Global Performance Additives Market 2017-2021
About Performance Additives
Performance additives are chemical substances added in materials, such as plastic, paints, rubber, and others to enhance their performance. Performance additives provide strength, durability, quality, and other key properties to materials. They are used to improve performance and durability of materials used in automotive, rubber, paint, and ink industries.
Technavio’s analysts forecast the global performance additives market to grow at a CAGR of 5.41% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global performance additives market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Performance Additives Market 2017-2021
Technavio recognizes the following companies as the key players in the global performance additives market: Arkema, AkzoNobel, BASF, Huntsman International, and The Dow Chemical.
Other Prominent Vendors in the market are: ALTANA, BYK Additives & Instruments, Cytec Solvay, Clariant, DAIKIN INDUSTRIES, Dynea, Eastman Chemical Company, Evonik, K-TECH (INDIA), LANXESS, Momentive, PolyOne, and Total.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Increase in R&D activities. Major performance additives players have increased their spending on R&D activities to reduce the manufacturing and operating cost of paint additives. The innovation and product extension to provide products with better efficiency and enhanced properties is a growing trend in this market. Thus, to maintain the competitive edge and market share, the performance additives vendors are excessively emphasizing on developing advanced technologies and innovations.”
According to the report, one of the major drivers for this market is Increasing demand from end-use industries. The growing construction industry will drive the demand for performance additives. This can be attributed to the use performance additives in paints and coatings. The ability of the additives to provide protection from moisture, microbial growth, heat, and chemicals makes them ideal for such purposes.
Further, the report states that one of the major factors hindering the growth of this market is High labor cost in developed countries. High labor cost in various developed countries, such as the US, Germany, and others, pose a significant challenge to the global performance additives market. This is because of the currency fluctuations in such countries, which make labor services expensive. Thus, manufacturers grapple to avail high cost labor services because such services lower their profit margins. Consequently, they are forced to increase the price of performance additives. In developing countries, since the currency fluctuation is less, it does not affect the labor payments or the cost of the performance additives that much.
Arkema, AkzoNobel, BASF, Huntsman International, The Dow Chemical, ALTANA, BYK Additives & Instruments, Cytec Solvay, Clariant, DAIKIN INDUSTRIES, Dynea, Eastman Chemical Company, Evonik, K-TECH (INDIA), LANXESS, Momentive, PolyOne, and Total.