The automotive industry is experiencing a growing demand for plastics as a substitute for traditional materials. Plastic stabilizers, essential additives in various industries such as packaging, construction, automotive, consumer goods, electronics, and agriculture, play a crucial role in this trend. The rise in market segments for plastic stabilizers is fueled by a turnaround in key markets and the increasing requirement for additives in plastic materials.
In particular, engineering plastics exhibit superior properties like mechanical strength, electrical conductivity, abrasion resistance, and chemical durability compared to conventional materials when used in automotive applications. The need for constant innovation and the pursuit of lightweight materials to enhance vehicle efficiency are driving an increased demand for plastics in various applications. The automotive sector stands out as a pivotal industry in the shift from traditional materials to plastics, primarily aimed at reducing the overall weight of vehicles.
Replacing metals with plastics represents a groundbreaking step for the automotive industry, presenting both opportunities and challenges. The primary objective is to provide more efficient applications at a lower cost. According to Dupont, a leading materials science company, only 16% of plastic is currently used in a typical vehicle, but this is expected to rise significantly by 25% over the next five years. This projection highlights the industry's strategic move towards embracing innovation in the automotive sector.
To successfully implement these changes, the automotive industry requires plastic stabilizers that enhance the strength and effectiveness of plastics as they replace conventional materials. This emphasis on stability is crucial to ensure that the transition from traditional materials to plastics in the automotive sector is not only successful but also results in improved performance and durability.
The surge in demand for plastics in the automotive industry is driven by the unique properties of engineering plastics and the industry's commitment to innovation and efficiency. As the automotive sector continues to replace conventional materials with plastics, the role of plastic stabilizers becomes increasingly vital in ensuring the success of this transition. The anticipated growth in the consumption of plastic in vehicles over the next five years reflects the industry's dedication to embracing change and finding sustainable solutions for improved performance and reduced weight in automotive applications.
Report Attribute/Metric | Details |
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Market Opportunities | Owing to the increasing demand for fire retardants specifically urethane, polyester, and PVC plastics provides various growth opportunities |
The Plastic Stabilizer Market in the global market is expected to grow at a high CAGR of 4.5% to reach a market value that will account for USD 9231.3 million by the end of the forecasted period 2022-2030.A type of plastic additive which is used for increasing the plastic properties is generally named a plastic stabilizer. Some of these properties are prevention of oxidation, protection from high temperatures and harmful UV rays, and chain scission (at high temperature, the molecular deterioration in the stabilizers in polymer). These properties help in making the plastic more weatherable for the substrate for maintaining the viscosity in the material which further helps in fabrication and processing. The major applications in which plastic stabilization is used are toys, window profiles, packaging films, pipes, cable ducts, automotive components and many other in the global market.
COVID 19 Analysis
The situation of the global pandemic of COVID 19 has affected the normal lives of the people as now one has to fight for financial front along with the health front. Owing to the lockdown situation and post lockdown situation, the economies are pushed towards forced recession as revenues are dropped to extreme depth. Because of the shutdown of various manufacturing units, the plastic stabilizer market also observed a deep downfall in revenues and suffered a great amount of loss.
It is expected that the Plastic Stabilizer Market will recover from this global pandemic situation at the end of the first quarter and the beginning of the second quarter in the global market during the forecasted period.
December 2023 – Irgastab® PUR 71 will be introduced by BASF next month. This is an innovative antioxidant designed to improve regulatory compliance as well as performance in polyols and polyurethane foams.
November 2023 – Swiss specialty chemicals company focusing on sustainability, Clariant, has signed a supply agreement with Conser, a MAIRE Group subsidiary, for maleic anhydride catalysts. The partnership aims at jointly developing next-generation catalysts based on Clariant’s popular SynDane series for improved productivity, cost efficiency and sustainability.
