Newark, June 17, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 0.84 Billion Low-Profile Additive market will reach USD 1.90 Billion by 2033. Rapidly growing demand for Advanced Molecules and strategic initiatives by the private players may fuel the growth of the Low-Profile Additive Market. As demand rises for advanced molecules, manufacturers in the low-profile additive market are prompted to broaden and enrich their product offerings. Through the creation of inventive additives boasting upgraded properties and functionalities—like heightened compatibility with diverse resins or superior performance attributes—these manufacturers can effectively address the changing requirements across various industries, meeting the dynamic needs of their clientele.
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Low-Profile Additive Market Size by Product (Polyvinyl Acetate (PVAc), Polymethyl Methacrylate (PMMA), Polystyrene (PS), Polyurethane (PU), High-density Polyethylene (HDPE)), Application (Shrink & Bulk Molding Compounds (SMC/BMC), Resin Transfer Molding, Pultrusion, Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2024 to 2033
North America emerged as the largest global Low-Profile Additive market, accounting for 43% of the total market. Owing to the increased adoption of fiber-reinforced plastics. Increased demand of the Additives in the Automobile Segment in the market. Whereas Asia Pacific exhibits the highest growth rate in the market owing to rapidly growing strategic initiatives by the private players in the region.
Polyvinyl Acetate (PVAc) has dominated the market accounting for 50% of the total market in the year 2023
Polyvinyl Acetate (PVAc) has dominated the market accounting for 50% of the total market in the year 2023. Owing to rapid technological advances and increasing demand for Polyvinyl Acetate (PVAc) in electrical and electronic industries in the global market. Whereas, Polymethyl Methacrylate is expected to provide a lucrative growth rate in the future, owing to its UV resistant properties, and light emitting transmission
Shrink & Bulk Molding Compounds (SMC/BMC) have dominated the Low-Profile Additive market. Thereby acquiring 53% in the year 2023
Shrink & Bulk Molding Compounds (SMC/BMC) have dominated the Low-Profile Additive market. Thereby acquiring 53% in the year 2023. Owing to rapidly growing automobile industry in the global market. Resin Transfer Molding happen to be the fastest-growing segment within the market. Owing to its low cost in the market.
Latest Development:
• In August 2023, Dublin City Council established a partnership with INEOS Composites, a prominent provider of essential materials for the plastics industry. These materials encompass unsaturated polyester and vinyl ester resins, gel coats, and low-profile additives. Dublin City Council Culture Company, committed to enhancing cultural initiatives and infrastructure in Dublin, aims to foster connections among artists, groups, and communities through the utilization of libraries, museums, and creative spaces across the city. INEOS Composites, a division of INEOS Enterprises, is globally recognized for its manufacturing and distribution of materials utilized in various sectors, including building materials, corrosion-resistant FRP, recreation, transportation, and wind energy.
• In July 2023, INEOS AG unveiled a strategic initiative focused on improving its operations in North America. This entailed consolidating several corporate divisions across the region into a centralized hub situated in Ohio. The primary goal was to promote collaboration and boost operational efficiency.
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Market Dynamics
Drivers: Rapidly growing demand in the Automobile industry
The increasing demand within the automobile industry is a key driver behind the growth of the low-profile additive market. These additives play a vital role in manufacturing composite materials, which are seeing greater adoption in automotive applications due to their strength and lightweight characteristics.
Restraints: Raw Material Prices
The surge in raw material prices presents manufacturers of low-profile additives with heightened production expenses. These encompass various costs such as procurement of raw materials, transportation, processing, and quality control measures. These elevated expenditures can directly erode manufacturers' profit margins, especially if they encounter difficulties passing on the increased costs to consumers amidst competitive market conditions.
Opportunities: Rapidly growing demand for Advanced Molecules
As demand rises for advanced molecules, manufacturers in the low-profile additive market are prompted to broaden and enrich their product offerings. Through the creation of inventive additives boasting upgraded properties and functionalities—like heightened compatibility with diverse resins or superior performance attributes—these manufacturers can effectively address the changing requirements across various industries, meeting the dynamic needs of their clientele.
Challenge: Increased competition between private players
Intensified competition may result in market saturation, characterized by an oversupply of low-profile additives compared to demand. This surplus can lead to challenges such as excess inventory, price fluctuations, and diminished profitability for manufacturers. Furthermore, in a saturated market, distinguishing products and attracting new customers becomes increasingly difficult for companies.
Some of the major players operating in the Low-Profile Additive market are:
• Wacker Chemie AG
• INEOS Group Holdings S.A.
• BASF SE
• LyondellBasell Industries Holdings B.V.
• Ashland Inc
• Arkema S.A.
• Evonik Industries AG (RAG-Stiftung)
• Taak Resin Co
• AOC LLC
• Synthomer PLC
Key Segments cover in the market:
By Product:
• Polyvinyl Acetate (PVAc)
• Polymethyl Methacrylate (PMMA)
• Polystyrene (PS)
• Polyurethane (PU)
• High-density Polyethylene (HDPE)
By Application:
• Shrink & Bulk Molding Compounds (SMC/BMC)
• Resin Transfer Molding
• Pultrusion
• Others
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About the report:
The global Low-Profile Additive market is analysed based on value (USD Billion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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