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Low Profile Additives Market

Low Profile Additives Market

Low Profile Additives Market By Type (Polyvinyl Acetate, Polymethyl Methacrylate, Polystyrene), By Application (Sheet Molding Compounds (SMC)/Bulk Molding Compounds (BMC), Resin Transfer Molding, Pultrusion), By Region - Global Forecast 2022-2032

Low Profile Additives Market
FACT7462MR

Low Profile Additives Market Outlook (2022-2032)

Worldwide sales of low profile additives are expected to increase at a prolific CAGR of 14.1% during the forecast period (2022-2032). The global low profile additives market is estimated to reach a valuation of US$ 2.24 billion by the end of 2032, up from US$ 552 million recorded at the end of 2021.

Demand for polyvinyl acetate is projected to increase rapidly at a CAGR of 15.4% from 2022 to 2032, attributed to great productivity with low operating costs.

Low profile additives (LPA) are thermoplastics that are mixed into unsaturated polyester resins to improve the surface finish of fiberglass or unsaturated polyester composites by compensating for shrinkage. These are widely utilised in automotive applications that need a high-quality surface finish.

Report Attributes

Details

Low Profile Additives Market Size (2022)

US$ 607 Million

Projected Year Value (2032)

US$ 2.24 Billion

Global Market Growth Rate (2022-2032)

14.1% CAGR

APAC Market Share (2022)

28.3%

Key Companies Profiled

  • Momentive Specialty Chemicals Inc.
  • Arkema
  • Ashland Inc.
  • Mechemco Group
  • Cray Valley
  • Swancor Ind. Co. Ltd.
  • Reichhold Chemicals Inc.
  • Command Chemical Corp.

When unsaturated polyester resins are polymerized, the volume of composites tends to compress dramatically. This leads to a lacklustre surface look as well as internal gaps and fissures. To reduce contraction during the polymerization stage and retain the structural accuracy of the composites, a blend of low profile additives and unsaturated polyester resins is used.

Increased disposable income and growing preference for high-tech vehicles are driving the demand for personal automobiles. The product is widely employed in high-performance sheet moulding compounds for autos, which is propelling the LPA market forward.

Tremendous growth of vehicle firms across the world has resulted in a surge in demand for specialty fuel additives. Low profile additives, such as those used in lighting systems and headlight reflectors, are also in high demand.

In addition, construction industry expansion has boosted the need for low profile additives. This is because these additives are employed in the manufacturing of many composites to give dimension stabilization, mechanical strength, and other properties.

Low polystyrene per unit weight cost is predicted to drive the demand for polystyrene-based goods in a variety of end-use sectors, resulting in market growth. The rising need for low shrinkage goods from end-use sectors is likely to fuel demand for polystyrene products.

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Sales Analysis of Low Profile Additives (2017-2021) Vs Market Outlook (2022-2032)

“Rising Need for Advanced Molecules Leading to Rapid Industry Expansion”

According to Fact.MR, market research and competitive intelligence provider, demand for low profile additives rose at a CAGR of 10.9% from 2017 to 2021.

Low profile polystyrene additives are utilised in a variety of industries, including construction, electronics, and home and domestic appliances, among others. Low profile additives have grown in popularity due to their good physical and chemical qualities, which make them ideal for application in a variety of sectors.

The market is projected to increase on the back of emerging applications of low profile additives in fiber-reinforced plastics over the coming years. The global low profile additives market is benefiting from the rising need for advanced molecules in emerging economies.

Consumption of low profile additives is anticipated to increase at a CAGR of 14.1% from 2022 to 2032.

Low profile additives market forecast by Fact.MR

Which Key Trends are Shaping the Low Profile Additives Market?

“Growing Usage for Low Profile Additives in Automotive Industries”

Several lightweight composite materials have taken the place of steel elements. Sheet molding compounds are the most often utilized composite materials in the automotive sector due to their superior mechanical qualities.

Because of the expanding production and sales of various commercial and passenger cars around the world, there is a high need for automotive additives in the automotive industry. According to OICA statistics, worldwide vehicle sales in 2020 will exceed 77 million units. Moreover, an increasing preference for automobile ownership is driving the market growth.

To reduce the total weight of the vehicle, the automobile industry is currently researching lightweight materials. This is primarily due to the growing need for better gas mileage. With suitable mechanical qualities and weight reduction, a lower density sheet molding compound (SMC) based on fiberglass and polyester technology can be developed.

An Adaptive Approach to Modern-day Research Needs

How is Low Profile Additives Market Expansion being Adversely Affected?

“Availability of Alternatives & Volatility in Raw Material Prices”

Constantly changing raw material prices could stymie the worldwide low profile additives market expansion over the coming years. The availability of reasonable substitutes chosen by key players in end-use industries may limit the worldwide low profile additives market growth.

The majority of the raw materials used to make low profile additives are petrochemical derivatives, and their costs are variable, making it difficult for producers to maintain consistent profit margins. This aspect may operate as a stumbling block to the market expansion.

Which Region is Dominating the Global Low Profile Additives Market?

“Rising Adoption of Fiber-reinforced Plastics Driving High Market Growth in North America”

North America accounts for 33.4% share of the global low profile additives market because of the huge production & sales of automotive components and rising adoption of fiber-reinforced plastics. The rising use of sheet molded parts in the outside sections of passenger automobiles is driving market expansion in North America.

The transportation industry in North America is always on the lookout for new materials that will enable industry players to assist reduce vehicle weight, improve fuel efficiency, and reach carbon emission targets. The presence of a large number of vendors and raw material suppliers in the region is predicted to considerably increase product demand over the projected period.

