The global low profile additives market size is expected to reach USD 1.71 billion by 2025, expanding at a CAGR of 7.4% over the forecast period, according to a new report by Grand View Research, Inc. Growing demand for low shrinkage and surface finished plastic products is likely to drive the demand for Low Profile Additives (LPA).
Demand for low profile additives is
anticipated to witness significant growth in the forthcoming years on account
of expanding automotive industry in Asia Pacific and North America. Increasing
application of Polyvinyl Acetate (PVA) low profile additives in headlamp
reflectors, lighting systems, and under the hood components is likely to drive
growth of the low profile additives market. On the down side, fluctuation in
raw material prices is expected to hinder the growth over the forecast period.
An increase in raw material prices could result in a surge in cost of production,
thereby affecting LPA prices.
For sample report please visit @:- https://www.grandviewresearch.com/industry-analysis/low-profile-additives-lpa-market
Low cost for per unit weight is likely to
drive demand for polystyrene products over the forecast period. Growing demand
from construction industry and increasing SMC and BMC applications are expected
to drive demand for low profile additives. Polystyrene LPAs are used in various
markets including building and construction, electronics and electrical, home
and domestic appliances, and industrial sector. Growing demand for low
shrinkage products from end-use industries is expected to drive demand for
polystyrene products in near future.
Increasing demand from sheet and bulk
molding compounds is prominently fueling the LPA market growth. Although Sheet
Molding Compounds (SMC) and Bulk Molding Compounds (BMC) are similar in composition,
they are processed differently. Production technologies for both these
composites involve similar two-part process for molded parts. Low profile
additives used in the resin premixes perform the role of reduction of
polymerization shrinkage and thermal contraction. The resulting composite parts
from these applications compete with steel parts in their mechanical properties
and ensure pronounced chemical and corrosion resistance and allow very high
design freedom. SMCs ensure superior mechanical properties on the backdrop of
the longer fibers utilized in this process. On the other hand, BMCs impart
several essential advantages to the composite materials such as better flow and
temperature resistance as compared to SMC owing to the shorter fibers and higher
filler content.
Most companies actively participating in
the market have extensive production capacities and vast distribution channels
across the globe. Manufacturers are involved in new product developments and
expansion strategies, such as mergers and acquisitions, to strengthen their
position in the market.
Further key findings
from the study suggest:
·
Asia Pacific led the low profile additives
market during the forecast period. China is the fastest-growing country on
account of growing automotive industry
·
Polyvinyl acetate segment is fueling the
market growth owing to its improved surface finished and low shrinkage
properties
·
Various strategic initiatives were recorded
over the past few years to boost the growth of the market. For instance, in
November 2017, Wacker Chemie AG expanded its existing production facilities
dispersions and dispersible polymer powders in South Korea. Purpose of the
expansion was to increase annual production capacity of dispersible polymer
powders up to 80,000 MT.
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