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Challenges
The increasing pressure on manufacturers to provide the cost-effective and high performance product and increasing raw material prices are identified as the major challenge in the formulation additives market. Various manufacturers are investing heavily in developing a cost effective as well as high performance products for the consumers to stay competitive in the market, as various innovations are taking place in the market by the key players.
Geographic Overview
Asia-Pacific is the largest consumer of these additives and also expected to register the fastest growth in the formulation additives market during the forecast period. This can be attributed to the growing construction and transportation activities in the region, to meet the demand of ever-increasing population. Also, the manufacturing of these additives is increasing in the region, as manufacturers are setting up manufacturing facilities in the region, to take advantage of cheap and easily available labor.
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Competitive Insight
Key players in the formulation additives industry are investing in the strategic locations such as Asia-Pacific to set up the manufacturing units, which can be attributed to the easy availability of cheap raw materials. BASF SE, Eastman Chemical Company, DowDupont Inc., Cabot Corporation, Allnex Technologies, Arkema Group, Evonik Industries, Momentive Performance Materials, Huntsman Corporation, and Akzonobel N.V. are some of the key players offering formulation additives products.
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