The global polymer stabilizers market is expected to grow at a CAGR of over 5% during the forecast period. Polymer stabilizers are added in polymers to prevent the degradation of polymers during processing or use. Polymers are often exposed to heat, cold and UV radiation, and can change its form due to such extreme conditions. The addition of stabilizers helps the polymer to maintain its form and serve well during its period of usage.
- Increasing the use of energy-efficient plastics in the construction sector and increasing usage of hindered amine light stabilizer (HALS) in the packaging industry are expected to drive market growth.
- Ban on plastic bags in various countries across the world is likely to hinder the growth of the market.
Key Market Trends
Growing Usage in Packaging Industry
- Packaging is one of the fastest-growing end-user industries and is expected to maintain its position through the forecast period.
- Packaging products such as bottles and food packaged items are required to survive extreme conditions such as heat, light, and humidity without any appearance changes and premature mechanical failure during the service life of the product. To achieve this, the addition of suitable stabilizers such as antioxidants, processing and heat stabilizers, UV and light stabilizers, processing aids etc. are required.
- The addition of these stabilizers also allows for the development of newer applications for plastics.
- Polymer stabilizers are also widely used in agricultural packaging applications. Agricultural films and plastics are designed as such that they impart properties such as protection against UV radiation, extreme temperatures and chemicals required for crop protection as they are used in greenhouses, tunnels, mulches and irrigation systems.
- Globally, the food safety and packaging norms are getting stricter and are hence promoting good quality packaging, increasing the demand for polymer stabilizers periodically.
- The growing retail market in the United States is driving the packaging industry, which in turn is expected to increase the consumption of plastics for packaging during the forecast period.
- Such positive factors are expected to drive the market through the forecast period.
Asia-Pacific to dominate the market
- Asia-pacific is the largest and fastest-growing region in the market primarily due to the increasing demand from China and India.
- The total investment in property has been steadily rising in China. Real estate investment, which is mainly focused on the residential sector also includes the construction of commercial and office space, is acting as the key driver for the growth of the construction sector in China.
- Moreover, the number of high bridge constructions in China surpasses the rest of the world. In terms of skyscraper constructions, China dominated the rest of the world with the total number of skyscrapers constructed in China.
- The packaging industry in the country is growing at a significant rate owing to the expanding food and beverage and retail industries. The country’s packaging industry is majorly driven by growing innovation in industries to make its product compact and portable.
- With the growth in electronics, consumer goods, and healthcare industry, the consumption of packaging is further increasing. Hence, with the growing demand from several major end-user industries, the plastics consumption is likely to witness a rapid growth, during the forecast period.
The global polymer stabilizers market is a fragmented market, where the top five players account for about 32% of the market share. The key players in the market include BASF SE, Songwon, SK Capital Partners, Clariant, and Evonik Industries AG.
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