Matting Agents Market Assessment, By Material [Silica, Wax-based, Thermoplastics, Others], By Formulation [Water-borne, Solvent-borne, UV-cures, High Solids], By Application [Paints and Coatings, Leather, Printing Inks, Others], By Region, Opportunities a

Matting Agents Market Assessment, By Material [Silica, Wax-based, Thermoplastics, Others], By Formulation [Water-borne, Solvent-borne, UV-cures, High Solids], By Application [Paints and Coatings, Leather, Printing Inks, Others], By Region, Opportunities and Forecast, 2016-2030F

Global matting agents market size was valued at USD 504.33 million in 2022, which is expected to grow to USD 717.21 million in 2030, with a CAGR of 4.5% during the forecast period between 2023 and 2030. The growth of paints and coatings industry is boosting the demand for matting agents. For instance, according to the recent data published by the Indian Paint Association (IPA), 2022, the Indian paints and coatings market was valued at USD 7,894.5 million. Asia-Pacific has a prominent share in the matting agents market. For instance, according to the recent statistics published by the Nippon Paint Group, the China architectural coating industry was 7.14 million tons by volume in 2021, representing a growth rate of more than 13% compared to 2020.

The revenue expansion of the paints and coatings sector is attributed to prime determinants, including an increase in the renovation rate, a rise in residential construction activities, and the recent expansion of paints and coatings manufacturing facilities. The surge in demand for leather in the footwear sector, changing fashion trends, increasing domestic and foreign tourism, and the rising disposable income of people contributed to the growth of the leather industry at the global level. Henceforth, the rise in the employment of matting agents in paints and coatings manufacturing and the booming leather industry are several pivotal factors augmenting the growth of the matting agents market.

In addition, the ongoing product innovations related to the matting agents to ensure superior clear coating application will create a favorable outlook for the matting agent's industry size growth during the projected forecast period. For instance, in November 2021, Evonik Industries AG, a prominent manufacturer of matting agents, launched 3 new ranges of matting agents for application in coatings. The products ACEMATT OK 390, ACEMATT HK 390, and ACEMATT HK 520 are the new range of silica-based matting agents. However, stringent regulations on solvent-based matting agents pose a major market growth bottleneck.

Increasing Deployment of Matting Agents in Paints and Coatings

Matting agents such as silica-based and wax-based are utilized in the paints and coatings industry to modify the surface properties of products by floating to the top of the surface. The increasing demand for architectural paints and coatings, the surging spending power of people, and the rising construction activities due to global sports events are the key variables fostering the growth of the paints and coatings industry.

For instance, according to the recent statistics published by the World Paint and Coatings Industry Association (WPCIA), in 2022, the global paints and coatings industry was valued at USD 179.7 billion, representing a year-on-year growth rate of 3.1%. Furthermore, the North American paints and coatings sector was the third largest market in global ranking, valued at USD 33.92 billion in 2022. Therefore, as evident from the above-mentioned data, the booming paints and coatings industry is fueling the production activities for various ranges of paints and coatings formulation. The rise in the production of paints and coatings products is spurring the demand for matting agents to ensure the provision of additional mechanical properties, thereby driving the market growth.

The Booming Leather Industry is Fostering Market Growth

The important properties associated with matting agents, include oil absorption (DBP g/100g) at 210～260, pH value (5% in water) of 6～8, porosity (ml/g) of ≥1.8, loss on ignition (1000℃, 2Hrs) of <12%, and loss on drying (105℃, 2Hrs) at <5%. Thus, matting agents ensure superior benefits such as higher extinction efficiency, easy addition, and dispersion. As a result, the matting agents are an ideal solution for leather products. The recent production expansion for leather manufacturing propels the demand for matting agents.

For instance, in March 2022, Hermès, a Paris-based manufacturer of leather products, announced the launch of two new manufacturing facilities for leather in France by the end of 2026. As of November 2023, Hermès has 19 manufacturing factories for leather products in France. Hence, the development of new manufacturing facilities for leather will boost the adoption of matting agents to ensure a superior matt finish, which, in turn, is accelerating the market growth.

