Newark, NJ, May 18, 2022 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, The global automotive additives market is expected to grow from USD 12.35 billion in 2019 to USD 24.62 billion by 2027, at a CAGR of 9.12% during the forecast period 2020-2027. The Asia-Pacific region is expected to show the highest growth rate and become the largest market during the forecast period. The growth rate can be attributed to rising production of passenger cars and electric vehicles in the region. The rise in the levels of per capita income and increasing consumer demand will drive the growth rate of the market. With the stringent environmental regulations by various governmental and regulatory bodies coupled by increasing awareness among the consumers, are the driving factors for demand of electric vehicles in the region. Along with this, the use of plastic additives is expected to increase across all the regions with significant increase in USA, Japan and China.
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Some of the notable players in the automotive additives market are BASF SE, Exxon Mobil Corporation, Lanxess, Covestro AG, The Dow Chemical Company, Clariant, SABIC, Akzo Nobel N.V., Polyone Corporation, Afton Chemical, Chevron, EVONIK, and The Lubrizol Corporation.
This study delivers a comprehensive analysis of types, applications, vehicles, electric vehicles and regions. The type segment includes fuel…
