Performance Additives Market to Grow with a CAGR of 5.26% through 2028
Surge in
research and development activities is expected to drive the Global Performance
Additives Market growth in the forecast period, 2024-2028
According to
TechSci Research report, “Performance Additives Market – Global Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2028”,
the Global Performance Additives Market stood at USD126.38 billion in 2022 and
is anticipated to grow with a CAGR of 5.26% in the forecast period, 2023-2028.
The initiatives taken by government based on Performance Additives has led to
favorable market conditions for the Global Performance Additives Market.
Several factors contribute to the growth of various Performance Additives products.
The Biden
administration, under its AM Forward initiative, has launched a comprehensive
effort aimed at democratizing new technologies such as additive manufacturing.
This initiative seeks to empower entrepreneurs and companies across the country
by equipping them with the tools and resources needed to leverage additive
manufacturing capabilities.
The adoption of
performance additives is poised to witness a significant surge, particularly
within the manufacturing sector, owing to their indispensable role in enhancing
the properties and functionalities of manufactured products. By harnessing the
potential of performance additives, manufacturers can unlock new realms of
innovation and competitiveness.
Governments
worldwide are recognizing the transformative potential of additive
manufacturing and are actively promoting its adoption. In the United States,
the government has been lending its support to industry-driven initiatives,
leveraging government resources and academic research to propel advancements in
additive manufacturing technologies. This collaborative approach aims to create
an ecosystem that fosters innovation, accelerates the pace of technological
advancements, and strengthens the nation's competitiveness on the global stage.
In recent years,
there has been a significant increase in research and development (R&D)
activities, which have paved the way for the creation of innovative and
high-performance additives. These additives, with their advanced features and
functionalities, are specifically designed to cater to the ever-evolving needs
of various industries. As a result, the market has witnessed substantial
growth.
For instance,
the continuous efforts in research have led to the development of eco-friendly
plasticizers and flame retardants. These eco-friendly alternatives have gained
traction due to the growing demand for sustainable and safe solutions. By addressing
environmental concerns and safety requirements, these additives have become a
preferred choice among industries seeking to reduce their ecological footprint
and enhance product safety.
The ongoing
commitment to R&D and the pursuit of cutting-edge solutions continue to
drive the market forward, providing industries with a wide range of additives
that not only meet but exceed their expectations.
The Global
Performance Additives Market is segmented into type, end user, regional
distribution, and company.
Based on its end
user, the automotive segment held the largest share in the market. Performance
additives, serving as effective performance enhancers, find wide-ranging
applications in the modern automotive industry. These additives play a crucial
role in fuels and lubricants by preventing wear and tear of engine components
and ensuring optimal temperature and pressure bearing capacity. Moreover,
performance additives with anti-degradant properties are extensively used in
automotive tires, enhancing their durability and longevity.
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The automotive
sector has witnessed remarkable growth, driven by rapid urbanization,
increasing demand for fuel-efficient vehicles, and substantial investments in
the industry. According to the International Organization of Motor Vehicles
Manufacturer, global automotive production reached a staggering 80.1 million
units in 2021, marking a notable 3% increase compared to the previous year.
This surge in production volume has resulted in a heightened demand for
performance additives in lubricant and fuel applications, contributing to the
positive market growth within the automotive sector.
Based on region,
Asia Pacific segment is expected to grow during the forecast period.
Throughout the
projection period, there has been a steady increase in output across various
sectors in the region, such as paints & coatings, plastics, inks,
automotive, and electronics. This growth can be attributed to the expanding
construction activities in the area, which have further fueled the demand for
performance additives.
Notably, the
demand for paints, coatings, polymers, adhesives, and sealants is anticipated
to rise in the coming years due to increased investments in residential and
commercial building projects in nations like India, China, the Philippines,
Vietnam, and Indonesia. Moreover, it is worth mentioning that several airport
construction projects have been planned for China and are currently in either
the planning or development stages. In addition to this, the Indian government
has set an ambitious goal of building 100 airports by 2032, further
contributing to the overall growth and demand for performance additives in the
region.
Major companies
operating in Global Performance Additives Market are:
- Adeka
Corporation
- AkzoNobel
NV
- Arkema
SA
- Asahi
Glass Co. Ltd
- Ashland
Inc.
- Baerlocher
GmbH
- BASF
SE
- Clariant
AG
- The
Dow Chemical Company
- Evonik
Industries AG
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“Growing
application of Performance Additives in various end user industries are key
drivers of the Performance Additives Market. Growth in competitive landscape
and presence of well-established companies in the market who are dedicated to
enhance their productivity of Performance Additives with every passing year are
anticipated to register an impressive growth to Global Performance Additives
Market in the forecast period.,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based management consulting firm.
“Performance Additives Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type (Plastic Additives, Rubber Additives, Ink Additives, Pigment Additives, Others), By End User (Packaging, Household Goods, Construction, Automotive, Industrial, Others), By Region and Competition, 2018-2028F”, has evaluated the future growth
potential of Global Performance Additives Market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and analyzes
the emerging trends along with essential drivers, challenges, and opportunities
in Global Performance Additives Market.
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