Researchstore.biz launched a study titled “Global Automotive Additives Market By Type (Oil Additives, Plastic Additives, And Fuel Additives), Product (Plasticizers, Anti-Scratch, Antioxidants, Stabilizers, and Others), Vehicle (Passenger Cars and Commercial Vehicles), Application (Interior, Exterior, Under the Hood, and Electronics & Electrical), Region (North America, Europe, Asia Pacific, South America and Middle East and Africa)” and Global Forecast 2018-2025.
The global automotive additives market is expected to grow from USD 10.4 Billion in 2017 to USD 27.9 Billion by 2025 at a CAGR of 9.12% during the forecast period from 2018-2025. Major drivers that fuel the growth of the automotive additives market are:
- Growing demand from automotive industries
- Increase in the electrification of the cars
- Requirement of lightweight materials in an automobile
The automotive additives improve diesel fuel and gasoline performance. These additives are used in the fuel systems and supplements of automotive as aftermarket service. The additives also provide protection to the components of a vehicle. The increasing pollution and off-road driving that results in the dust and dirt particles to enter in the vehicle has increased the demand for the automotive additives. Also, the automotive manufacturers are providing the automotive with anti-scratch additives to increase the lifetime of the vehicles. The automotive additives are used in various applications such as the interior, exterior, under the hood, electronics & electrical.
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Optimum fuel efficiency and increase in the electrification is anticipated to drive automotive additives market:
The growing demand from automotive industries, optimum fuel efficiency, and an increase in the electrification of the cars are the key driving factors for the automotive additives market. In addition, the requirement of lightweight materials in an automobile will lead the growth of automotive additives market in a couple of years. The instability in prices of additives, the high price of the oil and fuel automotive additives and the engine downsizing trend may limit the growth of the market. However, increasing need of various additives for automotive industries is expected to boost the automotive additives market over the forecast period.
The global automotive additives market is segmented on the basis of type product, vehicle, application, and regions.
Type segment includes oil additives, plastic additives, and fuel additives. Oil additives segment is anticipated to grow with highest CAGR over the forecast period. Here, contributing factor is that additives help in improving the performance of base oil used in automotive. Additionally, the requirement of lightweight materials in an automobile is the key factor to drive the demand of type segment.
Passenger cars segment is the dominating the automotive additives market value with USD 6.24 Billion in 2017
Vehicle segment is divided into passenger cars and commercial vehicles. The passenger cars segment is further sub-segmented as compact, mid-sized, and premium segment. The commercial vehicles segment is further segmented into light vehicles and heavy vehicles. The passenger cars segment is the dominant one for the market.
Interior segment held the largest market share of 27.73% in 2017
Application segment covers interior, exterior, under the hood, and electronics & electrical. Interior segment is anticipated to grow with the highest CAGR due to growing concern about comfort, durability, quality, safety, and colour in automotive.
Regional Segmentation Analysis:
The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. North America held the largest market share of approximately 29.81% in 2017. The growing demand from automotive industries and increase in the electrification of the cars are some of the factors that led to the growth of automotive additives market in this region.
The major players of automotive additives market include Exxon Mobil, Covestro, Lanxess, Kaneka Corporation, Clariant, Basf, The Dow Chemical Company, Akzo Nobel, Evonik Industries, Solvay, Polyone Corporation, Saudi Basic Industries Corp., Croda International Plc., The Lubrizol Corporation, Afton Chemical, SPI Lasers, Chevron, Lanxess, Wuxi South Petroleum Additives, International Petroleum and Additives Company, Inc., and Infineum.
Automotive additives market is segmented into the following submarkets:
Automotive Additives Market by Type:
- Oil Additives
- Plastic Additives
- Fuel Additives
Automotive Additives Market by Product:
Automotive Additives Market by Vehicle:
- Passenger Cars
- Commercial Vehicles
Automotive Additives Market by Application:
- Under the Hood
- Electronics & Electrical
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Automotive Additives Market by Regions:
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of South America
MIDDLE EAST AND AFRICA
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
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