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 the 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 of 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 Manufacturers, 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 positive market growth within the automotive sector.
Based on region, the 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 the 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 the competitive landscape and the presence of well-established companies in the market who are dedicated to enhancing their productivity of Performance Additives with every passing year are anticipated to register impressive growth in the 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 the Global Performance Additives Market.
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Table of Content-Performance Additives Market
- Product Overview
1.1. Market Definition
1.2. Scope of the Market
1.2.1. Markets Covered
1.2.2. Years Considered for Study
1.2.3. Key Market Segmentations
- Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
- Executive Summary
3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, Trends
- Global Performance Additives Market Outlook
4.1. Market Size & Forecast
4.1.1. By Value
4.2. Market Share & Forecast
4.2.1. By Type (Plastic Additives, Rubber Additives, Ink Additives, Pigment Additives, Others)
4.2.2. By End User (Packaging, Household Goods, Construction, Automotive, Industrial, Others)
4.2.3. By Region
4.2.4. By Company (2022)
4.3. Market Map
4.3.1. By Type
4.3.2. By End User
4.3.3. By Region
- Asia Pacific Performance Additives Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Type
5.2.2. By End User
5.2.3. By Country
5.3. Asia Pacific: Country Analysis
5.3.1. China Performance Additives Market Outlook
5.3.1.1. Market Size & Forecast
5.3.1.1.1. By Value
5.3.1.2. Market Share & Forecast
5.3.1.2.1. By Type
5.3.1.2.2. By End User
5.3.2. India Performance Additives Market Outlook
5.3.2.1. Market Size & Forecast
5.3.2.1.1. By Value
5.3.2.2. Market Share & Forecast
5.3.2.2.1. By Type
5.3.2.2.2. By End User
5.3.3. Australia Performance Additives Market Outlook
5.3.3.1. Market Size & Forecast
5.3.3.1.1. By Value
5.3.3.2. Market Share & Forecast
5.3.3.2.1. By Type
5.3.3.2.2. By End User