Low Profile Additives Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3749
Low Profile Additives Market size will witness healthy growth in the next few years owing to developments in the automotive industry. Increasing per capita income due to rising employability in emerging economies has propelled the demand for personal vehicles. This has impacted low profile additives market in a positive manner as it is extensively used in high performance sheet molding compounds which are used in various components of automobiles. The product is used in lightning systems, headlight reflectors and under-the-hood components. Increasing environmental concerns have enforced automotive manufacturers to go through a phase of transition and major companies are developing vehicles with lesser carbon footprint. An important step to reduce emission and fuel consumption of automobiles is by reducing their weight, and thus steel parts are now replaced by many lightweight composite materials. Among all composite materials, sheet molding compounds are majorly used in the automotive industry as these have exceptional mechanical properties. These aforementioned factors have given an up thrust to the demand for overall low profile additives market.
Growth in the construction sector has also propelled the low profile additives market as these are used to make various composite profiles through pultrusion process which provide corrosion resistance, dimensional stability and electrical insulation. Emerging nations such as Brazil, Mexico and India are formulating policies to stimulate the growth in their economies, and this has given a positive growth trend to the construction sector. Increasing population and disposable income has spurred the demand for residential homes and rising consumer consciousness towards use of more durable products, which will escalate the low profile additives market.
Developed countries such as the U.S. also shows a positive outlook in the construction sector. The construction companies in the U.S. spends more than USD 10 trillion in construction related goods and services each year. All these trends are expected to follow and drive the growth of the low profile additives market over forecast timeframe. The raw materials required to produce low profile additives are majorly the petrochemicals derivatives and prices of these are volatile, making it difficult for the manufacturers to maintain stable profit margins. This factor may act as a restraint for the market growth.
There are different types of low profile additives which are used for avoiding shrinkage and improving the surface finish. The major ones are PVA (polyvinyl acetate) based, PMMA (poly methyl methacrylate) based, HDPE (High density polyethylene) based and polystyrene based. Among these PVA based products have wide application in compounding techniques and increasing demand of goods with better surface finish for improving aesthetics will further enhance the low profile additives market demand in coming years.
Low profile additives market has major applications in compression and injection molding, pultrusion, hand lay-up, spray lay-up, resin transfer molding, etc. The compression and injection molding consist of sheet molded compounds and bulk molded compounds. These compounds found their major usage in truck components, automotive body panels, semi-structural parts, etc. The resin transfer molding is utilized in the applications where there is a low temperature and pressure and this process is getting popular mainly due to its convenience and low cost.
On the basis of region, Asia Pacific is expected to hold decent share in the overall low profile additives market owing to increasing demand for sheet and bulk molding compounds, as these have excellent thermal, dimensional, and electrical stability. High growth in the regional construction sector due to increasing urbanization in countries such as India, Thailand, and Vietnam has also catapulted the demand for low profile additives. North America and Europe will show considerable growth rate in from 2019 to 2025. Advent of electrical vehicles and pressure from international communities to reduce emission has forced leading automobile manufacturers to find more sustainable solutions. Use of sheet molded parts in automobiles is one of them, which has increased the visual appeal of automobiles and reduced their weights. Such trends will drive the low profile additives market growth rate in coming years.
Some of the prominent players in low profile additives market are Composites One, Arkema Group, Altana, Ashland, Aliancys, Monachem, AOC, Llc, Lucite International, Wacker Chemie, Poliya Composite Resins and Polymers, Mechemco, Link Composites, Reichhold, Synthomer, Polynt Group, etc.
Low Profile Additives Market, By Type, 2014-2025 (Kilo tons) (USD Million)
- PVA based
- PMMA based
- Polystyrene based
- HDPE based
Low Profile Additives Market, By Anchorage Type, 2014-2025 (Kilo tons) (USD Million)
- Compression & Injection molding
- Sheet molding
- Bulk molding
- Resin Transfer molding
- Hand lay-up
- Spray lay-up
The above information has been provided for the following regions and countries:
- North America
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
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