Automotive Additives Market: Overview
Additives are substances that are added to a material in order to enhance its properties. Additives are used in vehicles for various purposes. Plastic additives are used to increase resistance and shock absorbing property of plastics that are used to manufacture automotive component. While, fuel additives are compounds that are utilized to enhance the efficiency of fuels used in vehicles in order to achieve the target of reduced vehicular emissions and improved carbon footprint. Fuel automotive additives are primarily added along with the engine oil, while other additives along with transmission oil, and coolant in order to improve their respective performance.
Automotive Additives Market: Drivers and Restraints
Growing stringent norms and regulations regarding improved fuel-efficiency, which are being laid down by several regulatory bodies in different nations, is expected to further propel the automotive additives market in the near future. Increasing adoption of alternate fuel sources such as ethanol and biodiesel in recent years is anticipated to provide promising applications for the usage of automotive additives in the next few years. Rising demand for improved strength, enhanced crashworthiness, and increased durability of vehicles is propelling the usage of plastic additives in plastic components of vehicles. Increasing focus of key vehicle manufacturers on metal to plastic replacement in recent years is expected to further boost the automotive additives market during the forecast period.
Automotive Additives Market: Key Segments
The global Automotive Additives Market can be segmented based on type, application, vehicle, electric vehicle, and region. In terms of type, the automotive additives market can be segmented into oil additives, plastic additives and fuel additives. The oil additives can be synthetic or petroleum based. Oil additives have numerous applications. The plastic additives segment is further sub-segmented into plasticizers, anti-scratch agent, stabilizers, and antioxidants. The fuel additives segment is further sub-segmented into fuel stabilizers, Octane boosters, corrosion inhibitor, fuel injector cleaners, CETANE improvers, anti-gel diesel additives and others. The plastic additives segment is expected to witness remarkable growth during the forecast period owing to the increasing efforts for metal to plastic conversion by major OEMs for vehicle downsizing and for increasing the durability of vehicle components.
Based on application, the automotive additives market can be divided into interior, exterior, under the hood, and electric & electronics. Exposure to sunlight, especially at high temperatures is expected to lead to loss of mechanical properties and discoloration of plastic components. Consistent exposure of exterior vehicle components such as bumpers, rocker panels, fenders, tail gates, glazing & lighting, and windshield to sunlight and high temperatures is fueling the usage of stabilizers such as light stabilizer and heat stabilizer in order to protect these exterior components of the vehicle.
Apart from light, heat, and thermal stabilizers, interior components of a vehicle such as instrument & door panels, consoles, pillars & seating components also require anti-scratch additives, since scratches can hamper the aesthetical appearance of the vehicle’s. Plastic components that are utilized in under-the-hood applications such as air ducts and air intake manifolds have to withstand high temperatures owing to the increasing efforts by OEMs to develop smaller-sized engines in order to improve the fuel-efficiency of vehicles. This, in turn, is anticipated to provide lucrative opportunities for the usage of heat stabilizers and thermal stabilizers in under-the-hood applications. Fuel additives are added to the engine oil and transmission oil for improving the fuel efficiency and vehicle performance.
Based on vehicle type, the automotive additives market can be classified into passenger vehicles and commercial vehicles. The passenger vehicles segment is anticipated to expand at a considerable growth rate during the forecast period owing to the rising consumer demand for passenger vehicles in recent years.
Based on electric vehicles, the automotive additives market can be segregated into battery electric vehicles, plug-in electric vehicles, and hybrid electric vehicles. The HEVs segment is anticipated to expand at a rapid pace during the forecast period. This is ascribed to the fact that HEVs provide improved fuel efficiency due to the presence of the electric propulsion systems apart from the conventional internal combustion engines.
Based on geographical region, the automotive additives market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The automotive additives market in Asia Pacific is expected to expand at a high growth rate during the forecast period, owing to the rapid expansion of the automotive industry in the region, huge production of passenger cars and electric vehicle is anticipated to drive the automotive additives market in forecast period.
Automotive Additives Market: Key Players
Key players operating in the global automotive additives market include BASF SE, Exxon Mobil Corporation, Covestro AG, The Dow Chemical Company, SABIC, Akzo Nobel N.V., Afton Chemical, EVONIK, and The Lubrizol Corporation.
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