The global automobile additive industry is expected to expand at a rapid rate during the forecast period. Economic recovery in the U.S. and Europe has led boosted the automobile market. This recovery has resulted in higher per capita income, easy credit facilities, and increased employment. This, in turn, is estimated to propel the automobile additive market. Automobile manufacturers are likely to increase their production capacities either through expansion of the existing facilities or installation of new facilities. Increase in usage of plastic in line with the changes in trend of using lightweight vehicles, implementation of stringent emission regulations, rise in the production of passenger cars, and electrification of vehicles are the major factors driving the automobile additives market.
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In terms of application, the automobile additive market can be segmented into exterior, interior, under the hood, and electronics & electrical. The interior application segment is anticipated to hold major share of the market due to the increase in usage of plastic. Demand for automobile additive is estimated to rise due to the increasing focus on safety, esthetics, comfort, quality, durability, and color. In line with this, the use of plastics in automobile has been rising due to the growth in demand for lightweight material vehicles and implementation of stringent emission regulations.
Based on plastic additives, the automobile additive market can be divided into plasticizers, anti-scratch, stabilizers, antioxidants, and others. In terms of plastic, the automobile additive market can be segregated into polypropylene (PP), polyurethane (PUR), polyvinyl chloride (PVC), and acrylonitrile butadiene styrene (ABS). Polypropylene is anticipated to be a rapidly growing segment, due to the increasing use of polypropylene plastics in the automotive industry. The application of polypropylene plastics is more than polyurethane, poly-vinyl chloride, and others. Furthermore, large production of passenger cars and electric vehicles in countries such as China, the U.S., and Japan is projected to augment the demand for polypropylene in these countries. In terms of vehicle type, the automobile additive market can be classified into passenger car, light commercial vehicle, heavy commercial vehicle, and electric vehicle.
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Based on geography, the global automobile additive market can be divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is one of the key consumers of automotive additive across the globe. . Furthermore, demand of vehicle in developing countries and changing lifestyles also play a part in propelling the automobile additive market. Asia Pacific is estimated to be a rapidly growing region of the automobile additive market, as the region accounts for large production of passenger cars and electric vehicles. Major concern regarding fuel efficiency has also boosted the demand for automotive additives.
The Corporate Average Fuel Economy (CAFÉ) regulation emphasizes on lowering emission and increasing demand for lightweight materials in the automotive industry. This is likely to propel the automobile additive market. Growth in urbanization, rise in consumer spending, and rapid industrialization in Asia Pacific are estimated to augment the demand for additives used in automobiles. The automobile additive market in North America and Europe is projected to expand at a moderate pace during the forecast period due to the technological advancement and well established market.
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Key players operating in the global automobile additive market include ExxonMobil Corporation, BASF SE, Covestro AG, Sabic, Akzo Nobel N.V., and The Dow Chemical Company.