iCrowd Newswire – Jul 17, 2020
Paint Driers Market size is forecast to reach $2.5 billion by 2025 after growing at a CAGR of 6% during 2020-2025. Paint driers are substances added to paint in order to cause the oil to thicken and solidify more rapidly. The growth of the market of paint driers is expected to be driven by the high demand from the paint and coatings industry. The other growth factor is construction industry which is using paint driers for the drying paint in interior wall celling and other.
By Type – Segment Analysis
Primary paint drier held the largest share in the paint driers market in 2019. Primary paint drier act as oxidation catalysts, as their metal soaps exhibit more than one oxidation state. Primary paint driers catalyze cross linking of the resin and in the process hydroxyl, carbonyl and carboxylic groups are formed. The common types of primary paint drier are Cobalt, Manganese, Iron and Vanadium. Cobalt is the most commonly used primary drier and the most active. It produces less discoloration in wet paint and upon ageing of dried paint. Manganese is less commonly used because of the dark brown color of Mn3+ which can discolor paint films and is also seen as less effective than Cobalt. Through paint driers is held the second largest share in the paint driers market. Through paint driers ensure that a paint dries at a uniform rate throughout the body of the film. Primary paint driers without the presence of through driers would mainly dry the surface of the film, whilst the paint underneath would remain wet. Through paint driers are used to ensure that the paint dries at a uniform rate throughout the body of the film not just at the surface. The common types of through paint driers are Lead, Zirconium, Lithium and other. Lead is the most commonly used drier until the toxicity of lead became a major concern. Lead is still an effective drier, technically and on a cost basis. Zirconium is not as effective as lead but is less toxic and was the first identified alternative to lead. Zirconium has replaced lead in a number of countries.
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By Product Type – Segment Analysis
Oil paint drier held the largest share in the paint driers market in 2019. An oil paint drier is also known as siccative. Oil paint drier is a coordination compound that accelerates the hardening of drying oils. The oil paint driers promote the free-radical autoxidation of the oils with air. Oil paint driers agents are derived from ions of cobalt, manganese, and iron. It is prepared as a “salts” of lipophilic carboxylic acids such as naphthenic acids, in order to give them a soap-like chemical formula and make them oil-soluble. Liquid paint driers is held the second largest share in the paint driers market.
By Application – Segment Analysis
Interior wall & celling application held the largest share in the paint driers market in 2019. Interior paint drying is done to increase the visual appeal and smoothness of wall surface and celling. Distemper is common type of paint drier used in interior wall and ceiling for protecting and decorating brick wall, concrete and plastered surface. Variety of distemper are available in the market. Such as acrylic distemper, dry distemper and other. Acrylic distemper is washable and can be applied on wall and asbestos. Wooden surface is second largest share in the paint driers market. Paint driers are used on wooden surface to solidify the paint. It is used by furniture industry. Furniture is used in laboratories, spa, office, clean room, restaurants, camping, bedroom, outdoor, library, parks, stores, and many more places. The global furniture industry is driving the market of paint driers. The increase in disposable income has influenced the individual to spend more on comfortable lifestyle, this in turn is expected to provide growth opportunities for the furniture industry. The rise of furniture industry will anticipated the growth of paint driers market near future.
By End user – Segment Analysis
The construction sector has been the primary market for paint driers market in 2019 growing at CAGR of 8%. Many of the commercial buildings in the United States and China are incorporating paint driers to provide an easy adjustment of paint in the buildings as per requirement. The growth of paint driers can be taken as directly proportional to the growth of construction industry. By 2020, construction output is estimated to grow by 70% to $12.7 trillion and will account for 14.6% of the world output with some of the larger emerging markets such as China, India, Russia, Brazil and Poland driving growth, along with U.S. Global GDP growth of 3.5% and 3.6% is expected in 2017 and 2018 respectively however the meteoric growth that outpaces global GDP will be concentrated in countries like China, India and U.S. India will overtake Japan as the third-largest construction market with annual growth averaging 7.4% annually in construction.
Geography – Segment Analysis
APAC dominates the paint driers market with a share of 43% followed by North America and Europe. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, but with growing foreign direct investment for economic development of South East Asia, the current scenario is changing. Countries in South East Asia are witnessing high growth in the construction and furniture industries. The steady growth of construction industry owing to growing urbanization and increase in renovation activities are expected to boost the demand for paint driers market in the region. China was the leading regional market, due to the presence of construction industries. India is the second major market after China. Indian construction sector market size is of $180 Bn in 2020 according to the government of India. The disruption of COVID-19 has almost certainly impact the prices of construction products and materials. The impact of COVID-19 on construction sector can be spotted till year 2020 followed by which the industry will have persistent growth during forecast period.
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Drivers – Paint Driers Market
Increase in use of paints & coatings is anticipated to boost the market growth
The development of the paints & coatings industry is expected to provide lucrative opportunity for the market players. The paint industry has been witnessing a gradual shift in the preferences from the traditional whitewash to high quality paints like emulsions and enamel paints, which is providing the basic stability for growth of paint industry. Besides, it is creating a strong competitive market, where players are utilizing different strategies to tap the growing demand in the market for a larger share. This factor will drive the market of paint driers in near future.
Growth in the population will rise the demand of paint driers
Growth in population is expected to boost the demand for housing & commercial infrastructure, which in turn fuels the demand for paint driers in the construction sector. Concrete wall, floor and roof are porous and tend to create laitance from wear & tear and thus need to be protected by paints & coatings. Thus, increase in use of paints & coatings is anticipated to boost the market of Paint Driers during the forecast period.
Challenges – Paint Driers Market
High price of raw materials are constraint to the market
The cost of paint driers is high due to the high price of its raw materials. The industries which manufacture these paint driers are increasing its price every year. This factor will challenge industry and affect Paint Driers market price trend. Secondly, the raw material which is used in the production of paint driers is costly. These are the major restraint which affect the market of paint driers in near future.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the paint driers market. Major players in the paint driers market are Arc Chemicals Pvt. Ltd, Aryavart Chemicals, Bech Chem, Comas Chemicals, Ege Kimya and others.
Acquisitions/Technology Launches/Product Launch
In January 2020, Milliken & Company, acquired Borchers Group Limited, a global specialty chemicals company known for its innovative high-performance coating additives and specialty catalyst solutions from The Jordan Company, L.P. This acquisition will accelerate solutions of Milliken & Company in the markets.
In March 2019, Sun Chemical Advanced Materials launched DICNATE SG series of cobalt-free driers at European coatings show 2019. The DICNATE SG Series of manganese-based driers offer enhanced catalytic performance for solvent and water-based paints and inks. DICNATE SG-160 has been optimized for solvent borne coatings while DICNATE SG-160BZ is designed for water-based systems. The manganese-based driers are highly efficient, impart little or no color to the final paint, and provide strong drying performance.
Asia-Pacific dominates the paint driers market owing to increasing demand from paint and coating sector.
Rise in the construction industry is driving the growth of the paint driers market.
Rise in prices of raw materials are likely to hinder the market growth of paint driers market.
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