Albany, NY -- (SBWIRE) -- 08/16/2018 -- The report acts as a valuable insight to all the parties interested in this field, especially owing to a significant boom occurring in the automobile industry.

Stringent norms put forth by governments and other regulatory bodies to improve fuel efficiency of vehicles are primarily driving growth in the global automotive additives market. This is mainly due to the presence of a key characteristic of these compounds that deals with improving properties of a material. A surge in adoption of alternate fuel sources such as biodiesel and ethanol is increasing the rate at which automobile additives are being used. This is mainly due to the fact that quality automobile additives are utilized in production of such alternate fuel sources, thus rendering splendid efficiency. An increasing need for improved strength, enhanced durability, and increased resistance of vehicles to external forces is bolstering the usage of plastic additives in various vehicle components. Lastly, the focus of key vehicle manufacturers to replace metal with plastic parts is also propelling progress in the global automotive additives market.

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High costs of the producing the additives could deter small scale manufactures to not implement them in vehicles as per norms, thus restraining the market's progress. Not following these strict emission norms imposed by governmental bodies across the globe is expected to hamper the global automotive additives market during the forthcoming years. As such norms keep getting tougher, new entrants may find it difficult to compete with seasoned players, consequently hindering the market's growth. Using quality additives is largely restricted to urbanized locations and highly developed economies, thus hampering the market's expansion on a global scale, mainly when it comes to emerging economies. Nevertheless, many players are expected to introduce cost-effective embedded system technologies consequently offsetting restraints affecting the automotive additives market up to a certain extent.

The global automotive additives market showcases the presence of a highly fragmented and competitive vendor landscape, mainly due to the presence of innumerable players. With vehicle automation increasingly being implemented, and with a rising number of players entering this market, the competition is projected to further intensify. Most businesses are focusing on expanding their product portfolios, coupled with providing technologically advanced offers. Achieving cost regulation, improving geographical reach, and bringing forth innovative concepts are a few other domains where companies are attempting to gain a competitive edge over their rivals. BASF SE, Exxon Mobil Corporation, Covestro AG, The Dow Chemical Company, SABIC, Akzo Nobel N.V., Afton Chemical, EVONIK, and The Lubrizol Corporation, are few key players operating in the global automotive additives market.

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