Latest research study from Researchstore.biz with title “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.
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The global automotive additives market is anticipated reach USD 27.9 Billion by 2025 with a CAGR of 9.12% during the forecast period from 2018-2025. It registsred USD 10.4 Billion in 2017. Increasing demand from automotive industries, increase in the electrification of the cars and need of lightweight materials in an automobile are several leading factors handling the growth of the automotive additives market.
The Key Featurs of Automotive Additives:
The automotive additives are used to improve diesel fuel and gasoline performance. They also protect the components of a vehicle. These additives, as aftermarket service, are used in the fuel systems and supplements of automotive. Bacause of the worsening polution and off-road driving that is responsible to pull the dust and dirt particlesin the vehicle, the automotive additives’ demand has been increased. Now the automotive comes with anti-scratch additives that increase the vehicles’ lifetime. Also, the interior, exterior, under the hood, electronics & electrical are some of the applications of the automotive additives.
Optimum fuel efficiency and increase in the electrification could drive the automotive additives market. The demand for lightweight materials in the automobile industry will accelerate the automotive additives market growth in a couple of years. The key driving factors for the automotive additives market are:
- The growing demand from automotive industries
- Optimum fuel efficiency
- Increase in the electrification of the cars
Moreover, the unreliablity in additives’ prices, the high price of the oil and fuel automotive additives and the engine downsizing trend may restrain the growth of the market. The growing requirement of various additives for automotive industries may be the boosting factor for the automotive additives market over the forecast period.
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The global automotive additives market is explored on the basis of segments such as type product, vehicle, application, and regions. According to evaluations, oil additives segment could grow with highest CAGR of 6.71% over the forecast period. Type segment comprises oil additives, plastic additives, and fuel additives. Additives help to boost the performance of base oil used in automotive which will lead to the growth of the type segment. Additionally, the requirement of lightweight materials in an automobile will increase the demand of type segment.
Passenger cars segment reached USD 6.24 Billion in 2017. Vehicle segment includes passenger cars and commercial vehicles. Further, the passenger cars segment, the dominant one for the market, covers compact, mid-sized, and premium segment, while the commercial vehicles segment is divided into light vehicles and heavy vehicles.
Interior segment held the largest market share of 27.73% in 2017. Application segment is divided into the interior, exterior, under the hood, and electronics & electrical. Considering the increasing concern about comfort, durability, quality, safety, and color in automotive, the interior segment is expected to achieve the highest CAGR.
Automotive Additives Market Analysis By Region:
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 carried a market share of approximately 29.81% in 2017. The increasing demand from automotive industries and increase in the electrification of the cars 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.
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