by The low profile additives market has been gaining significant traction over the past decade owing to the growing demand from end-use industries such as transportation, construction and marine. Low profile additives are polyester and unsaturated polyester resin modifiers used to reduce viscosity and sagging in industrial coatings. They impart key characteristics such as sag resistance, minimized contamination risk, flowability improvement and superior electrical insulation. With regulations on vehicle emissions tightening, low profile additives that facilitate improved filler loading, thinner layer thickness and near-edge coverage have become imperative.
The global low profile additives market is estimated to be valued at US$ 760.3 million in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031..
Key Takeaways
Key players operating in the Low Profile Additives Market Size are Wacker Chemie AG, INEOS AG, Polynt S.p.A., Vin Industries, BASF SE, Altana, Polychem Ltd., Swancor, LyondellBasell Industries Holdings B.V., Aromax Technology Corp., Interplastic Corp., Synthomer PLC, AOC, LLC, Mechemco, Taak Resin Co. and NOF Corporation.
The key opportunities in the market include development of bio-based low profile additives and adoption in composite applications. Growth of end-use industries such as transportation and focus on reduced emissions present a lucrative avenue.
Geographically, Asia Pacific currently dominates the global market owing to large automotive production base and growth of construction industry in China and India. However, North America is expected to witness fastest growth on account of stringent regulations to reduce vehicle weight and emissions. Manufacturers are also focusing on European countries for business expansion.
Market Drivers
Growing demand for reduced emission technologies from the automotive industry has been a major driver for the low profile additives market. Additives that enable thinner coatings and improved filler loading facilitate lightweighting of vehicles. This significantly contributes to better fuel efficiency and lesser emissions. Along with regulations, rising environmental consciousness among consumers has compelled automakers to increasingly adopt low profile additive technologies. The market is further driven by growth in end-use industries such as transportation, marine, wind energy and construction globally.
PEST Analysis
Political: Government policies regarding environmental regulations and safety standards affect the use of low profile additives. Strict emission norms impact the demand.
Economic: Changes in GDP, disposable income levels influence consumption of end-use products containing low profile additives like building & construction and transportation industries. Economic cycles impact investments in these sectors.
Social: Increasing population, urbanization, industrialization drive the residential & commercial construction activities requiring low profile additives for quality painting & coating applications. changing lifestyles influence demand for automobiles.
Technological: Advances in additive manufacturing techniques aid in developing newer grades of low profile additives with improved properties. Enhanced R&D focuses on environment-friendly solutions supporting sustainability goals.
Geographical regions with high market concentration
The Asia Pacific region accounts for the largest share of the global low profile additive market in terms of value. This is attributed to the presence of emerging economies like China and India with rapidly growing construction, automotive, and industrial sectors. High economic growth and rising disposable incomes in the region propel the demand.
Fastest growing region
The market in Central & South America is poised to witness the fastest CAGR during the forecast period. This is owing to increasing foreign investments in infrastructure development projects, expanding manufacturing industries and growing automobile production in major countries like Brazil and Mexico. Development initiatives coupled with robust economic performance augur well for the low profile additive demand.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
