Global Polymer Stabilizer Market - 2020-2027
The global polymer stabilizer market size valued USD XX billion in 2019 and is estimated to reach USD XX billion by 2027, growing at a CAGR of XX % during the forecast period (2020-2027)
Polymer stabilizers stabilize plastics and prevent degradation when exposed to heat, cold, light and UV rays. Plastics are used on an increasing scale in a wide and ever-growing variety of industries and applications due to their lightweight, cost-effectiveness, flexibility and ease of processing. Specially designed stabilizers protect the polymer during processing and ensure that plastic end products retain their physical properties, prolonging their lives.
Increasing plastic consumption and a rise in demand for light stabilizers mainly contribute to the global polymer stabilizer market's growth. Plastics are cost-effective and practical substitutes for metal, wood, and glass in primary industries such as construction and automotive. Replacement of materials with plastics in several end-use industries is a key driver of the polymer stabilizer market during the forecast period.
Increasing demand for plastics in a wide range of industries is expected to drive the market of polymer stabilizer
The plastic industry contributes to the economic development and growth of various key sectors such as packaging, automotive, building & construction, electrical and electronics, agriculture and others. For instance, agricultural films and plastics are designed for applications such as tunnels, greenhouses, mulches and irrigation systems that require protection against extremely high temperature, chemicals and UV radiation used for crop protection.
In the automotive sector, high-performance plastics are vital, both inside and outside the vehicle: seats, roof linings, dashboards, steering wheels, fuel systems, and headlamp covers and other exterior parts that are exposed to extreme conditions of light and temperature.
Moreover, the building & construction industry uses plastic materials on an increasing scale to replace other materials in a wide variety of applications, including insulation, windows and doors, flooring, roofing, stadium seats, and gas and water pipes decking fencing and others.
Hence, growing demand of plastics in various industries is expected to proliferate the polymer stabilizer market over the forecast period of 2020-2027.
The high manufacturing cost of stabilizers is restraining the growth of the polymer stabilizer market.
The high manufacturing cost of the stabilizers is a hindrance to the polymer stabilizer market. The market is capital intensive, and the price of labor and raw materials is also high. Manufacturing materials of polymer stabilizers are highly volatile and need to meet the quality standards and government regulations. Moreover, the chemical risk involved during the production and recycling of plastics hinders plastic usage, which, in turn, impedes polymer stabilizers' growth.
By end-user, the polymer stabilizer market is segmented into packaging, automotive, building & construction, agriculture, electrical & electronics, synthetic textiles & fibers.
The packaging is one of the fastest-growing industries and is anticipated to maintain its position through the forecast period. According to the industry analyst Smithers, packaging demand across the world reached US$917.1bn in 2019 and is anticipated to grow in the coming four years. Packaging products such as food packaged items must survive extreme conditions like heat, light, and humidity without any appearance changes and premature mechanical failure during the product's service life. The addition of polymer stabilizers is required to achieve this.
Moreover, polymer stabilizers are also widely used in agricultural packaging applications. Agricultural films and plastics are designed to protect against extreme temperatures, UV radiation, and chemicals required for crop protection. They are used in tunnels, mulches and irrigation systems, greenhouse and others. Hence, such increasing demand for plastic in various industries, including packaging, is expected to drive the market through the forecast period.
The polymer stabilizer market is segmented into North America, Europe, the Asia Pacific, Latin America, and Middle East & Africa.
Asia-Pacific dominates the market for polymer stabilizers owing to the rapidly developing packaging, automotive, and construction industries in the region. For instance, in China, real estate investment is mainly focused on the residential sector includes the construction of commercial space, is acting as the critical driver for the growth of the construction sector in China. In 2018, the real estate market's total sales reached almost 15 trillion Yuan and accounted for nearly 17 percent of China's GDP.
Moreover, infrastructural developments, a rise in the standard of living, and an increase in construction activities have augmented the usage of decking, pipes and fittings, and roofing, thereby boosting the polymer stabilizer demand used in these products. Countries such as China, Japan, and South Korea, being the dominant automotive manufacturers in this region, drive the polymer stabilizer market.
Also, North America and Europe are anticipated to grow at a moderate rate during the forecast period.
The polymer stabilizer market is moderately competitive with the presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Songwon, AkzoNobel, Adeka Corporation, Chitec Technology Co., Ltd., BASF SE, Grafe Advanced Polymers GmbH, Solvay SA., Albemarle Corporation, Mayzo Inc., Clariant International Ltd., Bayer AG, and The DOW Chemical Company among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, contributing to the growth of the polymer stabilizer market globally.
Overview: SONGWON Industrial Co., Ltd. is a global chemical company founded in 1965. The company's headquarter is in South Korea. It is the second-largest manufacturer and supplier of polymer stabilizers. The company provides chemical products for various sectors & industries, including packaging, automotive, building & construction, textiles and fibers, coatings, agriculture, adhesives, lubricants, durable & consumer goods, and electric and electronic industries.
Product Portfolio: In polymer stabilizers, the company produces a wide range of processing, heat and light stabilizers in various physical forms and blends. They include antioxidants, UV absorbers, hindered amine light stabilizers (HALS) and one pack system.
The global polymer stabilizer market report would provide access to an approx.: 61 market data table, 55 figures and 240 pages.
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