Market Outline: Automotive Additives Market
Automotive additive market products in two basic categories mainly additives for use in the vehicle’s fuel system, including both Diesel and gasoline engines, and cleaners and supplements for use with the various lubricants in the vehicle, including engine oil, transmission fluid, gear oil and power steering fluid. As it is critical to maintain fuel system cleanliness to maximize fuel economy and performance and minimize emissions, LSC manufacturers fuel products containing state-of-the-art deposit control additives including polyether amines (PEA) and polyisobutylenes (PIB) that effectively remove deposits from fuel injectors, intake valves and combustion chambers, returning fuel system to near new cleanliness and performance. For diesel engines, in addition to deposit control additives to maintain engine cleanliness, our diesel fuel products also contain components to address the deficiencies of current Diesel fuels, improving key performance parameters including Cetane number, lubricity and low temperature performance.
Automotive Additive Market was valued at US $ XX Mn and expected to grow at XX% Compound Annual Growth Rate (CAGR) from 2019 to 2025.
Growing demand of fuel which enhances its efficacy coupled with the preference of high quality cars instead of low quality cars has up surged the growth of automotive additive market. With the increasing pollution and environmental thereat imposed due to the use of conventional fuel there is a rise in demand for the use of automotive additives. This is considered to be one of the factor which has positively impacted the growth of automotive additives in the market. The growing trend of electric vehicles is also a major factor that has contributed to the growth of this market. However, volatility in prices of additives, the high price of the oil and fuel automotive additives and the engine downsizing trend going on in the automobile industries, are the factors that are expected to affect the growth of automotive additives market.
Based on plastic type, market is segmented into the following:
- Polypropylene (PP)
- Polyurethane (PUR)
- Poly-Vinyl Chloride (PVC)
- Acrylonitrile Butadiene Styrene (ABS)
Based on the plastic additive, market is segmented into the following:
Based on vehicle type, market is segmented into the following
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Electric Car
Based on automotive application, market is segmented into the following
- Under the Hood
- Electronics & Electrical
Geographically, automotive additive market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Asia Pacific Market is expected to grow and become the largest market for automotive additives by the end of the year 2017. The reason behind this is that the Asia-Pacific region is the hub for the production of passenger cars and electric automobiles. China being the largest market for automotive additives in the region. Furthermore, the electrification of vehicles is also driving the automotive additives market in this region. The region is focusing on manufacturing fuel efficient vehicles by reducing the overall weight of the vehicle. This is also helping to boost the automotive additives market in the region. North America Automotive Additive Market is growing at a healthy rate, owing to the increasing government regulations on emissions, along with increasing investments in the development of newer additives. Gasoline fuel additives have been one of the most dynamic segments of the industry in the past decade and will continue to offer opportunities, especially, for better performing products. Additionally, fuel ethanol is the most excessively used fuel additive in the United States. Europe Automotive Additive Market is expected to grow at a moderate CAGR during the forecast period. The market is driven by the enactment of stringent environmental regulations, in addition to the increasing demand for clean and efficient fuel.
- Akzo Nobel N.V.
- BASF SE
- Covestro AG
- The Dow Chemical Company
- Evonik Industries
- ExxonMobil Corporation
- Kaneka Corporation
- PolyOne Corporation
Notable Market Developments:
- November 2017: Agreement between Eni SpA and, a major car manufacturer, FCA to reduce CO2 emissions.