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United States, Rockville MD, June 14, 2022 (GLOBE NEWSWIRE) -- A recently published report by Fact.MR, a market research and competitive intelligence provider, reveals that the global low profile additives market is projected to rise at a robust CAGR of 14.1% over the forecast period (2022-2032), reaching US$ 2.24 billion by the end of 2032.
Widespread usage of fiber-reinforced polymers in military and aerospace industries is projected to fuel demand for low profile additives over the coming years. As the commercialization of electric vehicles grows, so will the demand for these compounds, fuelling the global low profile additives market.
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Low profile additives are utilized in medical and healthcare to enhance equipment for clinical diagnosis and therapies that facilitate recovery and assist patients in returning to active lives.
Resin transfer molding has a lot of potential as a cost-effective and efficient way to make huge and complex structural components. Furthermore, the method is extremely attractive for high-volume automotive applications because of the minimal investment and process versatility in component integration.
Which Key Trends are Shaping the Low Profile Additives Market?
“Growing Usage for Low Profile Additives in Automotive Industries”
Several lightweight composite materials have taken the place of steel elements. Sheet molding compounds are the most often utilized composite materials in the automotive sector due to their superior mechanical qualities.
Because of the expanding production and sales of various commercial and passenger cars around the world, there is a high need for automotive additives in the automotive industry. According to OICA statistics, worldwide vehicle sales in 2020 will exceed 77 million units. Moreover, an increasing preference for automobile ownership is driving the market growth.
To reduce the total weight of the vehicle, the automobile industry is currently researching lightweight materials. This is primarily due to the growing need for better gas mileage. With suitable mechanical qualities and weight reduction, a lower density sheet molding compound (SMC) based on fiberglass and polyester technology can be developed.
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Key Segments Covered in the Low Profile Additives Industry Survey
- Low Profile Additives Market by Type :
- Polyvinyl Acetate
- Polymethyl Methacrylate
- Other Types
- Low Profile Additives Market by Application :
- Sheet Molding Compounds (SMC)/Bulk Molding Compounds (BMC)
- Resin Transfer Molding
- Other Applications
Majority of market participants have a large production capacity and extensive distribution networks all over the world. To increase their market position, manufacturers are engaging in new product development and expansion strategies such as mergers and acquisitions.
- In 2020, Gazechim Composites and Polynt-Reichhold Group agreed to supply unsaturated polyester materials, gel coatings, and bonding pastes. This is projected to improve the Polynt-Reichhold Group's market share in the European region, as well as demand for low profile additives on a global scale.
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Key players in the Low Profile Additives Market
- Momentive Specialty Chemicals Inc.
- Ashland Inc.
- Mechemco Group
- Cray Valley
- Swancor Ind. Co. Ltd.
- Reichhold Chemicals Inc.
- Command Chemical Corp.
Key Takeaways from Low Profile Additives Market Study
- Market in North America anticipated to rise at 14.8% CAGR over forecast period.
- APAC accounts for 28.3% share of global low profile additives market.
- Global low profile additives market to reach valuation of US$ 2.24 billion by 2032.
- Demand for sheet molding compounds (SMC)/bulk molding compounds (BMC) projected to increase at 15.2% CAGR from 2022 to 2032.
Fact.MR's Domain Expertise in Chemicals and Materials Division
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemicals and materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs.
With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the chemicals and materials division across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
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