Automotive Additives Market Is Expected to Expand at a CAGR of 5.5% by the End of 2022

Automotive Additives provide protection to both the exterior and interior components of a vehicle. UV absorbers are witnessing a significant demand in the automotive industry as they reduce photo-degradation and offer exceptional on-tone fading. UV absorbers also protect interior and exterior parts in a vehicle against strong heat and UV light for a long period of time. The demand for anti-dust additives is also increasing due to the rising pollution and off-road driving, resulting in dust and dirt particles on a vehicle. Meanwhile, manufacturers 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. Hence, anti-scratch additives help to reduce friction. Thermal and light stabilizers are also being provided by the automotive additives manufacturers.

According to the latest report by Fact.MR, the global market for automotive additives is likely to experience above-average growth. The market is estimated to reach US$ 8,251.8 million revenue by 2022 end. Manufacturers in the automotive industry 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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Plasticizers to be the Most Popular Plastic Additives

Plasticizers plastic additives are likely to gain close to one-third of the revenue share by 2017 end. Plasticizers are estimated to create more than US$ 500 million incremental opportunity during 2017-2022. Although anti-scratch is likely to experience growth in the automotive additives market.

Polypropylene (PP) to be the Highly Preferred Plastic in Automotive additives

Polypropylene (PP) is likely to be one of the highly used plastic in the automotive additives. Polypropylene is estimated to surpass US$ 2,900 million revenue towards 2022 end.

Automotive Additives to Find Largest Application in the Interior of the Vehicle

Interior of the vehicle is likely to be the largest segment for automotive additives applications. Interior application of automotive additives is estimated to bring in nearly US$ 2,700 million revenue by 2022 end. Although automotive additives are also being used on the exterior of a vehicle. Hence, exterior application of automotive additives are likely to experience steady growth.

Compact Passenger Cars to Gain Maximum Revenue Share

Compact passenger cars are likely to gain nearly one-third of the share in terms of the revenue by 2017 end. By 2022 end, compact passenger cars are also estimated to surpass US$ 2,300 million revenue.

Competition Tracking

The report also profiles companies that are expected to remain active in the expansion of global automotive additives market through 2022, which include Saudi Basic Industries Corp, Akzo Nobel NV, Covestro AG, LANXESS AG, BASF SE, The Dow Chemical Company, Clariant AG, Solvay SA, Croda International PLC, Evonik Industries AG, ExxonMobil Corporation, and Kaneka Corporation.

Report Analysis at https://www.factmr.com/report/308/automotive-additives-market

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This release was published on openPR.