Low profile additives are chemicals added to polyester and epoxy resins to facilitate settling of filler materials during the manufacture of sheets, prepreg systems and composites. They help reduce the viscosity of the resins and retain air bubbles, enabling faster and more complete de-airing during manufacturing. Low profile additives find wide usage in sheet molding compounds and bulk molding compounds used in automotive, aerospace and construction applications. Their rising demand from the construction industry, where they are used to manufacture fiberglass doors and windows, is fueling the growth of the low profile additives market.
The global low profile additives market is estimated to be valued at US$ 760.3 million in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Low Profile Additives Market Size are Wacker Chemie AG, INEOS AG, Polynt S.p.A., Vin Industries, BASF SE, Altana, Polychem Ltd., Swancor, LyondellBasell Industries Holdings B.V., Aromax Technology Corp., Interplastic Corp., Synthomer PLC, AOC, LLC, Mechemco, Taak Resin Co., NOF Corporation. The growing construction industry worldwide is generating significant demand for low profile additives. Additionally, technological advancements enabling the production of light-weight and durable composites are fueling the demand for low profile additives.
The global construction industry has been witnessing solid growth over the past few years on account of rapid urbanization and increasing investments in infrastructure development projects across developed and emerging economies. This is translating into higher consumption of low profile additives used to manufacture fiberglass doors, windows and other construction materials.
Technological advancements in the field of composite materials have enabled production of lighter, stronger and more durable composites for use in automotive, aerospace and other industrial applications. Low profile additives play a crucial role in facilitating the manufacturing processes of various composites. Continuous R&D towards new additive formulations is supporting the development of advanced composites.
Market Trends
Growing Automotive Composite Materials Market: Low profile additives find increasing usage in manufacturing sheet molding compounds and bulk molding compounds used in the automotive industry to produce various composite auto-components and parts. The rising application of composites in electric vehicles to reduce weight is driving their consumption.
Increasing Adoption of Biobased Low Profile Additives: With growing environmental regulations regarding petroleum-based chemicals, companies are developing bio-based and recyclable low profile additive formulations using plant-derived materials like vegetable oils. This is expected to emerge as a key trend.
Market Opportunities
Development of Light-weight Composites: Ongoing R&D towards production of ultra-light and high strength composites using nanotechnologies can open up new application areas for light-weight low profile additives.
Recyclable Additive Formulations: Growing focus on sustainability and circular economy presents an opportunity for additive manufacturers to develop recyclable and bio-based additive formulations with low environmental footprint.
Impact of COVID-19 on Low Profile Additives Market Growth
The outbreak of COVID-19 has impacted the global Low Profile Additives market growth. During the initial lockdowns, temporary closures of manufacturing facilities led to decline in production volumes. Transportation restrictions hampered domestic and international trade activities further affecting market growth. However, with economic activities resuming post lockdowns, the market is witnessing gradual recovery.
The paints and coatings industry was among the hardest hit during the initial months of pandemic due to halted manufacturing operations. As Low Profile Additives find widespread use in manufacturing coatings and paints, the market experienced decline in demand. With construction and automotive production witnessing drop, consumption of Low Profile Additives also reduced significantly. However, growth in industrial activities in 2021 has boosted consumption.
Going forward, the market is expected to regain lost growth on back of resuming economic activities and supply chains. The recovering automotive industry especially in Asia Pacific would drive consumption. In addition, government incentives for infrastructure development is aiding construction industry growth helping Low Profile Additives consumption. Market players are also involved in research & development to cater changing demand and offering environment-friendly product variants supporting sustainability trends post pandemic.
Europe accounts for the largest share in global Low Profile Additives market in terms of value. Countries including Germany, UK, France, Italy has strong presence of automotive as well as construction industry driving demand. With economic recovery underway, the European market is anticipated to witness fastest growth during forecast period on back of infrastructure development projects.
Asia Pacific region is expected to emerge as the fastest growing market for Low Profile Additives globally between 2024-2031. Countries like China and India has huge population and rapid urbanization leading to growth in construction activities. In addition, China dominates global automotive production providing thrust to Low Profile Additives consumption. Government initiatives in the region to boost manufacturing would further aid market expansion.
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