Low Profile Additives Market Projected to Reach $664 million by 2023
According to the market research report "Low Profile Additives Market by Type (PVA, PMMA, Polystyrene, and Others), Application (SMC/BMC, Resin Transfer Molding, Pultrusion, and Others) and Region (North America, Europe, Asia-Pacific, and Rest of The World) - Global Forecast to 2023", The low profile additives market is projected to grow from USD 381 million in 2018 to USD 664 million by 2023, at a CAGR of 11.8%.
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The increased demand for SMC/BMC in the automotive industry, growth in consumption of composites in electrical & electronics and construction industries, and increasing demand for electricity from renewable sources are the major drivers of the low profile additives market. The increasing demand for composites in emerging economies such as China, India, and Brazil is also expected to drive the market during the forecast period.
The PVA segment is projected to lead the low profile additives market during the forecast period
Based on type, the PVA segment is projected to lead the low profile additives market during the forecast period. PVA has outstanding solubility characteristics, good adhesion, good weather resistance, and non-toxic properties which are responsible for its large market share. PVA also enables high productivity with minimized operation cost, which is also driving its demand.
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The SMC/BMC application segment is projected to register the highest CAGR during the forecast period
Based on application, the SMC/BMC segment is projected to register the highest CAGR between 2018 and 2023. Low profile additives are receiving considerable attention as they reduce shrinkage in class A surfaces of automotive components, construction tools, and electrical appliances. The demand for automotive is expected to grow in the near future owing to increased consumer demands, urbanization, new technological innovations, and change in government regulations. This is expected to boost the demand for low profile additives during the forecast period.
APAC is projected to register the highest CAGR in the low profile additives market between 2018 and 2023
The low profile additives market in APAC possesses immense growth potential. The increasing demand for electricity through wind energy, growing demand for automotive, and the growing urbanization and industrialization in the region are expected to fuel the demand for low profile additives during the forecast period. China, India, Japan, and South Korea are some of the key low profile additives markets in the region.
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Some of the key players in the low profile additives market are Wacker Chemie (Germany), LyondellBasell Industries (Netherlands), Polynt-Reichhold Group (Italy), AOC Aliancys (Italy), and Interplastic Corporation (US). Investment & expansion and agreement were the major growth strategies adopted by the market players between 2015 and 2018 to enhance their regional footprint and meet the growing demand for low profile additives in the emerging economies.
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