DUBLIN, June 29, 2017 /PRNewswire/ --
Research and Markets has announced the addition of the "Automotive Additives Market by Plastic Additives (Plasticizers, Anti-Scratch, Stabilizers, Antioxidants), Application (Exterior, Interior, Under the Hood), Plastic (PP, PUR, PVC, and ABS), Vehicle Type, EV Type, and Region - Global Forecast to 2022" report to their offering.
The automotive additives market is projected to grow at a CAGR of 6.52% during the forecast period, to reach USD 8.58 Billion by 2022.
Rising demand for lightweight vehicles across the ecosystem have fueled the growth of the automotive additives market globally. The growing trend of electric vehicles is also a major factor that has contributed to the growth of this market.
The interior application segment is estimated to have the highest growth potential, and will further boost the demand for the automotive additives market. This growth can be attributed to the demand for automotive additives in interior application due to the high use of plastics. OEMs are strategizing to focus on consumer demands such as aesthetics, safety, comfort, vibrant colors, quality, and durability. The use of plastics in a vehicle is increasing due to rising government emission regulations for vehicles and the demand for lightweight materials in vehicles by OEMs.
The automotive additives for polypropylene is estimated to lead the automotive additives market, by plastic type, during the forecast period. The high demand for the polypropylene additives market can be attributed to the wide use of polypropylene plastics than other plastics such as polyurethane, poly-vinyl chloride, and others. Polypropylene additives are used in exterior, interior, under the hood, and electronics & electrical.
Passenger cars are estimated to lead the automotive additives market, by vehicle type. This is because the market is shifting toward luxury passenger cars with enhanced aesthetics, comfort, safety, and durability. The automotive additives market for passenger cars is growing due to the higher production of passenger cars in countries such as China and India.
The Asia-Pacific region is estimated to be the largest market for automotive additives during the forecast period, with China being the largest market for automotive additives in the region. Furthermore, the electrification of vehicles is also driving the automotive additives market in this region. The region is focusing on manufacturing fuel efficient vehicles by reducing the overall weight of the vehicle. This is also helping to boost the automotive additives market in the region.
The key factors restraining the growth of the automotive additives market include the impact on health and the Corporate Average Fuel Economy (CAFE) emission regulations. Volatile Organic Compounds (VOC) are emitted during the processing of plastics. They are also emitted out of the finished product. High VOCs are harmful for health. In 2015, the CAFE standards were 39 miles per gallon (mpg) for cars and 23.5 mpg for trucks.
For the year 2020, the CAFE standards rise to 49 mpg for cars and 25 mpg for trucks. Automakers must find ways to meet them. The automotive additives market is dominated by many international as well as domestic players such as BASF SE (Germany), ExxonMobil Corporation (U.S.), Covestro AG (Germany), The Dow Chemical Company (U.S.), Sabic (Saudi Arabia), and Akzo Nobel N.V. (Netherlands) among others.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Automotive Additives Market, By Plastic Additives
7 Automotive Additives Market, By Plastic Type
8 Automotive Additives Market, By Automotive Application
9 Automotive Additives Market, By Vehicle Type
10 Automotive Additives Market, By Region
11 Competitive Landscape
12 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/research/hktrjl/automotive
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SOURCE Research and Markets