The global market for polymer stabilizer is estimated at USD 6.88 Billion in 2017 and is projected to grow at a CAGR of 4.0% to reach USD 8.35 Billion by 2022.
The replacement of conventional materials by plastics in various end-use industries is expected to boost the polymer stabilizer market during the forecast period. Plastics are efficient alternatives to wood, metal, and glass in major industries such as automotive, construction, and agriculture. This has fueled the demand for stabilizers used for polymers used in the manufacture of plastic products.
Heat stabilizer projected to be the largest polymer stabilizer type during the forecast period
Heat stabilizer constitutes a major share in the global polymer stabilizer market due to a high demand from the plastics industry, especially for PVC products such as pipes. The demand for heat stabilizers is predominantly influenced by the demand from end-use industries such as building & construction, consumer goods, and automotive. Growth is mainly driven by the demand for eco-friendly alternatives which have a reduced phenol and Volatile Organic Compound (VOC) content. This has led to the substitution of lead and cadmium based heat stabilizers by mixed metal, tin, and rare earth materials.
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Packaging expected to be the fastest-growing end-use industry for polymer stabilizer during the forecast period
Polymer stabilizers find wide use in the packaging application which is projected to grow at the highest CAGR in terms of value, in the polymer stabilizer market during the forecast period. This is due to the rising demand for eco-friendly and UV and heat resistant coating components to protect packaging material and the products stored in that packaging material from degradation.
Asia-Pacific expected to be the fastest-growing market for polymer stabilizer during the forecast period
The growth of the polymer stabilizer market in the Asia-Pacific region is attributed to the rising population due to which, there is an increasing demand for additional residential construction. This growth pattern signifies an increase in construction activities, thereby leading to an increase in the consumption of polymer stabilizer for the construction industry. Also, rising disposable incomes and improved standards of living are leading to consumers opting for new vehicles for their comfort, thus, leading to a rise in vehicle sales and an increase in the consumption of heat and light stabilizers.
Currently, the global polymer stabilizer market is led by various market players such as BASF SE (Germany), Songwon Industrial Co., Ltd. (South Korea), Albemarle Corporation (US), Clariant International Ltd. (Switzerland), Akzo Nobel N.V. (the Netherlands), and Solvay SA (Belgium).