Matting Agents Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.23 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Matting Agents Market Analysis
The Matting Agents Market size is expected to grow from USD 558.65 million in 2023 to USD 654.82 million by 2028, at a CAGR of 3.23% during the forecast period.
The market was negatively impacted due to COVID-19. Owing to the pandemic scenario, several countries around the world went into lockdown to curb the spread of the virus. The shutdown of numerous coatings companies and factories disrupted worldwide supply networks and harmed global production, delivery schedules, and product sales. Currently, the market has recovered from the COVID-19 pandemic and increasing at a significant rate.
- In the medium term, the major factors driving the market studied are the increasing demand for matting agents for architectural coatings and superior properties to gloss finishes.
- On the flip side, regulations related to solvent-based matting agents are likely to restrain market growth.
- Growing demand for bio-based matting agents is likely to act as an opportunity for the market in the coming years.
- Asia-Pacific accounted for the highest market share, and the region is likely to dominate the market during the forecast period.
Matting Agents Market Trends
Wood Coatings to Dominate the Market
- The use of matting agents has been increasing in wood coatings as it provides a less glossy finish along with an aesthetic appeal to the customers.
- Modern waterborne and wood coatings require the highest standards in performance and quality. A majority of the finishes are currently semi-gloss, but there is a trend toward deep-matte and natural-looking coatings. This has directed the formulators toward using matting agents to enhance the aesthetic appeal to customers, as well as offer protection to the wood.
- The wood coatings mixed with matting agents offer high-quality performance characteristics, like easy-to-clean, scratch-resistance, abrasion resistance, UV resistance, and excellent surface leveling.
- The growth of the housing industry, rising disposable incomes, and construction activities drive the wood coatings market across the world. The furniture segment occupies the major share of wood coatings. According to estimates, the furniture market was valued at USD 694.32 billion in 2022, and it is estimated to reach ~USD 766 billion in 2024.
- Companies like The Sherwin-Williams Company and other major players are heavily investing in the segment. For instance,
- In May 2023, Gemini Coatings entered into an agreement to acquire substantially all the assets of Rudd Co. Inc., an independently owned wood coatings manufacturer based in Seattle. This acquisition will add value for current Rudd and Glitsa customers through knowledgeable sales and technical teams as well as access to Gemini's current family of brands,
- In October 2022, The Sherwin-Williams Company announced an agreement where it acquired Industria Chimica Adriatica SpA (ICA), an Italian designer, manufacturer, and distributor of industrial wood coatings used for kitchen cabinets, furniture, and décor, as well as building products, flooring, and other specialty applications.
- Thus, due to the abovementioned factors, wood coatings are likely to dominate the market, which, in turn, is expected to enhance the demand for matting agents during the forecast period.
Asia-Pacific Region to Dominate the Market
- In the Asia-Pacific region, the growing coatings and printing ink industries in major countries such as China and India are driving the market for matting agents.
- China's contribution to the Asia-Pacific market is substantial, accounting for over a quarter of the global coatings market. With more than 1000 coating companies in operation, China has become a major player in the industry.
- In July 2022, BASF SE, through its subsidiary BASF Coatings (Guangdong) Co. Ltd (BCG), expanded its manufacturing capabilities for automotive refinish coatings at its coatings site in Jiangmen, Guangdong Province, in South China. The company increased its production capacity to 30,000 tons annually through this expansion project.
- The ink sector in China is equally significant, with the country being the largest ink user in the Asia-Pacific region. Bauhinia Ink Company Limited, a subsidiary of Yip's Chemical Holdings Limited, is one of China's largest domestic producers of inks. The demand for inks, particularly for food packaging and labels, is experiencing growth in tandem with the expanding packaging industry. Notable Chinese packaging companies include Nine Dragons Worldwide (China) Investment Group Co. Ltd, Shandong Chenming Paper Holdings Ltd, SUN PAPER, and Xiamen Hexing Packaging and Printing Co. Ltd.
- The Indian paint and coatings industry has witnessed significant growth over the past two decades. The industry comprises more than 3,000 paint manufacturers, with the presence of major global players in the country.
- Asian Paint, in January 2023, approved an investment of INR 2,000 crore for a new waterborne paint manufacturing plant with 400,000 kiloliters per annum capacity in Madhya Pradesh, India. The facility's manufacturing is expected to be commissioned in three years.
