Global Low Profile Additives (LPA) Market is expected to reach USD 1,022.3 million by 2020, according to a new study by Grand View Research, Inc. Corporate Average Fuel Economy (CAFE) implemented by the U.S. government for improving fuel economy has been a key factor for market development. Metal components are being replaced by lighter plastic parts which are expected to play a vital role in affecting the dynamics of the LPA market. SMC and BMC are expected to be used in a variety of automotive components thereby spurring LPA demand over the forecast period.
SMC and BMC were the most dominant LPA application markets, with demand estimated at 174.3 kilo tons in 2013, owing to improving automotive and construction industry, particularly in Asia Pacific. LPA are extensively used in the pultrusion process as they offer electrical insulation, corrosion resistance and dimensional stability to the final product. This segment is expected to witness significant growth in demand for LPA at an estimated CAGR of 5.5% from 2014 to 2020.
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Further key findings from the study suggest:
- Global low profile additive demand was 280.9 kilo tons in 2013 and is expected to reach 406.3 kilo tons by 2020, growing at a CAGR of 5.4% from 2014 to 2020.
- PVAc was the largest used low profile additive, with global demand at 113.8 kilo tons in 2013 and is expected to be the fastest growing product segment, at an estimated CAGR of 5.8% from 2014 to 2020. PVAc is highly preferred as it is compatible with all major unsaturated polyester resins and provides superior surface finish with zero shrinkage.
- Asia Pacific was the largest regional consumer of LPA, accounting for 59.2% of global demand in 2013. China is expected to be a key market for LPA owing to its status as the largest automotive manufacturer in the world along with being the fastest growing infrastructural economy.
- Key market participants include Ashland Inc, CCP Composites, Reichhold Chemicals Inc, Arkema, Wacker AG, Cray Valley Hydrocarbon Specialty Chemicals, Momentive specialty Chemicals Inc, Polyone Corporation, Lucite International and FRP Services & Company.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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