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Plastic Stabilizer Market Worth USD 8,577.1 million by 2023 at a CAGR of 4.49%
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, huge consumption of plastics in day to day life, and rising demand of plastics in Asia Pacific
The plastic stabilizer is estimated to be valued at USD 8,577.1 million by the end of 2023 and expected to grow at a CAGR of 4.49% during the review period. The major factors favouring growth of the market are the surging 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. Application of phenolic antioxidant in packaging industry accounted for the largest market share. It has been projected to grow at the highest CAGR on account of the increasing demand of the product for packaging of food and other retail products. Consumer goods industry is the second major consumer of plastic stabilizer accounted for second largest share of the market in 2016.
However, the bottleneck operating in the global plastic stabilizer market is the stringent government regulations to phase out lead based stabilizers. Nevertheless, during the years to follow, the demand of the plastic stabilizer is likely to surge due to numerous untapped applications in steadily emerging end use industries such as packaging and automotive. This is likely to bring substantial opportunities for the market to grow in coming years.
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Global plastic stabilizer has been segmented on the basis of type, materials, end use industry, and region. On the basis of type, the market has been divided into heat stabilizer, antioxidant, light stabilizer, and others. As of 2016, the heat stabilizer accounted for the largest share of the market, on account of the growing use of this type in manufacturing the material to be used in a number of complex industrial process and construction activities. Antioxidant is the second major type of plastic stabilizer, projected to grow at the highest CAGR due to increasing demand from packaging industry, especially food packaging.
Based on material, the market is categorized into packaging, building & construction, automotive, consumer goods, electrical & electronics, agriculture, and others. The thermoplastic material is the largest segment holding 77.70% share of the market, as of 2016. Ever increasing demand from the major end users such as packaging, building & construction, automotive, and consumer goods is the primary factor favouring growth of this segment.
Based on end use industry, the global plastic stabilizer market is segmented into packaging, building & construction, automotive, consumer goods, electrical & electronics, agriculture, and others. Among these end use industries, the packaging industry accounted for the largest share of the market in 2016, owing to versatile characteristics properties offered by the product for manufacturing packaging films. In addition to this, consumer goods industry the second major consumer of the plastic stabilizer due to increasing use of plastic and its composites in construction activities
Major Key Players:
Market Research Future (MRFR) recognizes the following companies as the prominent players in the global plastic stabilizer that includes-
• BASF SE (Germany),
• Songwon Industrial Co., Ltd (South Korea),
• Clariant AG (Switzerland),
• Akzo Nobel N.V (Netherland),
• Evonik Industries AG (Germany),
• ADEKA CORPORATION (Japan),
• Solvay SA (Belgium),
• INDOFIL INDUSTRIES LIMITED (India),
• Bruggemann Group (Germany),
• Baerlocher GmbH (Germany),
• And others.
Geographically, the global plastic stabilizer is segmented into
• Asia Pacific,
• North America,
• Latin America,
• Middle East & Africa
As per the MRFR analysis, Asia Pacific dominated the market and accounted for the largest share of the market in 2016, and expected to grow at a CAGR of 5.11%. Asia Pacific market is followed by North America, which is accounted for the second largest number of shares in the global plastic stabilizer market, as of 2016. North America is projected to be the second major market. Europe is a substantial region in the market, which accounts for 23% share of market as of 2016. Country wise, China is the leading market, in terms of value and volume, followed by the US.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape analysis of key vendors.
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