Advances in 3D printing technology coupled with the growing use of dental implants are expected to further the market growth of performances additives.
Covid-19 Impact & Market Status
COVID-19 has the potential to impact the global economy in three ways: directly impacting production and demand, causing supply chain and market disruption, and having a financial impact on enterprises and financial markets.
Covid-19 outbreak has been affecting multiple businesses and industries leading to interrupted travel, lockdown, social distancing and the like. These have restricted normal functioning of the businesses and resulted in supply chain anomalies, lack of business co-ordination across vendors and the like.
Packaging Segment Type Accounted for Highest Revenue during the Prediction Period
Performance additives are additives used in plastics in small quantities to improve their performance in terms of durability. These are a variety of chemicals that have the added ability to provide customized processing solutions and structural challenges in the polymer industry. These chemicals are also added to modern car fuel and other fuels to stabilize and increase their octane levels and reduce the tendency to pre-combustion. The performance enhancements increase the efficiency of the engine as well as its pressure and capacity to carry the temperature and reduce friction between moving parts. Functional additives are used in a variety of applications as they are based on mica, talc, and diatomite. Functional supplements help increase fuel efficiency, reduce gas emissions, increase fuel savings and protect against corrosion. The growth and expansion in the packaging industry has led to an increase in demand for additives as they offer improved features such as durability, processing, and the appearance of the final product. Increasing demand for and acceptance of plastic products in lieu of conventional products also increases the demand for functional additives worldwide.
Packaging Segment is Likely to Register Highest Revenue during the Forecast Period
Performance additives are used as bindings to immature mixtures of performance packaging. Such bonds are widely used in the production of advanced flooring materials. The demand for packaging in construction sector will drive the market growth for performance additives.
Asia Pacific Region to Hold the Highest Revenues during the Predicted Period
Asia Pacific is likely to dominate the overall market during the projection period, owing to the region's robust growth of performance additives and end-user verticals. Furthermore, a large number of constructions and real estate are expected to develop rapidly, greatly adding to the growth of the Asia Pacific performance additive market.
In terms of production and consumption, China, alone reports on the huge market share of Performance additives. This is largely due to the significant growth in the construction sector, especially in the real estate and commerce sectors. In line with this, the high availability of raw materials, low production costs and soft controls in performances are just a few of the factors that give impetus to the market growth of performance additives. In addition, the increase in performances production capacity coupled with the rapid growth of the Chinese chemical industry is expected to stimulate the growth of the performance ingredient market in the forecast period.
However, with the rising cost of the production tax impositions, the investment picture is now seems to be at slower pace. This might have a negative impact on market growth in the next years. Nonetheless, North America and Europe are expected to follow Asia Pacific and see significant development in the next years. The increased number of performance additive manufacturing units is the key element driving development in these locations throughout the predicted period.
The growth and expansion of the packaging industry has led to an increase in demand for additives as they offer improved features such as durability, process efficiency, and final product appearance. Increasing demand for and acceptance of plastic products in lieu of conventional products also increases the demand for performance additives worldwide.
Performance additives are additives used in plastics in small quantities to improve their performance in terms of durability. These are a variety of chemicals that have the added ability to provide customized processing solutions and structural challenges in the polymer industry.
The growth and expansion in the packaging industry has led to an increase in demand for additives as they offer improved features such as durability, processing, and the appearance of the final product. Increasing demand for and acceptance of plastic products in lieu of conventional products also increases the demand for functional additives worldwide. The volatile prices of raw materials, however, will slow down the market growth of active ingredients. Higher production costs will also prevent the market range of additives to grow. Strict laws imposed by the government on the elimination of natural resources such as gas and oil compliant with plastic laws will also challenge the growth rate of the market for additives.
The global performance additive market is projected to be around USD 1,093.26 million by 2028, at a CAGR of 8.6 % during the prediction period.
In the last few years, there has been a significant increase in the use of performances for implant devices manufacturing. High quality performance additives are used to strengthen the devices. Increased manufacturing of implant device structures is expected to increase their need for use performance additives in the coming years.
Furthermore, technological advancements and increased investment in this sector are likely to boost the global performance additive market ahead throughout the forecast period.
The global performance additive industry is very competitive and is anticipated to become even more so in the future years. However, the growing number of competitors is expected to boost overall market growth over the projection period. BASF SE., Akzo Nobel NV., Sanyo Chemical Industries, Ltd, Yahska Polymers Private Limited, Wollner GmbH & Co. KG, Honeywell International Inc, Clariant, and Mitsubishi Chemical Corporation. are some of the key competitors operating in the global performance additives market.
In the Performances additives industry, a few manufacturers are focusing on the development of production technologies and adopting a new and energy-efficient process, as well as improving performances product structures. Apart from this, regulation imposed by the European Union under the EU Directive 2005/31 / EC and the US Food and Drug Administration (FDA) regulates where restrictions on the use of certain chemicals will affect the market growth of performance ingredients.
Key Findings in the Global Performance Additives Market: a Snapshot
- Key players working in the performance additives market are producers and suppliers of tier I and tier II. The production and distribution centers of these players are spread across various countries in Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa.
- Increasing demand for more productivity is attracting international players to invest more in the supply of their products. Manufacturing companies are focused on expanding their businesses in the undeveloped Latin American markets.
- The outbreak of COVID-19 undermines the need for additional production of performance additives in many systems. Governments around the world have pushed for the closure of the door to control the spread of the disease. This has resulted in a decline in the production and production capacity, restrictions on supply and transportation, and a decline in infrastructure. Subsequently, this has led to a reduction in the demand for performance additives production worldwide
This market research study was created by compiling data from primary and secondary sources. Secondary research was conducted using a variety of sources, including (but not limited to) SEC filings, company websites, technical journals, paid data sources, financial reports, and other industry publications. In addition, to acquire first-hand data, the research methodologies perform comprehensive primary research with important industry players. Industry specialists then examine and validate the data.
Performance Additives Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 1,093.26 million|
|Growth Rate||CAGR of 8.6 % during 2021-2028|
|Segment Covered||Product Type, End-User Type , Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, The Middle East and South Africa|
|Key Players Profiled||BASF SE., Akzo Nobel NV., Sanyo Chemical Industries, Ltd, Yahska Polymers Private Limited, Wollner GmbH & Co. KG, Honeywell International Inc, Clariant, and Mitsubishi Chemical Corporation|
Key Segments of the Global Performance Additives Market
Product Type Overview, 2018-2028 (USD Million)
- Fuel additives
End-User Type Overview, 2018-2028 (USD Million)
- Household Goods
Regional Overview, 2018-2028 (USD Million)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
The Middle East and South Africa
- Saudi Arabia
- Rest of MEA