The automotive additives are that substances which added to a material in order to improve the features. The additives are effectively utilized in the vehicles for numerous determinations. Whereas, the automotive additives can be an oil additive or a fuel additive while the fuel additives are utilized to decrease the problems related to the stumbling or weak acceleration. Moreover, generally the fuel automotive additives are auxiliary along with the engine oil, while other additive along with the transmission oil, and coolant in order to develop their respective functions. Furthermore, many of the players in this market are playing an important role while developing the advantages of automotive additives which further increase the demand and efficiency of such in the respective industries. This also proved to be profitable for dominating the highest market share in the global automotive additive market during the forecasted period more positively.
According to the report analysis, ‘Global Automotive Additives Market Size Study, by Plastic Additives (Plasticizers, Anti-Scratch, Stabilizers, Antioxidants), by Application (Exterior, Interior, Under the Hood), by Plastic (PP, PUR, PVC, and ABS), by Vehicle Type, and Regional (North America, Europe, Asia Pacific, Latin America, and Rest of the World) Forecasts, 2017-2025 (USD Billion/Million)’ states that there are several key players which are presently functioning in this sector more actively for leading the fastest market growth and registering the high value of market share around the globe throughout the forecasted period while improving the specifications of the technology which increase the efficiency of the additives and increase the utilization at a reasonable price which further develop the market demand includes AkzoNobel N.V., Covestro AG, The Dow Chemical Company, BASF SE, Sabic, Lanxess, Solvay SA, Clariant AG, Evonik Industries and several others. Moreover, many of the focused players in this market are developing the techniques of producing the additives with the innovative technologies for generating the high value of revenue and profit throughout the forecasted period.
The Global Automotive Additives Market industry respected approximately USD 5.92 billion in 2016 is predicted to increase with a healthy growth rate of more than 6.88% over the forecast period of 2017-2025. Moreover, the global market of automotive additives is segmented into different sectors which majorly includes plastic additives, application, plastic, vehicle type and regions. Whereas, based on the plastic additives, the market is further segmented into plasticizers, anti-scratch, stabilizers and antioxidants while, on the plastics, the market is sectored into exterior, interior and under the hood. Not only has this, the sector of plastics includes polypropylene, polyurethane, poly-vinyl chloride and acrylonitrile butadiene styrene for instance, the segment of vehicle type involves passenger car, light commercial vehicle, heavy commercial vehicle and electric vehicle.
Additionally, the factors like the increasing requirements for the lightweight vehicles and electrification of vehicles in most of the underdeveloped countries are promoting the sales of vehicles because of which, it exerts the growth of automotive additive market growth. Other aspects affecting the growth include improvements in the fuel and energy efficiency. Therefore, in the near future, it is anticipated that the market of automotive additive will increase around the globe more positively over the recent few years.
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Ankur Gupta, Head Marketing & Communications