The surge in demand for SMC/BMC in automobiles, infrastructural activities and construction will drive the market for Low Profile Additive.
Low Profile Additive Market Size – USD 487.6 Million in 2020, Growth - CAGR of 10.90%, Trends –Growth in the construction and automotive industries.
The global Low Profile Additive Market is forecast to reach USD 1,124.1 Million by 2028, according to a new report by Reports and Data. Low Profile Additive find its application in polyester resin systems and offer improved characteristics such as paste viscosity, viscosity thickening plateau, and phase separation.
The Low Profile Additive market is driven by the increasing application of these additives in the automotive sector. The use of the market product in automobiles makes them lightweight yet strong, and thus more durable and efficient. Furthermore, the increasing use of the product in the building and construction industries are propelling market growth. This can be attributed to the properties of Low Profile Additive such as electrical insulation, dimensional stability, and corrosion resistance.
The use of fiber-reinforced plastics incorporated with Low Profile Additive offers design flexibility, cost reduction, weight reduction, and improved lead time. The widespread use of fiber-reinforced plastics in the military and aerospace industries are likely to fuel the demand for Low Profile Additive during the assessment period.
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Top Companies: Lyondellbasell Industries, Aromax Technology, AOC Aliancys, Swancor Holding Company Limited, Evonik Industries, Wacker Chemie, Swancor Holding Company Limited, Polynt-Reichhold Group, Lucite International, and BASF, among others.
Further Key Finding from the Report Suggestion:
- Polyvinyl Acetate-based (PVA) lead the market for low profile additive market, with 24.1% of the market share in 2020. Its advantageous properties, such as low shrinkage and improved surface finish, are anticipated to increase its application in various compounding techniques. Growing demand from the automotive industry, where high-quality surface finish is required, are expected to drive the market.
- Sheet Molding Compound/Bulk Molding Compound are a class of composite materials that finds its application in the automotive sector due to their low weight, good mechanical properties, and cost-effectiveness. These composite materials are blended with Low Profile Additive to compensate for polymerization shrinkage.
- The automotive sector are currently facing a lot of changes with regard to its impact on the environment. The weight reduction of a vehicle by 100kg saves up to 12.5g of carbon dioxide emissions every kilometer. Thus, a reduction in a kilogram of the car can save up to 20kg of greenhouse gas emission in the lifetime of the car. Low Profile Additive help in the production of light-weight cars. Automotive held a market share of 31.3% in the year 2020.
- North America is forecasted to grow with a CAGR of 11.5% during the forecast period. The U.S. accounts for approximately 80% of the North American market product in 2020. It finds its major application in the transportation industry. Military aircraft, commercial aircraft, business jets, helicopters, general aviation aircraft, and spacecraft of the aerospace industry in the U.S. also make substantial use of composites and Low Profile Additive.
Market Overview:
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global Low Profile Additive market is segmented into:
Product Type Outlook (Volume: Kilo Tons; Revenue: USD Million; 2018-2028)
- Polystyrene-based
- Polyvinyl Acetate-based
- PMMA-based
- High-density Polyethylene (HDPE)
- Polyester-based
- Others
Application Outlook (Volume: Kilo Tons; Revenue: USD Million; 2018-2028)
- Sheet Molding Compound/Bulk Molding Compound
- Resin Transfer Molding
- Pultrusion
- Others
End-Use Industry Outlook (Volume: Kilo Tons; Revenue: USD Million; 2018-2028)
- Automotive
- Construction
- Military and Aerospace
- Electronics
- Consumer Products Home Appliances
- Others
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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