Performance Additives Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Form (Solid, Liquid), By Application (Paints & Coatings, Lubricant, Adhesives, Plastics, Rubber, Others), By Industry Vertical (Automotive, Building & Construction, Aerospace, Energy Generation, Others), And By Geography - Forecasts From 2023 To 2028

  • Published : Jan 2023
  • Report Code : KSI061614266
  • Pages : 135

Performance additives are additives that are lightly weighted and have high-temperature, chemical, and abrasion resistance owing to which they are used for extending the lifespan and durability of products. They find high applicability in paint & coatings, lubricants, and adhesives among other applications. Furthermore, performance additives also form a major ingredient to be used during rubber compounding, for obtaining desired properties in a rubber. The rapid development in the major end users of performance additives such as automotive, building & construction, and aerospace is driving the market growth for such additives. For instance, according to the General Aviation Manufacturer Association’s data, in 2021, worldwide aircraft shipment stood at 2,630 units which represented an increase of 9.6% in aircraft shipment than the previous year. Moreover, the growing rubber production has also pushed the market demand for performance additives. For instance, according to the monthly NR Statistical Report, November 2022 released by the Association of Natural Rubber Producing Countries, in November, global rubber production witnessed a 2.7% growth reaching 1.426 million tons, in comparison to 1.294 million produced in 2021 for the same month.

Based on industry vertical, the performance additives market is segmented into automotive, building & construction, aerospace, energy generation, and others. The automotive sector is projected to hold a decent market share during the forecast period. Performance additives such as fuel & lubricant additives are used in automobiles to prevent wear and tear of the engine and maintain its temperature & pressure bearing capacity. Moreover, additives having anti-degradant functions are also used in tires to improve their durability. Automotive production has shown a rapid progression over the years owing to the flourishing demand for fuel-efficient vehicles coupled with rapid urbanization. For instance, according to the International Organization of Motor Vehicle Manufacturers data, in 2021, global automotive production stood at 80.1 million units which represented a 3% increase over 2020’s production volume. Such an increase in automotive production will simultaneously boost the demand for performance additives in the sector, thereby propelling market growth in the future.

Bolstering growth in the construction output is creating a surge in the demand and usage of performance additives. Performance additives are majorly applied in paints & coatings, and adhesives application which constitutes a major part of the building & construction sector. The growing demand for residential units owing to population increase, development of architectural sites, and favorable investment inflows by the government is driving the output in the building & construction sector. For instance, according to Eurostat, in October 2021, building construction activities in European Union increased by 4.6% in major countries like France, Spain, Hungary, and Finland. Also, according to Statistics Canada, in November 2021, investments in multi-unit construction increased to 2.4%, whereas commercial construction investments increased by 1.4%. With such significant growth in the building & construction sector, the demand and usage of performance additives are also anticipated to increase, thereby augmenting the overall market growth during the forecast period.

Recent developments

  • In August 2022, BASF SE established its fuel performance additives production plant in Shanghai, China. The new plant will address the growing regional demand for fuel performance additives in Asia and also it is the latest addition to BASF’s global network which will strengthen its manufacturing footprint in the region.
  • In April 2022, Momentive Performance Inc. announced its plans to open a Global Innovation Center (GIC) in its New York location, this will consist of modern R&D laboratories which will support the development of innovative solutions that will support the company’s growing performance additives business.
  • In April 2019, LANXESS launched a new lubricant additive product namely “Additin RC-3502” for passenger cars and high-performance engine oil to deliver anti-wear protection and sustained performance.

Covid-19 Impact

The COVID-19 pandemic disrupted the growth of the performance additives market in 2020 as due to lockdown restrictions, the industrial productivity in various sectors such as automotive & aerospace went down which reduced the demand and usage of performance additives. For instance, according to the International Organization of Motor Vehicle Manufacturers data, in 2020, global automotive production stood at 77.7 million units which saw a decrease of 13% in comparison to the 92.2 million units produced in 2019. Furthermore, according to the General Aviation Manufacturers Association, in 2020, the worldwide aircraft shipment stood at 2,399 units which represents a 9.7% decrease in comparison to 2,658 aircraft shipped in 2019 globally. However, with the government showing ease in restrictions, the productivity of such major end users is showing a steady increase which will further enhance in the future, thereby providing a positive outlook to the performance additives market.

Segmentation

  • By Form
    • Solid
    • Liquid
  • By Application
    • Paints & Coatings
    • Lubricant
    • Adhesives
    • Plastics
    • Rubber
    • Others
  • By Industry Vertical
    • Automotive
    • Building & Construction
    • Aerospace
    • Energy Generation
    • Others
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • France
      • United Kingdom
      • Italy
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • Israel
      • United Arab Emirates
      • Others
    • Asia Pacific
      • China
      • Japan
      • South Korea
      • India
      • Australia
      • Indonesia
      • Thailand
      • Taiwan
      • Others

1. INTRODUCTION

1.1. Market Overview

1.2. Covid-19 Scenario

1.3. Market Definition

1.4. Market Segmentation

 

2. RESEARCH METHODOLOGY  

2.1. Research Data

2.2. Assumptions

 

3. EXECUTIVE SUMMARY

3.1. Research Highlights

 

4. MARKET DYNAMICS

4.1. Market Driver

4.2. Market Restraints

4.3. Porters Five Forces Analysis

4.3.1. Bargaining Power of End-Users

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

 

5. PERFORMANCE ADDITIVES MARKET, BY FORM

5.1. Introduction

5.2. Solid

5.3. Liquid

 

6. PERFORMANCE ADDITIVES MARKET, BY APPLICATION

6.1. Introduction

6.2. Paints & Coatings

6.3. Lubricants

6.4. Adhesives

6.5. Plastics

6.6. Rubber

6.7. Others

 

7. PERFORMANCE ADDITIVES MARKET, BY INDUSTRY VERTICAL

7.1. Introduction

7.2. Automotive

7.3. Building & Construction

7.4. Aerospace

7.5. Energy Generation

7.6. Others

 

8. PERFORMANCE ADDITIVES MARKET, BY GEOGRAPHY

8.1. Introduction

8.2. North America

8.2.1. USA

8.2.2. Canada

8.2.3. Mexico

8.3. South America

8.3.1. Brazil

8.3.2. Argentina

8.3.3. Others

8.4. Europe

8.4.1. Germany

8.4.2. France

8.4.3. United Kingdom

8.4.4. Italy

8.4.5. Spain

8.4.6. Others

8.5. Middle East and Africa

8.5.1. Saudi Arabia

8.5.2. Israel

8.5.3. United Arab Emirates

8.5.4. Others

8.6. Asia Pacific

8.6.1. China

8.6.2. Japan

8.6.3. South Korea

8.6.4. India

8.6.5. Australia

8.6.6. Indonesia

8.6.7. Thailand

8.6.8. Taiwan

8.6.9. Others

 

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Emerging Players and Market Lucrativeness

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Vendor Competitiveness Matrix

 

10. COMPANY PROFILES

10.1. BASF SE

10.2. Honeywell International Plc

10.3. Huntsman Corporation

10.4. AkzoNobel

10.5. Solvay S.A

10.6. Evonik Industries

10.7. DOW

10.8. HEXPOL Group

10.9. Performance Additives

10.10. Kaneka Corporation


BASF SE

Honeywell International Plc

Huntsman Corporation

AkzoNobel

Solvay S.A

Evonik Industries

DOW

HEXPOL Group

Performance Additives

Kaneka Corporation


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