Performance Additives Market accounted for USD 75.32 billion in 2016 and is projected to grow at a CAGR of 8.5% during the forecast period of 2017 to 2024.
Performance additives are the various chemicals that are added to the modern-day automotive gasoline and other propelling fuels to stabilize and elevate their octane level, decrease the propensity of pre-ignition, and allow for more power to be made from increased compression and advanced ignition timing. Growing demand for these chemicals from automobile and construction industries are likely to play a major role in their market growth.
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Major Market Drivers:
- Growing population and rapid urbanization
- High demand from end-use industries
- Development of multipurpose additives
- Volatile raw material prices
- Stringent environmental regulations regarding additives
Market Segmentation: Global Performance Additives Market
The performance additives market is segmented on the basis of type into plastic additives, paint & coatings additives, pigment additives and ink additives.
On the basis of end-use, the market is segmented into packaging, household goods, automotive, industrial and construction.
On the basis of geography, the performance additives market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others.
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Competitive Landscape: Global Performance Additives Market
The global performance additives market is consolidated due to the presence of a limited number of players across only North America and Europe. These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
Major Market Competitors: Global Performance Additives Market
Some of the major players in performance additives market include Akzo Nobel N.V., Altana, Arkema SA, BASF SE, Clariant, Cytec Solvay, Evonik Industries AG, Huntsman International LLC, Lanxess AG, The DOW Chemical Company and many more.
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