Newark, NJ, May 18, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, The global automotive additives market is expected to grow from USD 12.35 billion in 2019 to USD 24.62 billion by 2027, at a CAGR of 9.12% during the forecast period 2020-2027. The Asia-Pacific region is expected to show the highest growth rate and become the largest market during the forecast period. The growth rate can be attributed to rising production of passenger cars and electric vehicles in the region. The rise in the levels of per capita income and increasing consumer demand will drive the growth rate of the market. With the stringent environmental regulations by various governmental and regulatory bodies coupled by increasing awareness among the consumers, are the driving factors for demand of electric vehicles in the region. Along with this, the use of plastic additives is expected to increase across all the regions with significant increase in USA, Japan and China.
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Some of the notable players in the automotive additives market are BASF SE, Exxon Mobil Corporation, Lanxess, Covestro AG, The Dow Chemical Company, Clariant, SABIC, Akzo Nobel N.V., Polyone Corporation, Afton Chemical, Chevron, EVONIK, and The Lubrizol Corporation.
This study delivers a comprehensive analysis of types, applications, vehicles, electric vehicles and regions. The type segment includes fuel additives, oil additives and plastic additives. The fuel additives are majorly used in diesel and improve the octane rating of the fuel. It also reduces emissions and improves the carbon footprint of the vehicle. The oil additives are used as lubricants to reduce wear and tear of the motor, prevent corrosion and, prevent thinning out of the oil. Plastic additives are used in the manufacturing of dashboards, bumpers, steering wheels, switches, etc. Based on application, the market is divided into the exterior, interior, under the hood, and electric and electronics. For protecting the exterior components of the vehicle from sunlight and high temperatures, light stabilizer and heat stabilizer are used. For the interior components like door panels and sitting components, anti-scratch additives are used. On the basis of vehicle type, the market is divided into commercial vehicles and passenger vehicles. The passenger vehicle segment is anticipated to grow at a rapid pace due to the rise in demand by households owing to their rising income levels. The electric vehicles market is segmented into plug-in electric vehicles, hybrid electric vehicles, and battery electric vehicles. The demand for hybrid vehicles is expected to rise rapidly due to improved fuel efficiency of the vehicles as compared to convention fuel vehicles.
The rise in the regulations by national governments and other regulatory bodies with regard to the use of clean and energy-efficient technologies will fuel the growth of the market. The automotive additives are used to improve the performance of automobile. The plastic additives segment is expected to show a high growth rate to make the vehicles lightweight and comply with government regulations. The high price of the automobile additives along with high volatility in the prices can act as restraints to the market growth.
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About the report:
The global automotive additives market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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