Stable Demand from Automotive Industry Propels Scratch-Resistant Compound Market
Scratch-resistant compounds are widely used by the automobile industry for the interior design of the vehicle. The usage of the scratch-resistant compound has increased in the last few years in the automotive industry, due to its impact and scratch resistance property. With changing trends, customers prefer vehicles with aesthetic appeal, which further drives demand for dashboard manufacturing, interior, and exterior design. The automobile interior is majorly influenced by the dashboard, hence accounted to have the maximum use of the scratch-resistant compound.
Durability is one of the core properties of scratch-resistant compounds that makes it well-suited for automakers. Industries have invested a significant amount in R&D to get better compounds coupled with them being lightweight. This trend made it to the consumer appliance as well, which has elevated the market of this compound. Additionally, scratch-resistant compounds have several applications like construction, automotive, consumer appliances, and others, which attributes to the growth of the market over the assessment period.
How Regulatory Norms Contribute Towards Scratch –Resistant Compound Demand?
Stringent regulatory norms declared to cut down carbon emission from automobiles which supported the usage of the scratch-resistant compound, to reduce the gross vehicle weight. Enforcement like these is instrumental in driving the demand for scratch-resistant compounds. Automobile industries are investing in research and development activities to develop better compounds that facilitate scratch resistance & rigidity and also comply with the strict regulations laid down by various regulatory bodies.
The market is witnessing higher growth due to the multiple usages of the compound, which includes door trim application as well. Scratch-resistant compounds are used in indoor trim applications as they facilitate easy assembly and also reduce the structural weight of the component along with improvement in user experience. Regulatory bodies have restricted the emission rate, which has contributed towards the usage of lighter materials like scratch-resistant compounds, promoted the usage of a scratch-resistant compound.
How Raw Material Alters the Scratch-Resistant Compound Market Growth?
Even though the market is sensitive due to rapid changes in the price of crude oil, the market still observes the scratch-resistant compound growth. The price of resistance is directly dependent upon the crude oil price, as it is one of the key raw materials. However, abundant supply coupled with superior compound properties is expected to motivate the scratch-resistant compound market growth. The demand for scratch-resistant compounds rises contributes to replacing traditional raw materials used in the exterior as well as interior parts of the vehicle.
The application of scratch-resistant compound can further be studied, by capturing the instrumental panels market, by replacing engineering materials for manufacturing. Due to the unmatched properties of the raw material of the compound, can even contribute to more applications. Airbags are another application of the compound, which can provide good scope for future market growth. The scratch-resistant compound was growing at a steady pace, automotive industries started using it at a slower pace.
What is the Regional Demand Landscape of Scratch-Resistant Compound?
With major involvement in producing scratch-resistant compounds, China likely to dominate the global scratch-resistant compounds market. While China is one of the key producers of the compound it is also a prominent end-user owing to the presence of a large number of manufacturers of automotive, its parts, and components. This factor is projected to drive the scratch resistance plastics market at a significant pace in the next few years.
North America and Europe are anticipated to constitute a major share of the global scratch resistance plastics market during the forecast period. Stringent regulations on vehicle safety in the U.S, France, and Germany are expected to boost the demand for scratch resistance compounds in the next few years. The market in Latin America, Middle East, and Africa is likely to expand at a slower pace.
Australia, China, India, and Canada are accounted to have a significant share in the market. Rapid growth in the automotive industries contributed to rising in the demand for scratch-resistant compounds. Due to the manufacturing of new parts in the vehicle, Australia and Canada captured a huge market in manufacturing the compound. Scratch-resistant compound demand is likely to be low in North America during the forecast period, and this attributes to a dip in automotive production growth in the region. The demand from the European automobile industry can be attributed to stringent emission regulations.
Germany, being a major automobile manufacturing hub, is anticipated to account to produce more scratch-resistant compounds to match the demand. The global scratch-resistant compound market Growth is anticipated to rise at a considerable rate during the forecast period, between 2021 and 2026. Major players in the market collaborated with other players to produce more compounds, this leads to the increased usage of other products as well.
How Covid-19 has impacted the Demand of Scratch Resistant Compound?
The scratch resistant compound market has been affected significantly due to the covid-19 pandemic. The production in this sector ceased due to worldwide lockdown, worsened with shirking investments in the industry by key manufacturers. Due to the disruption in the demand for automobiles, companies halted the purchase of scratch resistant compound. Apart from this, during a lockdown, key stakeholders of scratch resistant compound including raw material suppliers found it challenging to maintain the quality of the compound.
Post lockdown, when demand again picked up the pace, industries denied using the old raw material, hence worsen the market for the raw material suppliers. Due to low usage of crude oil during the lockdown, crude oil prices started shooting up, contributes the most in producing scratch-resistant compound. Hence the demand for the scratch-resistant dropped for a while.
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Who are the Key Players in Scratch-Resistant Compound Market?
The key players in scratch resistant compound market include
- Advanced Composites
- Evonik Industries
- Tipco Industries
- Mitsui Chemicals
- Lyondell Basell
- Sumitomo Chemical
- Schulman etc.
- Sinopec and Advanced Composite
are the leaders in the market, as they holds maximum numbers of share in the Scratch resistant compound market.
Key players in collaboration with other regional players to manufacture compounds that facilitate quality to the end consumer. Key industry players are creating a value-driven product that will consider environmental issues. Companies are now focusing on having multiple applications of the scratch-resistant compound, to increase the market growth of the product. Scratch resistant market is a fragmented market, as the manufacturer of the scratch resistant are proficient. This has created different regions to support the growth of the compound, in order to compete with players of different countries.
The research report presents a comprehensive assessment of scratch resistant compound market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also includes projections using a suitable set of assumptions and methodologies. The research report of the Scratch resistant compound market provides analysis and information according to the different market segments such as end-use, type, sales channel, and region.
Scratch resistant compound market report covers exhaustive analysis on:
- Market Segments of the Scratch resistant compound market
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends / Issues / Challenges
- Competition & Companies Involved
- Value Chain of the Scratch resistant compound market
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Regional analysis includes:
- North America (U.S, Canada)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru)
- Europe (Germany, Italy, France, U.K, Spain, BENELUX, Nordic, Rest of Europe)
- South Asia (India, Thailand, Indonesia, Malaysia, Rest of South Asia)
- East Asia (China, Japan, South Korea)
- Oceania (Australia, New Zealand)
- Middle East (GCC Countries, Israel, Turkey, Egypt, Rest of Middle East)
- Africa (Nigeria, South Africa, Algeria, Morocco, Rest of Africa)
Scratch resistant compound market report is a compilation of first-hand information, qualitative and competitive assessment industry analysts, and inputs from industry experts and industry participants across the value chain. The report for the Scratch resistant compound market provides an in-depth analysis of the parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
- Detailed overview of the Scratch resistant compound market.
- Changing market dynamics in the Scratch resistant compound market.
- In-depth crossflow Scratch resistant compound market segmentation.
- Historical, current, and projected market size in terms of volume and value.
- Recent industry trends and developments in the Scratch resistant compound market.
- Competitive landscape.
- Strategies of key players and products offered.
- Potential and niche segments, geographical regions exhibiting promising growth for the scratch resistant compound market.
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint.
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