Market Dynamics
Owing to the increase in demand for the different plastic stabilizers in the plastic stabilizer market in the global market is growing at a tremendous pace. Another factor that drives the plastic stabilizer market is the increasing use of heat stabilizers and the rising demand for thermal for inhabiting deterioration for plastic polymer stabilizer that are heat prone. These plastic stabilizers are ultra-violet absorbers and hence protect the environment as well.
The increasing demand for plastic stabilizers in the global market. Owing to the increasing demand for fire retardants specifically urethane, polyester, and PVC plastics provides various growth opportunities during the forecasted period. Also, the increasing demand of the automotive industry and construction industry and the use of plastic stabilizers in them provide growth opportunities to the plastic stabilizer market.
The Plastic Stabilizer Market is increasing at a high pace but some factor restrains the growth of the Plastic Stabilizer Market in the global market like increasing regulation for use of lead in various plastic stabilizers hampers the growth of the plastic stabilizer market in the global market. Another factor that hinders the growth of the Plastic Stabilizer Market is the increasing restrictions on using plastic products and various campaigns regarding the ban of plastic restrain the growth.
Value Chain Analysis
The Plastic Stabilizer Market has gained a lot of popularity and is expected to grow even further during the forecasted period. The growth of the Plastic Stabilizer Market is accelerating owing to the increasing construction of malls, PVC flooring homes, buildings, and hotels in the Middle East and the Africa region help in increasing the infrastructure of this region. Also, the U.S. which is the dominating sector is investigating a great amount in the Plastic Stabilizer Market and hence helps in its growth in the global market.
Market Segmentation
The Plastic Stabilizer Market in the global market has been divided based on the type, material, and end-use industry.
Based on Type
The Plastic Stabilizer Market in the global market has been divided based on the type into antioxidant type, heat stabilizer type, light stabilizer type, and many others. Out of all these types, the largest market share is held by the heat stabilizer owing to its increasing use in the construction and building industry. Antioxidant type is also increasing at a fast pace.
Based on Material
The Plastic Stabilizer Market in the global market has been divided based on the material into elastomers material, thermosetting material, and thermoplastic material. The largest share is held by the thermoplastic material owing to its use in the automotive industry, packaging industry, consumer goods industry, and many other industries.
Based on End-Use Industry
The Plastic Stabilizer Market in the global market has been divided based on the end-use industry into the automotive industry, building and construction industry, packaging industry, electrical and electronics industry, agriculture industry, consumer goods industry, and many others. The largest market share is held by the packaging industry.
Regional Analysis
The Plastic Stabilizer Market in the global market has been divided based on the region into North America region, Asia-Pacific region, Europe region, the Middle East and Africa region, and the Latin America region. The largest market share has been held by the Asia-Pacific region owing to its increasing demand for manufactured consumer goods. Its increasing production capacity is another factor which makes helps in dominating the global market.
The second-largest market share in the global market is held by the North American region owing to the presence of the U.S. who dominates in the North American region and is estimated to grow further during the forecasted period. The third-largest market share in the global market has been held by the Europe region. In the European region, Germany holds the largest share and dominates the market owing to the well-established automotive industry followed by the Latin America region, the Middle East, and Africa region respectively.
Competitive Landscape
The most prominent key market players in the Plastic Stabilizer Market in the global market are as follows:
These market key players use various policies and strategies like innovation in production style, the launch of a new product, collaboration, mergers and acquisitions, and partnerships for sustaining their position in the global market.
Recent Developments
Report Overview
The Plastic Stabilizer Market research report consists of the following aspects:
The Plastic Stabilizer Market research report contains the factors that drive the global market along with the restraining factor. This research report also contains the past functions of the plastic stabilizer market and the impact of the global pandemic on the revenue of the Plastic Stabilizer Market. The future market growth of the plastic stabilizer market is also estimated and mentioned.
User
Consulting in chemical experts, investors and trade experts, government bodies, association bodies, and industrial bodies, suppliers and traders, manufacturers and distributors of plastic stabilizers, manufacturers and distributors of plastic stabilizers, and many others.
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