The global polymer stabilizers market is expected to grow at a CAGR of over 3.5% during the forecast period of 2019 - 2024, as per Reportlinker. Polymer stabilizers are added in polymers to prevent the degradation of polymers during processing or use. Polymers are often exposed to heat, cold and UV radiation, and can change its form due to such extreme conditions. The addition of stabilizers help the polymer to maintain its form and serve well during its period of usage.
- Increasing use of energy efficient plastics in construction sector and increasing usage of hindered amine light stabilizer (HALS) in packaging industry are expected to drive the market growth.
- Technical defaults and drawbacks of various heat and light stabilizers is likely to hinder the growth of the market.
- Packaging was the fastest growing end-user industry in 2018 and is expected to maintain its position through the forecast period.
- Packaging products such as bottles and food packaged items are required to survive extreme conditions such as heat, light and humidity without any appearance changes and premature mechanical failure during the service life of the product. To achieve this, the addition of suitable stabilizers such as antioxidants, processing and heat stabilizers, UV and light stabilizers, processing aids etc. are required. The addition of these stabilizers also allows for the development of newer applications for plastics.
- Polymer stabilizers are also widely used in agricultural packaging applications. Agricultural films and plastics are designed as such that they impart properties such as protection against UV radiation, extreme temperatures and chemicals required for crop protection as they are used in greenhouses, tunnels, mulches and irrigation systems.
- Globally, the food safety and packaging norms are getting stricter and is hence promoting good quality packaging, increasing the demand of polymer stabilizers periodically.
- According to the Packaging Distributors of America, the global packaging industry was worth more than USD 424 billion in 2017 and is growing at an annual rate of around 3.5% through the years.
- Such positive factors are expected to drive the market through the forecast period.
- China is the largest consumer and manufacturer of polymers in the Asia-Pacific region. The growing manufacturing activities in the country, and the increasing production of plastics & polymers in the region is expected to drive the polymer stabilizers market.
- According to the National Bureau of Statistics of China, plastic processing enterprises which was almost 13,000 in 2011 reached over 15,000 in 2017 and further through 2018. Production volume of plastic products in the country was 75.155 million tons in 2017, which further increased through 2018. Growing plastic production in the country is expected to increase the demand for polymer stabilizers used in plastic production.
- Additionally, China is the second largest packaging country in the world, and is now an important part of China's manufacturing system. The country's packaging industry is expected to reach CNY 2.5 trillion by 2020, owing to the increasing purchasing power among individuals, people venturing into packaged food, and ready-to-eat and ready-to-cook food, as well as variety of beverages, including health drinks.
- Chinese market for consumer goods performed very well in 2018, as a growing middle class of consumers showed signs of advancing their efforts to live healthier and more enjoyable lives. The result was a 4.3% increase in total value growth for the market in 2017, and further more in 2018.
- Such positive factors are expected to drive the market for polymer stabilizers through the forecast period.