The low profile additives market is projected to grow from USD 381 million in 2018 to USD 664 million by 2023, at a CAGR of 11.8%. Major drivers for the low profile additives market include increasing demand for SMC/BMC in the automotive industry and growth in electrical appliances demand owing to rapid urbanization. Companies such as Wacker Chemie (Germany), LyondellBasell Industries (Netherlands), Polynt-Reichhold Group (Italy), AOC Aliancys (Italy), and Interplastic Corporation (US) operating in the low profile additives market have adopted both organic and inorganic growth strategies such as merger & acquisition, investment & expansion, and agreement to serve their customers efficiently and increase their market shares.
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Wacker Chemie (Germany) has gained a strong foothold in the low profile additives market. The company has a strong product portfolio of low profile additives which find application in sheet molding compounds, bulk molding compounds, resin transfer molding, hand lay-up, and pultrusion, among others. The aforementioned compounds or composites are then further used in end-use industries such as power generation, automotive, transportation, industrial, and electrical & electronics. The company operates through 23 production sites and has extensive R&D infrastructure, helping the company attain economies of scale. It mainly focuses on innovation, development of individual customer solutions, and consistent customer and service orientation to cater to consumer demand and grow in the market. For example, Wacker opened a technical center for the construction, textile, and consumer care applications in Istanbul. The center enabled the testing of tile adhesive and external thermal insulation composite systems that are the two key applications of Vinnapas. The company is a major player owing to its market pull and technology push strategies.
LyondellBasell Industries (Netherlands) is another major player operating in the market. The company has a strong global presence and offers a wide range of low profile additives for various composite applications such as SMC/BMC, RTM, and pultrusion. The company is focusing on the inorganic growth strategy of merger & acquisition for expanding its reach and product portfolio and hence widening its presence in various end-use industries such as automotive, aerospace, and construction and increasing its revenue. In August 2018, LyondellBasell acquired A. Schulman, Inc. (US), a global supplier of composites, high-performance plastic compounds, and powders, to boost its product line, which, in turn, increases its presence in the low profile additives market.
Low Profile Additives Market by Type (PVA, PMMA, Polystyrene, and Others), Application (SMC/BMC, Resin Transfer Molding, Pultrusion, and Others) and Region (North America, Europe, Asia-Pacific, and Rest of The World) - Global Forecast to 2023
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