The Global Polymer Stabilizers Market Growth Accelerated By Increasing Applications Of Polymer Stabilizers
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| Polymer Stabilizers Market |
Polymer stabilizers are compounds added to synthetic polymers and plastics to prevent decomposition, discoloration and maintain the physical and chemical properties of materials during manufacture, processing, transport, storage, and throughout the end use life. Polymer stabilizers play a vital role in enhancing the longevity and stability of plastics used in construction, automotive, packaging and other industries. They protect polymers and materials from oxidative, thermal and other environmental degradation.
The global Polymer Stabilizers Market is estimated to be valued at US$ 8.91 Bn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing applications of polymer stabilizers is one of the key trends that is expected to drive the growth of the global polymer stabilizers market during the forecast period. Polymer stabilizers find widespread application in commodities such as PVC, PET, polymers, plastics, and elastomers. They help in protecting these materials from degradation caused by heat, light and oxidation. With rapid urbanization and growth of end-use industries such as automotive, packaging, and construction, the demand for plastics and polymers is increasing significantly. This in turn is augmenting the consumption of polymer stabilizers globally to enhance the durability and lifespan of materials. The growth in applications is expected to continue during the forecast period and will contribute substantially to the market growth.
Segment Analysis
The global polymer stabilizers market is dominated by antioxidants sub segment. Antioxidants are widely used polymer stabilizers and account for over 40% of total polymer stabilizers market share. They are used across majority of applications such as packaging, automotive, construction, consumer goods etc to protect polymers from degradation caused by oxidation. They extend shelf life and durability of products.
Key Takeaways
The Global Polymer Stabilizers Market Demand is expected to witness high growth. Asia Pacific is currently the fastest growing and dominating region in the global polymer stabilizers market. Countries like China, India, Indonesia, Vietnam etc are driving the demand growth in this region. Rapid industrialization and infrastructure development along with growing population are fueling the consumption of plastics and polymers. This in turn is propelling the polymer stabilizers market growth in Asia Pacific region.
Key players operating in the polymer stabilizers market are Illumina, Inc., Thermo Fisher Scientific, Inc., Qiagen N.V., F. Hoffmann-La Roche Ltd., Foundation Medicine, Inc. (Roche), Invitae Corporation, NeoGenomics Laboratories, Inc., Myriad Genetics, Inc., Genomic Health, Inc. (Exact Sciences Corporation), Caris Life Sciences, ArcherDX, Inc. (Invitae Corporation), Guardant Health, Inc., Personal Genome Diagnostics Inc., Biocept, Inc., Tempus Labs, Inc. Majority of these players are focusing on new product launches, expansion in emerging markets and enhancing production capacities to increase their market share.
Regional
Asia Pacific currently holds over 45% share of global polymer stabilizers market and is expected to witness fastest market growth during the forecast period. Countries like China, India, Indonesia, Vietnam etc. offer immense opportunities due to their large and rapidly growing packaging, automotive, construction and consumer goods industries. Additionally, growing infrastructural activities are propelling the consumption of plastics and polymers in this region. Furthermore, availability of low labor and easy availability of raw materials attracts polymer producers to set up manufacturing base in Asia Pacific, thereby driving the polymer stabilizers demand.
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