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There is a growing emphasis on sustainability and environmental consciousness, driving the demand for eco-friendly and bio-based performance additives. Manufacturers are focusing on developing additives that have reduced environmental impact and are derived from renewable resources. Advancements in technology are driving innovation in the market. Manufacturers are developing cutting-edge additives with improved functionalities, better performance characteristics, and compatibility with diverse materials. Thus, the growing prevalence is expected to expedite the market growth.
U.S. performance additives industry recorded USD 22.1 billion in 2022 and is expected to garner significant growth through 2032, owing to the rising need for lightweight materials, improved fuel efficiency, and enhanced performance of automotive components, in the region.
The liquid form segment held market share of around 40% in the performance additives industry in 2022 and is expected to gain traction through 2032, due to increasing adoption of easy to use and mix product forms.
The plastic type segment in the performance additives industry recorded USD 18.3 billion in 2022 and is expected to witness significant growth through 2032, owing to increasing demand for efficiency, resilience, and durability in materials.
Performance additives industry size was USD 105.5 billion in 2022 and is estimated to reach USD 229.4 billion by the end of 2032, due to increasing industrialization and manufacturing activities in various sectors worldwide.