Due to the demand for high-performance thermoplastics in the automotive industry, Brazil is likely to have a favorable impact on the global market. Because of the existence of infrastructural centers in the region, the Gulf Cooperation Council Countries are likely to dominate the largest income share in the Middle East and Africa.

Country-wise Insights

Why is Demand for Low Profile Additives Predicted to Rise Rapidly in the U.S.?

“Rapid Deployment of SMCs in Electric Vehicles Driving Market Expansion”

The U.S. low profile additives market is projected to expand at a CAGR of 15% from 2022 to 2032. The United States is one of the world's greatest markets for composite materials, owing to its technology-driven economy.

SMC formulation and processing advances have improved SMC volume in EV and hybrid automobile parts in the United States. SMC's increased volume is helping to advance the market for low profile additives in the country. In the United States, composites and low profile additives are used extensively in commercial planes, fighter planes, choppers, passenger planes, aircraft, and spacecraft.

Will China Be a Lucrative Market for Low Profile Additive Suppliers?

“Technological Advances in Manufacturing of Low Profile Additives”

The market in China is anticipated to rise at a CAGR of 16.5% over the forecast period, due to the rising growth of the automotive and construction industries. China dominates the low profile additives market with the rise in population and industrialization.

The continuous demand for industrial, residential, and infrastructure expansion in China has resulted in a need for new construction projects. Strong economic development, combined with the reduction of impediments to foreign investment in China, is likely to boost demand for construction projects.

Expansion of the market can be ascribed to the expansion of the automobile industry and modernisation and technological advances. Several government programs aimed at attracting investments from various international corporations are also predicted to boost the market growth in China during the forecast period.

Category-wise Insights

Which Low Profile Additive Type Accounts for High Market Share?

“Polyvinyl Acetate More Preferred Owing to Superb Solubility Characteristics

Based on type, the market is segmented into polyvinyl acetate, polymethyl methacrylate, polystyrene, and other types. Polyvinyl acetate accounts for 46.6% of the global low profile additives market. The market is growing because of the increased demand for polyvinyl acetate from electrical industries and its accessibility.

Polyvinyl acetate possesses exceptional solubility during the curing phase of unsaturated polyesters, great shrinkage resistance in end products, and is readily available. Low profile polyvinyl acetate additives and rubber additives are widely utilized in the manufacture of automotive parts such as headlight reflectors, lighting systems, and under-the-hood components.

It has superior processing capabilities and mechanical qualities, which should lead to increased demand for polyvinyl acetate and revenue development in the worldwide low profile additives market. Another factor driving the segment's growth throughout the projection period is manufacturers' increasing demand for desired quality and formed products to fulfil customer expectations.

On the other hand, polymethyl methacrylate is projected to increase at a CAGR of 14.8% over the forecast period. It is frequently utilized as a shatterproof alternative to glass. It is UV resistant, weather-resistant, has great light transmission, and comes in a variety of colors.

Which Application Will Emerge as Key Market Contributor?

“Expanding Automotive Industry Driving Huge Demand for SMCs/BMCs

Sheet molding compounds (SMC)/bulk molding compounds (BMC) account for 40.6% share of the global low profile additives market and remain dominant over resin transfer molding, pultrusion, and other applications.

The expansion of the automotive industry is expected to benefit the SMC/BMC segment, as these materials are increasingly employed in automobile chassis, truck parts, and semi-structural elements.

Sheet molding compounds are a type of composite material that has long been employed in the automotive industry due to their lightweight, low cost, and excellent mechanical qualities. To compensate for polymerization shrinkage, these SMC formulations are mixed with thermoplastic low profile additives.

The resulting composite parts compete with steel parts in terms of mechanical qualities, provide significant chemical and corrosion resistance, and provide a great deal of design flexibility.

Owing to the longer fibers used in this technique, sheet molding compounds ensure higher mechanical qualities. Due to the shorter fibers and increased filler content, bulk molding compounds provide several important benefits to composite materials, including superior flow and temperature resistance when compared to sheet molding compounds.

On the other hand, resin transfer molding (RTM) accounts for 28.1% share of the global low profile additives market. It is one of the few low-temperature, low-pressure molding processes. Because of its low cost and ease of use, it is getting a lot of attention.

The resin transfer molding process is projected to gain popularity, notably for eliminating voids and improving fiber/resin wet-out over the forecast period.

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Competitive Landscape

Majority of market participants have a large production capacity and extensive distribution networks all over the world. To increase their market position, manufacturers are engaging in new product development and expansion strategies such as mergers and acquisitions.

For instance :

  • In 2020, Gazechim Composites and Polynt-Reichhold Group agreed to supply unsaturated polyester materials, gel coatings, and bonding pastes. This is projected to improve the Polynt-Reichhold Group's market share in the European region, as well as demand for low profile additives on a global scale.

Key Segments Covered in Low Profile Additives Industry Research

  • Low Profile Additives Market by Type :

    • Polyvinyl Acetate
    • Polymethyl Methacrylate
    • Polystyrene
    • Other Types
  • Low Profile Additives Market by Application :

    • Sheet Molding Compounds (SMC)/Bulk Molding Compounds (BMC)
    • Resin Transfer Molding
    • Pultrusion
    • Other Applications
  • Low Profile Additives Market by Region :

    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa

- FAQs -

The global low profile additives market was valued at US$ 552 million at the end of 2021.
The global market for low profile additives is projected to register a stellar CAGR of 14.1% through 2032.
Demand for low profile additives is rising rapidly in the global automotive industry.
Fluctuations in raw material prices and availability of substitutes can dent market growth potential.
Momentive Specialty Chemicals Inc., Arkema, Ashland Inc., Mechemco Group, and Cray Valley are key manufacturers of low profile additives.
North America accounts for 33.4% share of the global low profile additives market.

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