Automotive additives are being used on a large scale to maintain the vehicle and improve overall performance. Automotive additive manufacturers are using innovative materials. Manufacturers are also producing various types of additives for instance, plastic additives, transmission additives, head gasket sealers, oil additives, etc. however, plastic additives are gaining more popularity in the market, as it offers efficiency, saves costs and offers scratch resistance. This Fact.MR report discusses key prospects for growth of global automotive additives market during the forecast period, 2017-2022, offering pragmatic insights to lead market players towards devising & implementing informed strategies. The automotive additives market is likely to experience above-average growth. The automotive additives market is estimated to reach US$ 8,251.8 million revenue by 2022 end. Manufacturers of automotive additives are focusing on developing highest performing solutions and with plastic emerging as the highest applied material in the interior, exterior and under the hood of the vehicle, automotive plastic additives are witnessing increased use in the automotive industry.
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Increasing number of automotive manufacturers are using plastics in the car. This trend of using plastic is also increasing as it helps in reducing the weight of the car. Hence, automotive addictive manufacturers are producing anti-scratch additives that can be used for interior and exterior applications. Manufacturers are also significantly investing in order to increase the speed and reduce production time involved in additive manufacturing. Meanwhile, additive manufacturers are also trying to produce new additives that can provide protection against scratch by reducing the friction.
Increasing popularity of panoramic roofs in vehicles is also resulting in the heat and high UV light damaging the interior of a vehicle, hence light stabilizers are being provided to protect vehicle against UV rays. Using different materials for additive manufacturing can also open up possibilities for new design and for development of innovative end-products.
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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.
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.
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Automotive Additives Market to Find Largest Application in the Interior of the Vehicle
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