Low Profile Additives Market to grow at highest pace owing to increasing usage in composite materials and coatings
Low Profile Additives Market to grow at highest pace owing to increasing usage in composite materials and coatings
Blog Article
The low profile additives market comprises low shrinkage polymer additives that are mainly used in composite, coating resins, and plastic applications to reduce viscosity and shrinkage. Low profile additives provide properties like good flowability and minimize volumetric shrinkage during curing or hardening of materials. They find wide usage in applications requiring high mechanical strength such as automotive composites and coatings. In recent times, demand for lightweight and high-performance materials has increased across industries. Low profile additives help manufacture composite materials that are durable yet lightweight, thereby reducing weight and improving fuel efficiency of vehicles.
The Low Profile Additives Market size was valued at US$ 760.3 Million in 2023 and is expected to reach US$ 1,247.9 Million by 2031, growing at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2031.
Key Takeaways
Key players operating in the low profile additives are Wacker Chemie AG, INEOS AG, Polynt S.p.A., Vin Industries, BASF SE, Altana, Polychem Ltd., Swancor, LyondellBasell Industries Holdings B.V., Aromax Technology Corp., Interplastic Corp., Synthomer PLC, AOC, LLC, Mechemco, Taak Resin Co., and NOF Corporation. Wacker and BASF are the leading producers with a large global presence.
The Low Profile Additives Market Demand from the automotive composites industry owing to stringent regulations regarding low vehicular weight and emissions. Composite materials reduce weight and improve fuel efficiency of vehicles. Low profile additives are critical in developing lightweight composites.
Technological advancements aim to develop new low profile additive formulations for applications such as coatings. Additive manufacturers are focusing on R&D to introduce products compatible with various resin systems and cure chemistries used in different industries.
Market Trends
Pressure from regulations: Stringent environmental emission norms regarding vehicular weight and fuel efficiency are compelling automotive manufacturers to use lightweight composite materials. This is increasing demand for low profile additives.
New applications: Low profile additives are being tested and developed for applications beyond composites like coatings and 3D printing materials where their viscosity and shrinkage reduction properties are valuable.
Market Opportunities
Electric vehicles: Mass adoption of electric vehicles will spur demand for composite materials to reduce weight and improve driving range. This opens opportunities for low profile additive suppliers.
Aerospace composites: Growing emphasis on fuel efficiency and emissions is promoting use of lightweight composites in aerospace applications. Low profile additives market can benefit.
Impact of COVID-19 on Low Profile Additives Market Growth
The COVID-19 pandemic has severely impacted the growth of the low profile additives market. Due to lockdowns imposed across various countries, production facilities were shut down which disrupted the supply chain. This hampered the availability of raw materials required for manufacturing low profile additives. Demand from end-use industries such as transportation, construction also witnessed a steep decline during the initial months of the pandemic. However, with economies restarting operations and relaxation in restrictions, the market is slowly recovering. Manufacturers are focusing on fulfilling pending orders and regaining lost demand. Though challenges persists, the long term outlook remains positive supported by increasing preference for lightweight materials in automotive and construction industries.
Geographical Regions with High Market Concentration
In terms of value, the Low Profile Additives Market Regional Analysis is highly concentrated in North America and Europe. Both regions account for over 60% of the global market share led by strong presence of automotive and construction industries. Countries like the U.S., Germany, and Italy are major consumers due to well-established manufacturing bases of automakers, machinery and equipment producers. Asia Pacific is also an important market driven by increasing vehicle production in China, India and Southeast Asian countries. Growing construction activities related to infrastructure, real estate development are fueling demand across developing nations.
Fastest Growing Regional Market
The Asia Pacific region is projected to be the fastest growing market for low profile additives during the forecast period. This is attributed to rapid industrialization and rising living standards resulting in higher consumption of consumer products, automobiles. Furthermore, ongoing infrastructure projects under initiatives such as Make in India and expansion of real estate and construction sectors will propel regional demand. Countries like China, India, Indonesia, Vietnam and Thailand offer lucrative opportunities for market participants given their large population base and improving economic conditions. Additionally, relocation of manufacturing facilities from developed markets will further augment the Asia Pacific low profile additives market.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)