Low Profile Additives Market Share, Size, Trends, Industry Analysis Report, By Product; By Application (Sheet Molding Compounds/Bulk Molding Compounds, Pultrusion, Resin Transfer Molding, and Others); By Region; Segment Forecast, 2023-2032
- Published Date:Apr-2023
- Pages: 114
- Format: PDF
- Report ID: PM3180
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global low profile additives market was valued at USD 650.22 million in 2022 and is expected to grow at a CAGR of 8.4% during the forecast period. Low profile additives are thermoplastic particles injected into unsaturated polyester resin, an essential component of distinct composite materials. It is mainly used to improve the finishing of the surface of the fiberglass. Low-profile additives decrease surface roughness and improve surface smoothness and glossy finishing touch by reducing shrinkage. It is widely used in various end-use industries such as automotive, electronics, fiberglass, industrial, construction, aerospace, and others.
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Due to its favorable features, the massive use of thermoplastic additives in various end-use industries is anticipated to drive demand during the study period. The automotive industry's need for low-profile additives is growing rapidly due to their superior quality of surface finishing features. Furthermore, low profile additives are widely preferred in finishing various auto-components. This is projected to propel the market's growth in the automotive industry.
Manufacturers have faced challenges during COVID in terms of operation & supply chain constraints due to the lockdown. Also, several low profile additives-based product manufacturing companies have shut down or shrunk their operations due to the infection risks among their workforce. In the first quarter of 2021, the market for low profile additives experienced an increase in the demand for low profile additives due to growing consumer demand and an increase in the net sales of automotive, aerospace, construction, and other end-use industries.
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Industry Dynamics
Growth Drivers
The massive use of thermoplastic composites in the automobile industry due to their favorable features is anticipated to drive demand for low profile additives during the forecast period. Furthermore, the growing population across the globe, the rise in consumer preferences for personal vehicles, and government initiatives and support for the automobile industry have enhanced the performance of the low profile additives market. For instance, according to an article published by FDI India in August 2018, In April-March 2020, the industry will produce 26 million vehicles, including passenger vehicles, commercial vehicles, three-wheelers, two-wheelers, and quadricycles, of which 4.7 million will be exported. Low-profile additives are highly demanded in the automotive industry due to their high strength, lightweight, and good electric conductivity. In addition, it offers a good finishing touch to auto-components. This is projected to propel the growth of the low profile additives market in the automotive industry.
The factors such as the rise in population across the globe, rising infrastructure activity, increase in disposable income among people, and ongoing construction activities around the world are propelling the construction sector. For instance, according to an article published by Invest India in January 2023, In March 2021, the Parliament passed a bill to create a $ 2.5 Bn development finance institution named National Bank for Financing Infrastructure and Development for funding infrastructure projects in the country. Low profile additives are widely used as a coating and protecting layer that makes the construction strong and durable, using less concrete and reducing greenhouse gas emissions.
Report Segmentation
The market is primarily segmented based on product, application, and region.
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By Product |
By Application |
By Region |
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In 2022 Polyvinyl Acetate Product Segment is Projected to Garner Largest Revenue Share over the Study Period
Polyvinyl acetate-based TPEs are an excellent source of thermal insulation and possess high strength and flexibility. It is the most preferred additive in various industries, including aerospace, building, and construction, and the automotive sector has enhanced the growth of polyvinyl acetate. This is anticipated to increase the demand for low profile additives in the market. Furthermore, polystyrene and other product types also showed significant growth during the forecast period. It is extensively used in industrial and automotive applications, especially in gaskets, inert, interior and exterior components, seals, door and window handles, etc.
Sheet Molding Compound Application Segment Accounted for the Largest Market Share in 2022
Sheet molding application-based technology is widely used in the automotive industry, where it is used to improve the surface smoothness of various auto components. It is an excellent source of thermal insulation, resistance to chemicals and temperature, possesses high strength & flexibility, and reduces shrinkage of fiberglass, due to which it is the most preferred additive in various industries, including aerospace, adhesive & sealants, fabric, and, the automotive sector has enhanced the segment’s growth.
Sheet molding compound/ bulk molding compound-based additives use extrusion-molding technology to produce different auto-component shapes. In addition, it is resistant to chemicals, temperature, and high flexibility used to monitor air inlets and exhaust for improved engine operation. For instance, according to a report published by India Brand Equity Foundation (IBEF), in July 2022, India’s vehicle production in FY22 was around 22.9 Mn. These factors are expected to enhance the demand for the sheet molding compound market.
Furthermore, the building and construction sector is expected to grow over the forecast period. This is because the ever-increasing young population, rise in demand for building, and advancement in infrastructure development have driven the demand for low-profile additives used for finishing and coating purposes. Moreover, the resin transfer molding technique is widely utilized in the market due to its cost-effectiveness and efficient operating system. This factor is anticipated to enhance the global low profile additives market in the coming years. Other segments, such as the Pultrusion molding compound and other sectors, show positive growth during the forecast period due to growing demand for low profile additives.
The Demand in Asia-Pacific is Expected to Witness Significant Growth over Forecast Period
Asia-Pacific is the dominant region in the market. This region is also anticipated to maintain its dominance throughout the forecast period. Countries such as China, Japan, India, and others have significantly contributed to the growth of the low profile additives market in the region. There is a tremendous surge in low profile additives research and development in China and other Asia-Pacific nations. Several factors, including favorable government policies and financing, have contributed to the rise in R&D. Numerous nations are attempting to expand their research and innovation attempts to enhance the production technology of low profile additives. Additionally, favorable government policies and financing, expansion of research and innovation activities to enhance the production technology for thermosetting low profile additives.
Competitive Insight
Some of the major players operating in the global market include ALTANA divisions, AOC, Aromax Technology, BASF SE, INEOS, Interplastic Corporation, LyondellBasell Industries Holdings B.V., Mechemco, NOF EUROPE GmbH, Polychem, Polynt S.p.A., SWANCOR, Synthomer PLC, Taak Resin Co., Vin Industries, and Wacker Chemie AG.
Recent Developments
- In September 2022, BASF introduced VALERAS. It adds value to plastic applications by providing benefits with additive technical solutions & services. This strategic product launch is projected to enhance Europe's low profile additives market.
- In February 2020, INEOS introduced "Aropol LP 67400". It offers high strength and robust processing capabilities, mainly designed for low shrink and excellent cosmetics. This strategic product launch is projected to strengthen the potential sales of the low profile additives market in the North America region.
Low profile additives Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 703.34 million |
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Revenue forecast in 2032 |
USD 1,455.96 million |
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CAGR |
8.4% from 2023 - 2032 |
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Base year |
2022 |
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Historical data |
2019 - 2021 |
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Forecast period |
2023 - 2032 |
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Quantitative units |
Revenue in USD million and CAGR from 2023 to 2032 |
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Segments covered |
By Product, By Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key companies |
ALTANA divisions, AOC, Aromax Technology, BASF SE, INEOS, Interplastic Corporation, LyondellBasell Industries Holdings B.V., Mechemco, NOF EUROPE GmbH, Polychem, Polynt S.p.A., SWANCOR, Synthomer PLC, Taak Resin Co., Vin Industries, and Wacker Chemie AG. |
FAQ's
The low profile additives market report covering key segments are product, application, and region.
Low Profile Additives Market Size Worth $1,455.96 Million By 2032.
The global low profile additives market expected to grow at a CAGR of 8.4% during the forecast period.
Asia-Pacific is leading the global market.
Key driving factors in low profile additives market are rise in consumer preferences for personal vehicles and growth in renewable energy.
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