Low Profile Additives Market Poised For Significant Growth During 2024-2031 Owing To Growing Demand For Wind Energy
LPAs enable resins to form a network structure with low free volume, which leads to lower shrinkage during hardening. They find wide application in applications where dimensional stability is required such as large industrial tooling, fixtures, wind turbine blades, pipes, etc. Rising demand for composites from end-use industries like wind energy, transportation and construction is expected to drive growth of the low profile additives market.
The global low profile additives market is estimated to be valued at US$ 760.3 million in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players in the Low Profile Additives Market Size include Wacker Chemie AG, INEOS AG, Polynt S.p.A., Vin Industries, BASF SE, Altana, Polychem Ltd., Swancor, LyondellBasell Industries Holdings B.V., Aromax Technology Corp., Interplastic Corp., Synthomer PLC, AOC, LLC, and Mechemco. Wacker Chemie AG leads the market, offering a wide range of vinyl ester and unsaturated polyester resin systems containing LPAs.
Growing demand for wind energy presents major opportunities for LPA suppliers given large scale usage of fiber reinforced composites in wind turbine blades. Key market participants are focusing on expanding production capacities in China, India and the Middle East to cater to rising local demand.
Market Drivers
Growing demand for fiber reinforced composites from wind energy industry: Wind turbine blades accounting for half of the weight of wind turbines use large quantities of structural composites containing LPAs to achieve load bearing capabilities and dimensional stability. According to Global Wind Energy Council, global cumulative installed wind power capacity is expected to reach 1,500 GW by 2030 from 800 GW in 2022.
Development of bio-based LPAs: Strict regulations around VOC emissions have prompted research into developing bio-based and environment friendly LPAs. For instance, Synthomer developed Acronal LP 510, a styrene-free and bio-based LPA for unsaturated polyester and vinyl ester resins used in construction, aviation and marine applications.
Market Restrains
Fluctuating raw material prices: Key raw materials for LPAs like styrene and vinyl monomers exhibit volatility in prices due to supply-demand gaps and geopolitical issues impacting petrochemical feedstock costs. This adversely impacts profitability of LPA producers.
Environmental concerns over styrene emissions: Majority of traditional LPAs are styrene-based which are subject to stringent regulations limiting VOC emissions. This may hinder growth especially in developed regions till alternatives achieve commercial significance.
Segment Analysis
The low profile additives market is segmented into polyester resin, vinyl ester resin, epoxy resin and others. Among these, the polyester resin segment accounts for the largest share in the market. This is due to its wide usage in applications where durable yet light weight materials are required. Polyester resins provide excellent corrosion resistance, mechanical strength and low viscosity and hence utilized dominantly in construction and transportation industries.
Global Analysis
Geographically, Asia Pacific holds the largest share in the low profile additives market during the forecast period. This is mainly attributed to growing construction and transportation industries in emerging economies of China and India. Abundant availability of raw materials and cheap labor favors market growth in this region. North America is another major regional market owing to wide usage of light weight composites in aerospace and automotive parts. Europe is expected to witness steady demand for low profile additives from wind energy and marine industries going forward.
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