05-Jun-17 The global automotive additives market is projected to grow at a CAGR of 6.52% during the forecast period, from US$6.25 bln in 2017 to US$8.58 bln by 2022, as per MarketsandMarkets™. In terms of volume, the market is estimated to reach 2,733.9 kilotons by 2022. The major factors driving the growth of the automotive additives market are shift in trend of lightweight vehicles to meet emission regulations, increased use of plastics in vehicles, rise in the production of passenger cars, and electrification of vehicles. Interior application market is estimated to be the largest market in automotive additives market. The interior application market is estimated to have the largest market share owing to the increased use of plastic compared to other material. The demand for automotive additives in the interior application is increasing owing to the focus on aesthetics, safety, comfort, color, quality, and durability. The use of plastics in a vehicle is increasing due to government emission regulations for vehicles and demand for lightweight material in vehicles by OEMs.
The market for polypropylene plastic is estimated to be the fastest growing market, owing to the increased use of polypropylene plastics in the automotive industry. The application of polypropylene plastics is more than other plastics such as polyurethane, poly-vinyl chloride, and others. The growth of polypropylene additives market is witnessed in all the major regions. The major driver for the growth of the polypropylene plastic is the large production of passenger cars and electric vehicles in countries such as China, U.S., and Japan.
Asia-Pacific is estimated to be the largest market, by value, for automotive additives in 2017, owing to the huge production of passenger cars and electric vehicles in the region. The need for fuel efficiency has also fueled the demand for automotive additives in this region. According to China Passenger Car Association, the demand for low segment cars is fading out. OEMs are shifting their production focus from the lower segment to higher segment vehicles. The demand for additives is also increasing due to increase in the use of electric vehicles and the trend to use lightweight material in vehicles to attain fuel efficiency. The Corporate Average Fuel Economy (CAFE) regulations to reduce emission and demand for lightweight material in the automotive industry are expected to drive the growth of the Automotive Additives Market in the region.
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