Automotive additives are primarily chemical ingredients which find use in fuel or automotive manufacturing in terms of vehicle components, and associated products such as lubricants and enhanced fuels. Automotive additives are commonly used to improve component characteristics such as resistance to breakage and shocks. In addition, additives to fuel help in cutting down emissions and hike vehicle performance, with similar roles in terms of products such as engine oils and coolants among others.
The automotive additives industry is expected to rise at a steady rate of ~5.5 per cent CAGR in the forecast period through 2022. Some of the key players in the additive production industry include the Kaneka Corporation, Saudi Basic Industries Corp, ExxonMobil Corporation, Akzo Nobel NV, and Evonik industries AG among others.
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Stabilizer and Plasticizer Additives to Dominate Industry
Automotive additives can be divided on a broad scale into plastic additives, and oil and fuel additives, which can be further divided into corrosion inhibitors, antioxidants, octane boosters, stabilizers, plasticizers, anti-gel additives, and anti-abrasion agents.
These additives play highly specific roles for the development of automotive parts and raw materials which require very specific processing requirements and formulations. Factors such as environmental exposure, such as prolonged exposure to dirt, wind, and sun, are playing a major role in the global automotive additives industry as they impact essential vehicle components such as exterior materials, electronics, operational components, and interior materials.
Of the various additive types, stabilizers for heat and light protection are expected to gain substantial growth margins in the near future. In addition, plasticizers and anti-scratch agents are expected to dominate the industry with the rapid replacement of metal components with light weight, high strength plastic alternatives. Additives used with polypropylene are expected to be the most preferred material for the foreseeable future.
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Rising Usage of Electric Cars to Hit Fuel Additive Manufacturers
Increased stringency of environmental regulations in countries around the world, has had a major role to play in development of new automotive additives. A major consequence of these environmental regulations has been the widespread induction of battery operated electric vehicles, which have impacted the growth of the industry, owing to the reduced use of conventional fuel additives.
In most cases, the cost of additives does not result in a substantial increase in the prices of fuels or auto components which aids in widespread production, processing, and adoption of these materials, especially for passenger cars which dominate the overall automotive industry.
As the automotive industry is making a shift to pure electric vehicles, the introduction of direct injection systems using gasoline have become popular additions to modern vehicles. This trend is expected to maintain the demand for fuel additives for the near future.
Further, environmental regulations has also pushed automotive additive manufacturers to invest in research towards the development of additive alternatives which are formulated using bio-based and biodegradable additives, which aim to cut down on the carbon footprint and greenhouse gas emissions, without having to compromise on performance.
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