The global polymer stabilizers market size was valued at USD 7.78 billion in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 5.6% from 2022 to 2030. The global polymer stabilizers market is mainly driven by the increasing demand for high end plastic products. In addition, rise in packaging industry is also expected to increase market share. The demand for agricultural films is also rising as these products offer protection from harmful elements. The rapid growth of the retail and food industries are further expected to drive the growth of the market.
Global Polymer Stabilizers Market: Regional Insights
Regionally, Asia-Pacific region is expected to account for the largest revenue share in the global polymer stabilizers market during the forecast period. The major reason for this is the rapid industrialization and the rise in the automobile industry in the region. Moreover, China, which is the world's second largest economy, is expected to contribute to the growth of the polymer stabilizers market. Furthermore, rising population in the region is supporting the demand for packaged goods.
The Europe and North America regions are predicted to exhibit moderate growth rates. The rise in the consumer awareness regarding environmental concerns is promoting the adoption of these products. Rise in construction activities coupled with the economic growth of the countries in the region are other key factors propelling growth of the market in these regions.
Figure 1. Global Polymer Stabilizers Market Value Share (%), By Region, 2021
Global Polymer Stabilizers Market Drivers:
Growing use of energy efficient plastics in construction sector is driving growth of the global polymer stabilizers market. For example, energy use in buildings accounts for nearly 40% of the global energy consumption and 36% of the total energy-related carbon dioxide emission. The usage of energy and carbon dioxide emission need to be reduce in order to preserve more energy. This problem can be addressed by using energy efficient plastic materials in buildings.
Increasing use of hindered amine light stabilizer (HALS) in packaging sector is again propelling growth of the market. It is used to protect polymers from degradation because of UV exposure which can leads to loss of physical properties such as tensile strength, impact strength, elongation, and others.
Global Polymer Stabilizers Market Opportunities:
Development of organic stabilizers is expected to hold lucrative growth opportunities over the forecast period. This is attributed to the growing public health and environmental concerns as use of heavy metal stabilizers leads to various environmental concerns.
Ongoing research &development on bio-based plastics is projected to bring bright market opportunities. For instance, in September 2020, Bicocca University of Crowdfunding has launched new research projects "100% Bioplastic” to develop a new material of natural and biodegradable origin.
|Base Year:||2021||Market Size in 2021:||US$ 7.78 Bn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||5.6%||2030 Value Projection:||US$ 11.67 Bn|
Adeka Corporation, BASF SE, Chitec Technology Co. Ltd, Clariant, Evonik Industries AG, PMC Group, Polyvel Inc., SABO SpA, SK Capital Partners, Solvay, and Songwon
|Restraints & Challenges:||
Global Polymer Stabilizers Market Trends:
Strong growth of e-commerce sector due to growing trend of digitalization is contributing to the growth of the packaging industry. For instance, during 2018, express delivery companies delivered around 49 billion parcels in the China, which reflects about 23% increase over the previous year. The country witnessed rapid growth in the fast-moving consumer goods (FMCG) sector, during 2018.
Growing trend of lightweight automobiles is increasing production of automobiles. Use of plastics in automotive industry improves the fuel-efficiency of vehicle. Automotive components that are made using plastics are impellers, pump housings, carburetor floats, reservoirs, bumper, locks, door handles, steering wheel, cup holders, seatbelt, head rests, dashboard, lightings, bumpers, liquid reservoirs, etc.
Global Polymer Stabilizers Market Restraints:
Ban on plastics bags across various countries is expected to hamper the market growth. For instance, in 2019, the European parliament has voted to ban single-use plastic cutlery, cotton buds, straws, and stirrers as part of a sweeping law against plastic waste that despoils beaches and pollutes oceans. EU member states are trying to introduce measures to reduce the use of plastic food containers and plastic lids for hot drinks. By 2025, plastic bottles should be made of 25% recycled content, and by 2029, 90% of them should be recycled in Europe.
Unfavorable condition arising due to the negative impact of the Covid-19 on the global economy is again expected to restrict the market growth.
Figure 2. Global Polymer Stabilizers Market Value Share (%), By Product, 2021
Global Polymer Stabilizers Market Segmentation:
The global polymer stabilizers market report is segmented into Product Type, End-user Industry, and Region
Based on Product Type, the market is segmented into Antioxidants, Heat Stabilizers, and Light Stabilizers. Out of which, Antioxidants is expected to dominate the global market over the forecast period and this is attributed to the fact that they prevent the rate of auto oxidation by interfering with the radical propagation reaction.
Light Stabilizers segment is also expected to witness significant growth in the near future owing to the growing demand for UV absorber for blocking the harmful UV rays and thus delaying aging of plastic products.
Based on End-user Industry, the market is segmented into Packaging, Automotive, Consumer Goods, Building and Construction, and Other End-user Industries. Out of which, Packaging is expected to dominate the global market over the forecast period and this is attributed to the growing retail sector worldwide which is creating demand for plastic in packaging sector.
Automotive segment is also expected to witness significant growth in the near future owing to the growing trend of lightweight automobile for improving fuel-efficiency of the vehicles. Plastics are used to fabricate lightweight component of automobile.
Global Polymer Stabilizers Market: Key Developments
In July 2018, The BASF SE announced plans to increase the antioxidant Irganox 1010 by 40%.
In April 2018, The BASF SE commenced the production of Irganox 565 in Isohara, Japan, by expanding its collaboration with Waterchem.
Global Polymer Stabilizers Market: Key Companies Insights
The global polymer stabilizers market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global 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
*Definition: Polymer stabilizers are used in the plastic manufacturing industry. These chemicals are designed to prevent the degradation of the plastic in a controlled manner. These chemicals also help in prolonging the useful life of the plastic product. These chemicals are categorized as peroxide decomposers, radical chain initiation inhibitors, and radical scavengers.
The usage of plastics is increasing in different sectors of the economy, especially in the consumer goods industry. Polymer stabilizers are widely used in the agriculture sector to protect crops from extreme temperatures. In addition, they are also used in the construction industry for manufacturing conduits, roofing, and decking. The main purpose of these products is to prevent the degradation of the polymer during processing and storage. In addition, they also add heat resistance to the polymer product. This helps to prolong the useful life of the material.
The market is driven by growing demand for high end plastics. These materials replace conventional materials, and are used for many applications. In particular, the packaging industry is expanding due to the growing demand for plastics from packaging application. In addition, the increase in the electronics industry is driving the consumption of plastics. Additionally, growing retail industry and increased construction activity is also driving the consumption of plastics. Besides, the demand for agricultural films is also increasing. Moreover, the food safety norms are becoming stricter and are pushing for good quality packaging which is further anticipated to augment market growth.
On the other hand, lack of sufficient supply of raw materials is expected to hamper the growth of the market.
Key features of the study: