Over the projected period (2022-2032), Low Profile Additives Market is anticipated to rise dramatically, with a CAGR of 14.1%. By the end of 2032, the market for low profile additives will be valued at US$ 2.24 billion, up from US$ 552 million at the end of 2021.
A high rate of demand growth for polyvinyl acetate is anticipated from 2022 to 2032, with a CAGR of 15.4%. This is due to the material’s high productivity and low operating costs.
Low profile additives, also known as LPAs, are a type of chemical additive that are used to improve the performance of thermosetting resins. These additives have gained significant market attention over the past few years due to their ability to enhance the mechanical properties of composite materials while maintaining a low profile.
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Competitive Landscape
Majority of market participants have a large production capacity and extensive distribution networks all over the world. To increase their market position, manufacturers are engaging in new product development and expansion strategies such as mergers and acquisitions.
For instance:
- In 2020, Gazechim Composites and Polynt-Reichhold Group agreed to supply unsaturated polyester materials, gel coatings, and bonding pastes. This is projected to improve the Polynt-Reichhold Group’s market share in the European region, as well as demand for low profile additives on a global scale.
Drivers:
The increasing demand for lightweight materials in various industries is one of the primary drivers of the low profile additives market. Additionally, the need for high-performance materials that offer superior strength, durability, and resistance to harsh environments has also contributed to the growth of the LPA market. The rising environmental concerns and the need for sustainable products have also led to the development of low profile additives that have a reduced carbon footprint.
Key Takeaways from Low Profile Additives Market Study
- Market in North America anticipated to rise at 14.8% CAGR over forecast period.
- APAC accounts for 28.3% share of global low profile additives market.
- Global low profile additives market to reach valuation of US$ 2.24 billion by 2032.
- Demand for sheet molding compounds (SMC)/bulk molding compounds (BMC) projected to increase at 15.2% CAGR from 2022 to 2032.
Trends:
The trend of using low profile additives in the automotive industry has been gaining momentum in recent years. LPAs are used to enhance the mechanical properties of composite materials used in car bodies, leading to improved fuel efficiency and reduced emissions. The trend of using these additives in the construction industry is also gaining traction as they offer excellent resistance to weather, moisture, and corrosion.
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Benefits:
Low profile additives offer several benefits, including improved mechanical properties such as stiffness, strength, and impact resistance. They also provide excellent surface finish, reduced warpage, and improved moldability. LPAs are also advantageous in terms of cost-effectiveness, as they reduce the amount of resin needed to produce composite materials.
In conclusion, the low profile additives market is growing rapidly, driven by the increasing demand for high-performance composite materials in various industries. The trend of using LPAs in the automotive and construction industries is gaining momentum, and the benefits of these additives are numerous, including improved mechanical properties, surface finish, and cost-effectiveness. As the demand for lightweight, high-performance materials continues to grow, the use of low profile additives is set to increase even further.