Automotive Additive Market: Introduction
- 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, which are used to manufacture automotive component. 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.
Key Drivers of Automotive Additive Market
- Stringent CO2, NOx emission environmental norms are driving the global automotive additive market. Increasingly stringent norms and regulations regarding improved fuel-efficiency, which are being laid enacted by several regulatory bodies in different nations, is expected to further propel the automotive additives market in the near future.
Challenges in Automotive Additive Market
- The recent outbreak of COVID-19 pandemic has affected national as well as international automotive supply chains, manufacturing and R&D operations, and consequently, hampered the automotive industry. Post first wave of COVID-19, global economies have started opening automotive manufacturing and supply chain operations, thus the COVID impact on the industry seems to have reached a state of normalcy; however, a resurgence in COVID-19 cases in countries across the globe has prompted governments to impose a second round of lockdown restrictions and hence, the uncertainty continues in the automotive and allied industries.
Opportunities in Automotive Additive Market
- Increasing adoption of alternate fuel sources such as ethanol and biodiesel in the last few 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 anticipated to offer significant opportunity for the automotive additive market.
Europe holds Dominant Share of Global Automotive Additive Market
- Based on region, the global 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. Furthermore, high production of passenger cars and electric vehicles is anticipated to further drive the automotive additives market during the forecast period.
Key Players Operating in Global Automotive Additive Market
The global automotive additive market is moderately consolidated. A few of the key players operating in the global automotive additive market are:
- BASF SE
- Exxon Mobil Corporation
- Covestro AG
- The Dow Chemical Company
- SABIC
- Akzo Nobel N.V.
- Afton Chemical
- EVONIK
- The Lubrizol Corporation
- Afton Chemical
- Innospec Inc
Global Automotive Perception Sensor Mark: Research Scope
Global Automotive Adaptive Suspension System Market, by Vehicle Type
- Passenger Vehicle
- Hatchback
- Sedan
- Utility Vehicles
- Light Duty Vehicle
- Medium & Heavy Duty Trucks
- Buses & Coaches
Global Automotive Adaptive Suspension System Market, by Type
- Oil Additive
- Plastic Additive
- Fuel Additive
Global Automotive Adaptive Suspension System Market, by Application
- Interior
- Exterior
- Under the hood
- Electric and Electronics
Global Automotive Additive Market, by Region
- North America
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Nordic Region
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
