The global automotive additive industry is expected to expand at a rapid rate during the forecast period. Economic recovery in the US and Europe has boosted the automotive market. This recovery has resulted in higher per capita income, easy credit facilities, and increased employment. This, in turn, is the automotive additive market. Automobile manufacturers are likely to increase their production capacity either through expansion of the existing facilities or installation of new facilities. The automobiles additive market is the major factor driving the automotive additives market.
Request Brochure @ https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=26840
In terms of application, the automotive additive market may 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 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 automotive has been rising due to the growth in demand for lightweight material vehicles and implementation of stringent emission regulations.
Based on plastic additives, the automotive additive market can be divided into plasticizers, anti-scratch, stabilizers, antioxidants, and others. In terms of plastic, the automotive additive market may be segregated into polypropylene (PP), polyurethane (PUR), polyvinyl chloride (PVC), and acrylonitrile butadiene styrene (ABS). Polypropylene is anticipated to be a growing segment, due to the increasing use of polypropylene plastics in the automotive industry. The application of polypropylene is more than polyurethane, poly-vinyl chloride, and others. Furthermore, large production of passenger cars and electric vehicles in countries such as China, the US, and Japan is projected to augment the demand for polypropylene in these countries. In terms of vehicle type, the automotive additive market may be included in passenger car,
Request for Discount @ https://www.transparencymarketresearch.com/sample/sample.php?flag=D&rep_id=26840
Based on geography, the global automotive 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 additives across the globe. , Furthermore, demand for vehicle in developing countries and changing lifestyles thus play a part in propelling the automobile additive market. Asia Pacific is estimated to be a growing region of the automotive additive market, as the region accounts for large-scale production of passenger cars and electric vehicles. Major concern regarding fuel efficiency therefore has boosted the demand for automotive additives.
The Corporate Average Fuel Economy (CAFÉ) regulates the emission and increasing demand for lightweight materials in the automotive industry. This is likely to propel the automotive additive market. Growth in urbanization, rise in consumer spending and rapid industrialization in Asia Pacific are estimated to be the demand for additive used in automobiles. The automotive 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.
Request for Customization @ https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=26840
Key players operating in the global automotive additive market include ExxonMobil Corporation, BASF SE, Covestro AG, Sabic, Akzo Nobel NV, and The Dow Chemical Company.