- The Japanese printing ink industry is home to several prominent manufacturers, including TOKYO PRINTING INK MG CO. LTD, The Osaka Printing Ink Mfg. Co. Ltd, United Ink Production Co. Ltd, and TOYO INK SC HOLDINGS CO. LTD. In 2022, TOYO INK SC HOLDINGS CO. LTD announced its focus on developing water-based inks specifically designed for food packaging. This initiative aims to enhance food flavor preservation and improve safety standards.
- Therefore, the growing coatings and printing ink industries in the region are expected to drive the market for matting agents in Asia-Pacific over the forecast period.
Matting Agents Industry Overview
The matting agents market is partially consolidated in nature. Some of the major companies in the market include Imerys SA, PPG Industrioes Inc., Evonik Industries AG, Hunstman International LLC, and W. R. Grace & Co.
Matting Agents Market Leaders
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Imerys SA
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PPG Industries Inc.
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Evonik Industries AG
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Hunstman International LLC
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W. R. Grace & Co.-Conn.
*Disclaimer: Major Players sorted in no particular order
Matting Agents Market News
Dec 2022: Evonik introduced the new matting agent products with proven Spherilextechnology. The product EXP 0002-1 Spherical Silica is characterized by its exceptionally small particle size and is suitable not only for architectural coatings but also for matt and satinwood coatings.
Oct 2022: Evonik's Coating Additives business segment line is increasing the manufacturing potential of its Acemattmatting agents at its production facility in Taiwan. The capacity expansion will be completed in the third half of 2023 and will help cope with growing demand in the Asian market.
Matting Agents Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Demand for Matting Agents for Architectural Coatings
4.1.2 Superior Properties than Gloss Finishes
4.2 Restraints
4.2.1 Regulation Related to Solvent-based Matting Agents
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Material Type
5.1.1 Silica
5.1.2 Thermoplastic
5.1.3 Wax-based
5.1.4 Other Material Types
5.2 Application
5.2.1 Coatings
5.2.1.1 Architectural Coatings
5.2.1.2 Automotive Coatings
5.2.1.3 Industrial Coatings
5.2.1.4 Wood Coatings
5.2.1.5 Other Coatings
5.2.2 Printing Inks
5.2.3 Other Applications
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 Italy
5.3.3.4 France
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share(%)/ Ranking Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Akzo Nobel NV
6.4.2 Arkema
6.4.3 Axalta Coating Systems LLC
6.4.4 BASF SE
6.4.5 BYK-Chemie GmbH
6.4.6 CHT Germany GmbH
6.4.7 Deuteron GmbH
6.4.8 Evonik Industries AG
6.4.9 Honeywell International Inc.
6.4.10 Huber Engineered Materials
6.4.11 Huntsman International LLC
6.4.12 Imerys SA
6.4.13 PPG Industries Inc.
6.4.14 PQ Corporation
6.4.15 The Lubrizol Corporation
6.4.16 W. R. Grace & Co.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Demand for Bio-based Matting Agents
7.2 Other Opportunities
Matting Agents Industry Segmentation
Matting agents are used to modify the surface characteristics of paints, varnishes, and inks by floating them to the top of the surface. They may additionally provide further mechanical features, although their main purpose is to decrease the shine on the surface.
The Matting Agents Market is segmented by Material Type (Silica, Thermoplastic, Wax-based, and Other Material Types), Application (Coatings (Architectural Coatings, Automotive Coatings, Industrial Coatings, Wood Coatings, and Other Coatings), Printing Inks, and Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecasts for the matting agents market in value (USD million) for all the above segments.
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| Thermoplastic | |
| Wax-based | |
| Other Material Types |
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| Other Applications |
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Matting Agents Market Research FAQs
What is the current Matting Agents Market size?
The Matting Agents Market is projected to register a CAGR of 3.23% during the forecast period (2024-2029)
Who are the key players in Matting Agents Market?
Imerys SA, PPG Industries Inc., Evonik Industries AG, Hunstman International LLC and W. R. Grace & Co.-Conn. are the major companies operating in the Matting Agents Market.
Which is the fastest growing region in Matting Agents Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Matting Agents Market?
In 2024, the Asia Pacific accounts for the largest market share in Matting Agents Market.
What years does this Matting Agents Market cover?
The report covers the Matting Agents Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Matting Agents Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Matting Agents Industry Report
Statistics for the 2024 Matting Agents market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Matting Agents analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
