The global market for Plastic Stabilizer is witnessing a huge growth in their market demand due to which the valuation has the chance to rise and surpass USD 8577.1 million by 2023. Market Research Future (MRFR) states that the market may attain a 4.49% CAGR during the forecast period of 2018 to 2023.
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During the time, the market will benefit from the support of various end user industries like construction, automotive, consumer goods, electrical & electronics, and others. The packaging industry would dominate the market with a projected valuation of USD 3202.3 million. Its use in the production of window profiles, toys, pipes, packaging films, cable ducts, and automotive components would also trigger growth.
The global market on plastic stabilizers is getting impacted by companies like Songwon Industrial Co., Ltd (South Korea), BASF SE (Germany), Akzo Nobel N.V (the Netherlands), Clariant AG (Switzerland), ADEKA CORPORATION (Japan), Solvay SA (Belgium), Evonik Industries AG (Germany), Bruggemann Group (Germany), INDOFIL INDUSTRIES LIMITED (India), and Baerlocher GmbH (Germany). These companies are deploying plans like mergers, innovations, research and development projects, branding, tie-ups, acquisitions, and others to ensure their market stand stays firm. This also helps in boosting the market prospect. MRFR recorded these latest changes to understand how the market is shaping up and what trends are driving the market or will drive the market in the future.
Asia Pacific market has the chance to dominate the global market by exploring regional possibilities. It would also outpace others by attaining a 5.11% CAGR during the forecast period. However, the COVID-19 analysis would provide a more recent picture of the regional markets.
The global Plastic Stabilizer Market has been segmented by MRFR analysts on the basis of type, material, and end use industries. The report reveals the impact of factors, numbers regarding volume and value, revenues, charts, and graphs to elaborately discuss various market dynamics.
By type, the global market study of the plastic stabilizer has been segmented into antioxidants, light stabilizers, heat stabilizers, and others. The light stabilizer segment is getting notable traction from the construction industry.
By application, the discussion containing details of the plastic stabilizer market has been segmented into thermosetting, thermoplastic, and elastomers. These segments are enjoying substantial traction from various end user industries.
By end user industry, the study on the plastic stabilizer market has been segmented into packaging, building & construction, automotive, consumer goods, electrical & electronics, agriculture, and others.
In March 2020, BASF announced that its innovative light stabilizer products from the Chimassorb® range are getting traction in the construction industry of India. Megaplast India (Megaplast), one of the prominent construction companies in India, is using it to produce nonwoven geotextiles that find substantial traction from the construction of national highways. The plastic stabilizer helps the production process by making it more efficient and it increases the lifespan of the roads significantly. Such advantages are much sought after features for the construction of national highways.
In January 2020, Solvay Group announced that they are increasing their production of light stabilizers in Willow Island, W.Va. The decision came as a support for the new high molecular weight hindered amine light stabilizers (HALS). These plastic stabilizers have substantial usage in industries like agricultural films, building and construction, and others.
However, the COVID-19 impact on the market is quite restraining. This is due to the adverse influence it had on the manufacturing sector, which forced to reduce the intake capacity of many industries.
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