Automotive Additives Market Structure and Overview of Key Industry

Automotive Additives Market: Overview

Additives are substances that are added to a material in order to enhance its properties. Additives are used in vehicles for various purposes. Plastic additives are used to increase resistance and shock absorbing property of plastics that are used to manufacture automotive component. While, fuel additives are compounds that are utilized to enhance the efficiency of fuels used in vehicles in order to achieve the target of reduced vehicular emissions and improved carbon footprint. Fuel automotive additives are primarily added along with the engine oil, while other additives along with transmission oil, and coolant in order to improve their respective performance.

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Automotive Additives Market: Drivers and Restraints

Growing stringent norms and regulations regarding improved fuel-efficiency, which are being laid down by several regulatory bodies in different nations, is expected to further propel the automotive additives market in the near future. Increasing adoption of alternate fuel sources such as ethanol and biodiesel in recent years is anticipated to provide promising applications for the usage of automotive additives in the next few years. Rising demand for improved strength, enhanced crashworthiness, and increased durability of vehicles is propelling the usage of plastic additives in plastic components of vehicles. Increasing focus of key vehicle manufacturers on metal to plastic replacement in recent years is expected to further boost the automotive additives market during the forecast period.

Automotive Additives Market: Key Segments

The global Automotive Additives Market can be segmented based on type, application, vehicle, electric vehicle, and region. In terms of type, the automotive additives market can be segmented into oil additives, plastic additives and fuel additives. The oil additives can be synthetic or petroleum based. Oil additives have numerous applications. The plastic additives segment is further sub-segmented into plasticizers, anti-scratch agent, stabilizers, and antioxidants. The fuel additives segment is further sub-segmented into fuel stabilizers, Octane boosters, corrosion inhibitor, fuel injector cleaners, CETANE improvers, anti-gel diesel additives and others. The plastic additives segment is expected to witness remarkable growth during the forecast period owing to the increasing efforts for metal to plastic conversion by major OEMs for vehicle downsizing and for increasing the durability of vehicle components.

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