Global Low Profile Additives Market Overview:
The global low profile additives market is primarily driven by the increasing use of these additives in the automotive industry. Low Profile Additives Market: Information by Technique (SMC, BMC, RTM), Product (PVA, PMMA, PS, HDPE), End-Use Industry (Automotive, Construction, Military & Aerospace, Electronics, Consumer Products & Home Appliances), Region—Forecast till 2023. The use of low profile additives in automobiles makes them lightweight yet strong, and therefore more efficient and durable.
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Moreover, the increasing use of the product in the building and construction industry is propelling market growth. This can be attributed to the properties of low profile additives such as electrical insulation, dimensional stability, and corrosion resistance. Dynamic growth-centric countries in Asia-Pacific such as China, India, Thailand, Malaysia, and Indonesia are expected to offer lucrative opportunities for growth to market players during the forecast period.
Additionally, the use of fiber reinforced plastics incorporated with low profile additives offers design flexibility, cost reduction, weight reduction and improved lead time. The widespread use of fiber reinforced plastics in the military and aerospace industry is likely to fuel the demand for low profile additives during the assessment period.
However, the volatility of raw material prices is likely to hamper market growth during the review period. Also, the substitution by polymers in major end-use industries such as automotive, construction, and pharmaceuticals may have a negative impact on market growth.
The global low profile additives market has been segmented by technique, product, end-use industry, and region.
By technique, the global low profile additives market has been segmented into sheet molding compound (SMC), bulk molding compound (BMC), resin transfer molding (RTM), and pultrusion. The sheet molding compound segment is expected to account for the majority market share as the product is cost-effective, light weight, and reduces industry scrap. Also, it can be easily produced in high volumes. Although SMC and BMC possess the same properties such as dimensional stability, high strength, and corrosion resistance, the BMC segment is expected to grow significantly in the coming years. This can be attributed to the increasing adoption of BMC in the electronics industry as it is fire- and flame-resistant.
Based on product, the market has been segmented into polyvinyl acetate (PVA), polymethyl methacrylate (PMMA), polystyrene (PS), and high density polyethylene (HDPE). The PVA segment is expected to account for the largest market share due to the extensive use of the product in the production of automotive parts such as headlamp reflectors, lighting systems, under-the-hood components, and LED lighting. PMMA is widely used as a shatterproof replacement for glass and has various advantages over polystyrene such as high resistance to UV light and weathering, excellent light transmission, and a wide range of color options.
The market has been segmented, by end-use industry, into automotive, construction, military and aerospace, electronics, consumer products and home appliances, and others. Automotive is expected to be the leading end-use industry segment due to the increasing demand for lightweight and fuel-efficient automobiles to meet the stringent regulations for volatile organic compound (VOC) emissions. The construction segmented is expected to account for the second-largest market share due to rapid industrialization across the globe.
The low profile additives market has been analyzed with respect to five regions, namely, Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
The market in Asia-Pacific dominated the global low profile additives market in 2017 on account of the high demand from major end-use industries such as automotive, construction, electronics, and consumer products in the region.
The North American market is expected to witness significant growth due to the demand from the construction, automotive, and military and aerospace industries.
High production and trading of automotive parts in Western European countries such as Germany, the U.K., Italy, and France is expected to drive product demand during the forecast period.
Some of the manufacturers operating in the global low profile additives market are PolyOne Corporation (U.S.), Ashland (U.S.), CCP Composites (U.S.), Wacker Chemie AG (Germany), LyondellBasell Industries Holdings B.V. (Netherlands), Momentive (U.S.), FRP Services & Company (Japan), Reichhold LLC 2 (U.S.), Command Chemical Corporation, Inc. (U.S.), Changzhou Huarun Composite Materials Co., Ltd. (China), Arkema (France), and Swancor Ind. Co., Ltd. (Taiwan).
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