The global automobile industry has been expanding rapidly, led by the high demand for automobiles across the world. Stringent government regulations such as those related to emissions, primarily in the U.S. and Europe, have encouraged automobile manufacturers to develop hybrid and electric vehicles. Automotive manufacturers are the primary adopters of additive manufacturing or 3D printing (3DP) technology. Increase in application of 3D printing among automotive manufacturers is driving the production and design of automobiles.
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.
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.
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.
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.