An automotive additive is a chemical matter which when added to fuel or oil in a small quantity improves the quality of the fuel or the oil. The automotive additive can be a fuel additive or an oil additive. Fuel additives increase the octane rating of the fuel. Fuel additives can also act as lubricants and can also help in preventing corrosion, thus increasing the efficiency of the automobile. Thus, fuel additives decrease the problems related to stumbling or weak acceleration. Oil additives are compounds that help in increasing the efficiency of base oil. Nearly all the commercially available Motor oils contain additives. These oil additives are highly essential for proper lubrication of the motor. Automotive additives can be in the form of liquid or powder.
The Automotive Additives Market is expected to grow at a moderate CAGR during the forecast period.
Automotive Additives Market: Drivers & Restraints
The demand for fuel efficiency is increasing gradually. This can be achieved by adding automotive additives to the fuel. Also, now people prefer high segment cars instead of low segment cars. Hence, the demand for automotive additives is also increasing due to the requirement of lightweight materials in an automobile, to achieve fuel efficiency. According to Corporate Average Fuel Economy (CAFE) regulations, emissions need to be decreased, and lightweight materials are to be used in vehicles. This factor is also expected to drive the growth of Automotive Additives Market in the forecast period.Due to growing concern about comfort, durability, quality, safety and color, demand is increasing in the interior application of the Automotive Additives Market. With the increase in the electrification of the cars, Automotive Additives Market is expected to growth at a fast pace.
Volatility in prices of additives, the high price of the oil and fuel automotive additives and the engine downsizing trend going on in the automobile industries, are the factors that are expected to affect the growth of Automotive Additives Market.
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Automotive Additives Market: Market Segmentation
Automotive Additives Market can be segmented by Plastic, by Plastic Additives, by Vehicle type, by Automotive Application, or by region.
- Polypropylene (PP)
- Polyurethane (PUR)
- Poly-Vinyl Chloride (PVC)
- Acrylonitrile Butadiene Styrene (ABS)
By Plastic Additives
By Vehicle Type
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Electric Vehicle
By Automotive Application
- Under the Hood
- Electronics & Electrical
- North America
Automotive Additives Market: Regional Outlook
In the forecast period, Asia-Pacific region is expected to grow and become the largest market for automotive additives by the end of the year 2017. The reason behind this is that the Asia-Pacific region is the hub for the production of passenger cars and electric automobiles. The fastest growing segment in the Automotive Additives market is expected to be Polypropylene Plastic. This is because the use of Polypropylene Plastic has increased in the automobile industry. This growth is expected to occur in all the regions- North America, Europe, Asia-Pacific and Rest of the World, but majorly in China, US, and Japan. As the use of plastics is increasing, Interior Application Market of Automotive Additives Market is expected to have the greatest market share. The use of plastics is increasing in the automobile industry due to the emission regulations and laws for the use of lightweight materials in vehicles led by the government.
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Automotive Additives Market: Key Players
Some of the major players in the Automotive Additives Market are:-
- Akzo Nobel N.V. (Netherlands)
- BASF SE (Germany)
- Covestro AG (Germany)
- The Dow Chemical Company (U.S.)
- Evonik Industries
- ExxonMobil Corporation (U.S.)
- Kaneka Corporation
- PolyOne Corporation
- Sabic (Saudi Arabia)