Surging Demand for Silica-based Matting Agents

Silica-based matting agents provide exceptional performance when deployed in wood coatings, architectural coatings, and coil and general industrial coatings. The silica-based matting agents are exceptionally pure as they are synthetically engineered. Thus, silica-based matting agents are utilized to produce paints and coatings, inks, and leathers. The future anticipated growth of the paints and coatings industry will drive production activities to increase the product offering in the global market.

For instance, according to Akzo Nobel India, the paints and coatings market in India will reach USD 12.1 billion by 2027. Therefore, the future anticipated growth of paints and coatings industry, which will create a potential for silica-based matting agents demand growth, thereby augmenting traction for the matting agents market.

Significant Share of Asia-Pacific in the Market

The industrial sector growth in Asia-Pacific is attributed to industries, including paints and coatings, leather, and inks. The advent of COVID-19 pandemic, increase in house renovation rate in China and India, and rising consumer spending on new construction projects are the prime variables propelling industrial growth in Asia-Pacific.

For instance, according to the latest data published by the World Paint and Coatings Industry Association (WPCIA), Asia-Pacific paints and coatings industry was dominant and valued at USD 63 billion in 2022, in which, East Asia is the most prominent market for paints and coatings. In 2022, China was the leading region market, with a CAGR of 5.8%, and registered year-on-year growth rate of 5.7% in 2022 at USD 45 billion. As a result, the bolstering paints and coatings industry in Asia-Pacific is supplementing the demand for matting agents, which will boost the revenue expansion of the market in the region.

Impact of COVID-19

The outbreak of COVID-19 pandemic in various countries induced the government to impose stringent measures such as the production of essential products, lockdown protocols, restriction of labor movement, and others. These measures restricted the growth of the global matting agents market at the start of 2020.

For instance, according to the data published by Japan Paint Manufacturers Association (JPMA), in 2019, the production of paints and coatings was around 1.64 thousand tons, and in 2020, it was 1.48 thousand tons, a decline of 10.6%. Hence, the decline in the production of paints and coatings restricted the matting agents market growth in 2020. Nevertheless, the demand for products related to paints and coatings, leather, and inks registered a robust growth at the global level at the end of the year 2020. As a result, the matting agents market was severely impacted by the COVID-19 pandemic in 2020.

Impact of Russia Ukraine War

The Russia-Ukraine war has disrupted the supply chain of matting agents in their respective countries. As a result, the export of matting agents from various countries to Russia and Ukraine has dipped significantly in 2022. Additionally, the international players dealing in the manufacturing of paints and coatings halted their operations in Russia and Ukraine. Therefore, the war between Russia and Ukraine has impacted the growth rate of the global matting agents market.

For instance, in March 2022, AKZO NOBEL N.V. halted the production of paints and coatings in 4 manufacturing facilities in Russia. Nonetheless, the countries adopted robust measures such as local sourcing of matting agents, thereby resulting in a minimal impact of the Russia-Ukraine war on the market growth.

Key Players Landscape and Outlook

The top players operating in global matting agents market are Evonik Industries AG, PPG Industries, Inc., Huntsman International LLC., AKZO NOBEL N.V., Arkema, The Lubrizol Corporation, J.M. Huber Corporation, Imerys, W. R. Grace & Co.-Conn., and Eastman Chemical Company. The leading players in the matting agents industry have state-of-the-art manufacturing facilities to ensure an efficient supply of products in the global market. The key players in the matting agents sector are adopting an expansion strategy to increase their revenue share in the global market.

In October 2022, Evonik Industries AG expanded the production of ACEMATT, a product range for matting agents in Taiwan to increase the focus on supplying products in Asian market. In addition, the companies are adopting strategies for increasing revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, and production capacities.