Press release
Plastic Stabilizer Market worth USD 8,577.1 million at 4.49% CAGR by 2023: Leading Global Players - BASF SE, Songwon Industrial Co. Ltd., Clariant AG, Akzo Nobel N.V, Evonik Industries AG, Solvay SA, Bruggemann Group, Baerlocher GmbH
Plastic Stabilizer Market
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.
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An 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.
Intended Audience:
• Manufacturers and Distributors of Plastic Stabilizers.
• Manufacturers and Distributors of Plastic Stabilizers.
• Suppliers and Traders.
• Government, Associations and Industrial Bodies.
• Investors and Trade experts.
• Consulting in Chemical Experts.
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.
Segmentation:
The Global Plastic Stabilizer Market is segmented on the basis of type, material, end use industry and region.
On the basis of type, market is divided into heat stabilizer, antioxidant, light stabilizer, and others.
Based on Application, the market is segmented into thermoplastic, thermosetting, and elastomers.
Furthermore, by End Use Industry, the market is categorized into packaging, building & construction, automotive, consumer goods, electrical & electronics, agriculture, and others.
Geographically, the Global Plastic Stabilizer Market is segmented into, Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
Key Global Competitors:
The prominent players in the Global Plastic Stabilizer Market are; BASF SE (Germany), Songwon Industrial Co., Ltd (South Korea), Clariant AG (Switzerland), Akzo Nobel N.V (the Netherlands), Evonik Industries AG (Germany), ADEKA CORPORATION (Japan), Solvay SA (Belgium), INDOFIL INDUSTRIES LIMITED (India), Bruggemann Group (Germany), and Baerlocher GmbH (Germany).
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In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
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