Additives used to make automotive vehicles lighter play a key role in controlling manufacturing costs and increasing the vehicle’s performance with respect to fuel efficiency. Such automotive additives are primarily made of polymers or polymerized materials, and are available in the form of liquids or powders. OEMs around the world are actively using automotive additives to manufacture lightweight vehicle parts, from exteriors to interiors, and even some key engine components.
An ongoing study by Future Market Insights (FMI) projects that the global market for automotive additives is likely to witness a modest growth in the near future. The study is being developed to deliver insightful forecast on the expansion of global automotive additives market for the assessment period, 2017-2027. During this period, the revenue growth attained by the overall automotive additives market is anticipated to register a moderate CAGR. Asia-Pacific region, which accounts for highest motor vehicle production in the world, is anticipated to emerge as the largest market for automotive additives by the end of 2017.
Impact of CAFÉ Regulations on Boosting Demand for Automotive Additives
As the need for fuel efficiency gains traction gradually across the global automotive sector, the same can be achieved by mixing additives in fuel. Preference of buyers towards high segment cars over low segment variants is increasing, which has also propelled the requirement for lightweight materials, such as automotive additives, in automobiles. However, the study is anticipating the impact of boosting fuel efficiency of vehicles will be observed as the primary driver for growth of global automotive additives market in the coming years.
Corporate Average Fuel Economy, also known as CAFÉ, are a range of standards expected to play a key role in boosting the sales of automotive additives. According to the stringent CAFÉ regulations, decreasing the carbon emission levels from vehicles can be achieved with the use of lightweight materials. Key association of using automotive additives and lowering the carbon imprint of vehicles will continue to bolster their demand in the years to come.
The study is also addressing that increasing concerns about quality, safety and comfort of interior applications of automotive additives will have restraining influence on their sales. As more cars get electrified, the adoption of automotive additives is likely to rise concurrently. Apart from downsizing trend being witness across the automotive sector, growth of the global automotive additives market is also expected to be constrained to price volatility.
Automotive Additive: Market Analysis: The study analyses the global automotive additives market on the basis of plastics, plastic additives, automotive applications, vehicle-types, and region. Acrylonitrile Butadiene Styrene (ABS), Poly-Vinyl Chloride (PVC), and Polyurethane (PUR) are key plastic-based segments analysed in the report. On the basis of plastic additives, key sub-segments include anti-scratch, antioxidants, stabilizers, and plasticizers, among others. LCVs, HCVs, passenger cars, and EVs are key types of vehicles, while automotive additives are being used in applications namely, electronics & electrical, interior, exterior and under the hood. The report is also analysing the global automotive additive market on the basis of multiple region such as North America, Europe, Asia-Pacific and Middle East & Africa, among others. The study is also profiling companies namely, BASF SE, Akzo Nobel N.V., Covestro AG, Clariant, Evonik Industries, The Dow Chemical Company, Kaneka Corporation, ExxonMobil Corporation, PolyOne Corporation, Lanxess, Sabic, and Solvay as key players in the global market for automotive additives.
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