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Automotive additives market continues to remain driven by the innate benefits of these products such as provision of protection to both the exterior and interior components of a vehicle. UV absorbers are witnessing a significant demand in the automotive additives market, as they reduce photo-degradation and offer exceptional on-tone fading. The demand for anti-dust additives is also increasing in the automotive additives market, due to the rising pollution and off-road driving, resulting in dust and dirt particles on a vehicle. Meanwhile, automotive additives market players are also focusing on providing anti-scratch additives to increase the lifetime of the vehicle and maintain high-quality appearance, especially in the case of internal automotive parts. Thermal and light stabilizers are also being provided by the companies operating in the automotive additives market.
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According to the report compiled by Fact.MR, the global automotive additives market is expected to witness steady growth. The market is projected to increase to 5.5% CAGR during the forecast period 2017-2022. Owing to the requirement of right stabilization for the exterior of a vehicle such as rocker panels, tailgates, bumpers, due to long-term exposure to sunlight and heat, there has been an increase in the use of plastic additives. Manufacturers are also focusing on offering new automotive additives that can offer long-term scratch resistance. Below insights show how the global automotive additives market will perform in the next five years.
6 Forecast Highlights on Global Automotive Additives Market
North America is expected to dominate the global automotive additives market. Towards the end of 2022, North America automotive additives market is projected to exceed US$ 2,000 million revenue. Presence of the major market players and the increasing vehicle production are some of the factors fueling the growth of North America automotive additives market.
Europe is expected to be the second most lucrative market in the global automotive additives market. Europe automotive additives market is expected to witness steady growth during the forecast period.
Plasticizers are expected to be the most lucrative plastic additives. Plasticizers are projected to exceed US$ 2,400 million revenue by the end of 2022. Meanwhile, anti-scratch plastic additives are also expected to witness steady growth during the forecast period.
Polypropylene (PP) is expected to be one of the most preferred plastics in the automotive additives market. Accounting nearly two-fifth of the revenue share by the end of 2017, polypropylene is projected to create an incremental opportunity of over US$ 700 million between 2017 and 2022.
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Interior automotive additives are expected to account for maximum revenue share. Interior automotive additives are projected to exceed US$ 2,600 million revenue by the end of 2022. Although Exterior automotive additives will also witness steady growth in the coming years.
Compact passenger cars are expected to be the largest users of the automotive additives. Compact passenger cars are projected to account for nearly one-third of the revenue share by the end of 2017.
The report has also profiled leading players in the global market for automotive additives, which will remain active through 2022. These include companies such as Akzo Nobel NV, Saudi Basic Industries Corp., Covestro AG, BASF SE, LANXESS AG, Clariant AG, The Dow Chemical Company, Evonik Industries AG, Solvay SA, Kaneka Corporation, ExxonMobil Corporation, and Croda International PLC.
And many more …