The global polymer stabilizer market is estimated at USD 6.88 Billion in 2017, and is projected to reach USD 8.35 Billion by 2022, at a CAGR of 4.0% during the forecast period.
The growth rate of the market during the next five years is projected to be steady in North America and Europe, while it is projected to grow the highest in the Asia-Pacific region and the Middle East & Africa. The increasing demand from the building & construction, automotive, and packaging industries is projected to boost the demand for polymer stabilizers.
The polymer stabilizer market is classified into antioxidants, light stabilizer, heat stabilizer, and others based on type. The market is led by the heat stabilizer segment in terms of value, mainly because of its wide use in almost every end-use application to protect polymers from extreme heat conditions.
The packaging end-use industry is expected to grow at the highest CAGR in terms of value, during the forecast period due to increasing construction activities, increased demand for automobiles, and rising trade. Growing populations, and high disposable incomes are expected to lead to high demand for convenience and ready-to-eat packaged products during the forecast period. This is due to the rising demand for eco-friendly and UV and heat resistant coating components to protect the packaging material and the products stored in that packaged material from degradation.
The Asia-Pacific region is projected to be the fastest-growing market in terms of value, during the forecast period because of the rapidly growing automotive, and building & construction industry, in countries such as Japan, India, and South Korea. Increasing infrastructural developments are primarily responsible for the high demand for polymer stabilizers. Increasing construction activities are expected to lead to an increase in the use of pipes, conduits, fittings, decking, and roofing during the same period, thereby increasing the demand for the polymer stabilizer used in these products. China is the largest automobile manufacturer in the Asia-Pacific region and is among the leaders in the global automotive market.
The major factor restraining the growth of the polymer stabilizer market is the high manufacturing cost of the light stabilizer. The light stabilizers market is capital intensive and the cost in terms of labor, and materials is high. The materials used to manufacture light stabilizers are highly volatile and specific to the applications and need to meet the quality & government standards while delivering optimum coating solutions that not only have long-term benefits but also provide viable short-term benefits.