home furnishing stores was US$13.26 million in December 2021 compared to US$12.13 million December 2020. Thus, booming furniture sales translates to an increase in demand for paints and coatings to boost the shelf-life and aesthetic appeal of the wood furniture. This, in turn, drives the paint additives market. The aforementioned factors including the high demand of paints and coatings from various end-use industries is expected to bank the paint additives market growth positively.
Rising Investments for Infrastructure Development
Infrastructure
is known as the backbone of the economy, connecting people and businesses to
jobs, goods, services, information, and customers in and outside cities. Access to quality infrastructure expands
economic opportunities. Infrastructure needs to be maintained as it can degrade
overtime. Apart from building new infrastructure, maintenance and repair of
existing infrastructure are also of high importance. In November 2021, US
President Biden signed the Bipartisan Infrastructure Bill. This US$1.2 trillion
plan will revitalize America's deteriorating infrastructure system. This deal
will rebuild America’s roads, bridges and rails, expand access to clean
drinking water, ensure high-speed internet access, and tackle the climate
crisis. The Bipartisan Infrastructure Deal includes an investment of
approximately US$65 billion investment in clean energy transmission. Brazil is
opting for infrastructure related projects to boost the economy. The government
is auctioning concessions in assets including airports, ports, highways and
railw5ays. In April 2021, US$10 million was invested by private companies into
a wide array of projects including 22 airports, 5 ports, a rail line, and
ultiple road works. The Brazilian government is also focusing on clean energy.
For example, the 2021 Simplified Competitive Procedure tender in October raised
1,221 MW for wind solar and thermal energy projects in Brazil. Peru is
improving its transportation infrastructure. Construction on Metro Line 2 is
ongoing in Peru’s capital of Lima, which will be become the city’s first
completely underground line. The Lima Metro Line 2 project is one of the
largest infrastructure projects ever undertaken in Peru and is scheduled for
completion in 2024. The project has an estimated cost of US$5.8 billion, and is
being executed by Metro de Lima Línea 2. The government of Colombia has
invested in 4G and 5G infrastructure, and has made a commitment to economic
reactivation in the regions through key infrastructure works. There is also a
focus on restarting any construction that was halted due to Covid-19. The
government of Mexico specifically directed key infrastructure projects to
continue during the COVID-19 related shutdowns. These large projects include
the new airport to serve Mexico City at the Santa Lucía Military Base, the
Isthmus of Tehuantepec Inter-Oceanic Corridor; the Maya Train on the Yucatan
Peninsula, rural roads. The T-MEC Corridor is a US$3.3 billion megaproject that
is meant to facilitate the trade of goods between Mexico, the United States,
and Canada. The private-sector initiative is led by National Standard Finance
and Caxxor Group investment firms. Once completed, the mega project will create
a rail and maritime link between Mazatlán city in the Sinaloa state of Mexico,
and Winnipeg, Canada, by traversing the United States. The project allocations
consist of US$400 million for a new logistics center in Winnipeg, Canada,
US$300 million for construction of a new shipyard, US$600 million for 87
kilometers of roads, and US$1 billion for constructing a logistics park. Thus,
the rising investments in infrastructure is fueling the demand for paints and
coatings, which has a positive impact on the demand for paint additives.
The Major
Players in this Market Include
The major companies in the Americas
paint additives market include BASF SE, Eastman Chemical
Company, Evonik Industries AG, Dow Inc., Arkema Group, Altana Group, Clariant
AG, Cabot Corporation, Ashland Global Holdings Inc., and Allnex GmbH. The
key focus of the companies has shifted towards product launch, acquisition, and
expansion.
In December 2021, Ashland funded
and approved the plans to construct a new nonionic synthetic associative
thickener (NSAT) facility in Calvert City, KY, North America. The expansion
reinforces the company’s geographic growth strategy for rheology modifiers. The
completion and commissioning of the facility is expected in 2024.
In November 2021, Evonik's
Coating Additives Business Line launched three new matting agents ACEMATT OK
390, ACEMATT HK 390, and ACEMATT HK 520. The three new additives based on
precipitated silica are characterized by a combination of efficient, ultra-deep
matting, high transparency, and fine surface haptics. All three matting agents
can be used universally in water and solvent-based systems as well as in
pigmented and clear formulations. In July 2021, Clariant invested in a new
collaborative innovation center to support North America’s paints and coatings
industry. Construction of the new Mount Holly West Innovation Center is
scheduled for completion in Q1 2022.
In May 2021, The Coating
Additives business line of Evonik launched TEGO Humectant 7005, a new humectant
for binder-free pigment pastes. The new product is suitable for a wide range of
applications, such as architectural paints or industrial coatings. It has a low
VOC and SVOC content of less than 0.1%.
In October 2019, BASF introduced
a new silicone wetting agent, Hydropalat WE 3225, which combines excellent
substrate wetting with pronounced defoaming performance. It is designed for use
in high-end water-based industrial and automotive coatings and especially wood
coatings that require excellent wood grain accentuation. Hydropalat WE 3225 was
created to fulfil the market demand for a wetting agent that would remove the
need for an additional defoamer in a formulation.
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