Market Synopsis of Global Plastic Stabilizer Market:
Plastic Stabilizer is a type of plastic additive, used to enhance the properties of plastic. It provides protection from UV rays and high temperatures, prevents oxidation, and chain scission (molecular deterioration of the polymers at high temperatures) properties. It imparts greater weatherability to the substrate and maintains viscosity of the material which facilitates its processing and fabrication. Plastic Stabilizers find their major applications in pipes, window profiles, toys, cable ducts, packaging films, automotive components and others.
The Global Plastic Stabilizer Market is expected to grow at CAGR of 4.49% to reach USD 8,577.1 million till 2023. Growing demand of plastic in automotive industry to replace conventional material, huge consumption of plastics in day to day life, and rising demand of plastics in Asia Pacific are some of the major factors driving growth of the market.
Increasing demand from end-use industries such as packaging, building & construction and automotive is anticipated to drive Global Plastic Stabilizer Market growth over the forecast period. The rise of middle class population in developing region of Asia Pacific and Latin America such as China, India, Brazil, and Mexico is driving the growth of manufacturing sector along with increasing purchasing power. In addition, migration towards urban areas, relative increase in per capita consumption and liberal FDI norms have worked together towards the growth of plastic stabilizer consumption over the last decade and is set to continue over the forecast period.
Plastic Stabilizer are added to various plastics in order to enrich their properties. They are helpful in providing protection from obstructions such as high temperature, UV rays, oxidation, and chain scission properties. The usefulness of the stabilizers against weathering is determined by the solubility, capability to stabilize in various polymer matrix, the dispersal in matrix, evaporation loss at the time of processing and usage.
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Industry/ Innovation/ Related News:
July 2017- BASF introduced Tinuvin XT 55, its latest generation of HALS for the film, fibers and tapes industry. Tinuvin XT 55 is a high-performance light stabilizer that has a very low contribution to water carryover enabling the production line to run without disruptions.
March 2017- BASF invested in new plastic additives plant in Shanghai, China. BASF has invested more than €200 million globally to increase its production network for plastic additives.
June 2017- BASF SE announced that the company started operation of engineering plastic at its expanded compounding plant in Germany. This expansion will help company to produce 70,000 tons more Ultramid (PA:polyamide) and Ultradur (PBT:polybutylene terephthalate) every year. This additional capacity increased the flexibility in the worldwide production network of BASF.
Competitive Landscape:
Significant shift of manufacturing centers towards developing regions such as Asia Pacific and Latin America driven by lucrative FDI policies, cheap labor, and wide raw material availability is set to positively influence Global Plastics Stabilizer Market. Polymer production in Asia Pacific is touching new heights with extensive demand being experienced from end-use industries such as automotive, construction, electrical & electronics and packaging among others. Companies such as BASF and Songwon are taking up strategies such as expansion and new product launches in order to capture market share and fulfil the burgeoning demand in developed countries. Emerging demand for lightweight plastics in automotive and electronics industry is slated to further uplift demand for Polymer Stabilizer and motivate industry participants to innovate and adapt to precise application requirements.
Regional Analysis:
The Global Plastic Stabilizer Market is spanned across five key regions: Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa. Among them, Asia Pacific accounted for the largest share of the market in 2016, and is projected to grow at the highest CAGR of 5.11% during the review period. The dominance of Asia Pacific region is primarily attributed to the increasing demand for the product in manufacturing consumer goods and expanding production capacity in this region. Asia Pacific region is closely followed by North America, which accounted for the second largest market share in 2016. The U.S. accounted for the highest market share in North America and is expected to remain dominant throughout the forecast period owing to greater penetration of end use industries in the country.
Europe is a significant region in the Global Plastic Stabilizer Market. It accounted for a 23% share of the market in 2016. Germany dominates the regional market in terms of value and volume due to increasing demand from a well-established automotive industry. Europe is followed by Latin America and the Middle East & Africa, which are estimated to grow at moderate rate during the forecast period.
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