by Market Overview:
Polymer stabilizers are additives that are added to polymer materials to enhance their lifespan by protecting them from environmental degradation factors such as heat, light, and oxidation. They protect polymers from internal and external degradation that may arise due to factors such as thermo-oxidation, UV radiation, mechanical shearing, plasticizing, and chemical attacks. Major applications of polymer stabilizers include packaging, construction, automotive, and electrical & electronics.
The Polymer Stabilizers market is estimated to be valued at US$ 8.91 Bn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Polymer stabilizers market growth is driven by the expanding polymers industry driven by rising consumption of plastics. According to the Plastics Industry Association, per capita consumption of plastics in the U.S. is around 353 pounds annually. Growth of the plastics industry will necessitate higher demand for polymer stabilizers for stabilization of plastics and polymers. Furthermore, the stringent regulations regarding the use of phthalates in consumer products will drive demand for safer alternatives such as polymer stabilizers. Polymer stabilizers help extend the shelf life of food packaging materials. They inhibit oxidation reactions that can degrade plastic polymers and compromise the integrity of food packaging over time. As the demand for packaged and processed food increases globally, it will drive the need for more effective polymer stabilizers.
Segment Analysis
The global polymer stabilizers market is dominated by the heat stabilizers sub-segment. Heat stabilizers are extensively used in multiple applications such as plastic processing and production across various end-use industries like construction, automotive, packaging, consumer goods, among others. The usage of heat stabilizers during production prevents polymer decomposition and oxidation induced by heat. The heat stabilizers sub-segment currently holds around 60% of the overall market share owing to its indispensable role in plastic and polymer manufacturing processes.
PEST Analysis
Political: Stringent regulations regarding the usage of toxic stabilizers and additives in polymer applications across regions like Europe drive the demand for eco-friendly polymer stabilizers.
Economic: Growth of the end-use industries like construction and automotive fosters the growth of the global polymer stabilizers market.
Social: Increasing health awareness among consumers boost the adoption of non-toxic and biodegradable polymer stabilizers.
Technological: Advancements instabilizer chemistry aid in developing innovative and high-performance polymer stabilizers with minimal environmental impact.
Key Takeaways
The Global Polymer Stabilizers Market Size is expected to witness high growth, exhibiting CAGR of 7.7% over the forecast period, due to increasing construction activities worldwide. Asia Pacific is the fastest growing as well as dominating region in the global polymer stabilizers market. China dominates the APAC market owing to high economic growth and presence of a large manufacturing sector in the country.
Key players operating in the polymer stabilizers market are Adeka Corporation, BASF SE, Chitec Technology Co. Ltd, Clariant, Evonik Industries AG, PMC Group, Polyvel Inc., SABO SpA, SK Capital Partners, Solvay, and Songwon. The Asia Pacific region is expected to dominate the global polymer stabilizers market during the forecast period. The increasing construction activities in China and India is driving the polymer stabilizers market in the region. Key players like Adeka Corporation, BASF SE, and Songwon are focusing on strengthening their distribution network in the emerging economies to leverage opportunities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
