Low profile additives market size is anticipated to record growth at a notable CAGR through 2023 - 2032. Rising demand for low profile additives in major end-user industries such as electrical, construction, and automotive is creating a strong impetus for industry growth.
Low profile additives are thermoplastics deployed into unsaturated polyester resins to enhance the surface finish of fiberglass or unsaturated polyester composites through shrinkage compensation.
These adhesives are increasingly being used in automotive applications where superior quality surface quality is needed. Surging inclination towards advanced vehicles coupled with growing disposable income has bolstered the demand for personal cars, stimulating industry growth.
Despite a broad scope for product adoption, however, ample availability of substitutes at affordable prices and fluctuations in raw material costs may constrain the application avenues for the market.
Low profile additives market growth from HDPE segment is anticipated to build up a considerable valuation through 2032, driven primarily by its recyclability and reusability. It offers superior processing and mechanical properties, which fosters its demand further. Moreover, growing demand for superior quality products among consumers has compelled manufacturers to invest in new product innovations.
Low profile additives market share from resin transfer molding (RTM) segment is poised to grow at a considerable CAGR over 2023 - 2032. Transfer molded parts boast of a high strength-to-weight ratio, which makes them suitable for manufacturing large items including automotive parts. Moreover, resin transfer molding is a cost-effective process as the materials incur low costs as compared to other molding types. Additionally, the process offers part reproducibility, design flexibility, and reduced energy consumption.
North America low profile additives market is anticipated to register noteworthy gains through 2032, on account of growing construction and automotive industry. Back in January 2023, the number of motor vehicles sold in the Canadian province, of Newfoundland, and Labrador was 10.8% more than that of January 2022, hinting towards a sizable recovery in the region’s leading application avenues.
Automotive sector players in the region are consistently developing innovative materials to achieve carbon neutrality, enhance fuel efficiency, and reduce vehicular weight, bolstering the demand for low profile additives.
Global low profile additives market key players include names such as Composites One LLC, Wacker Chemie AG (Dr. Alexander Wacker Familiengesellschaft mbH), Arkema Group, and Ashland Holdings, among others. Many of these companies are focusing on mergers and acquisition to maximize their revenues in relatively short times. Citing an instance, in July 2020, Forward AM by BASF, a leading chemical company, inked a deal with Shapeways, a U.S.-based 3D printing company, to offer customers 3D printed items made with Forward AM material.
The strategic move is expected to help Forward AM accelerate the use of additive manufacturing at scale.
The Russia-Ukraine conflict had had a negative impact on low profile additives industry on account of upheavals in global supply chains. The conflict has severely hindered operations for the global construction and automotive sectors by constraining raw material supplies, limiting revenues for the market from two of its key end-use industries. The geopolitical tensions have created a raw material shortage and disrupted global trade. However, growing efforts by world governments towards reviving the economy and ending the war are likely to bring some relief to the industry.