The global hindered amine light stabilizers market revenue is anticipated to reach US$ 2.2 billion by 2033, up from US$ 1.2 billion in 2023. Future Market Insight estimated a CAGR of 6.4% for the market between 2023 and 2033.
Demand for paints and coatings has increased in recent decades for various reasons. Architectural coatings are expected to experience the highest level of growth. The usage of architectural coatings has directly impacted the demand for additives such as hindered amine light stabilizers. The rising demand for industrial coatings in various sectors is expected to drive the demand for hindered amine light stabilizers throughout the forecast period.
The demand for plastic packaging materials, automotive components and coatings, and agricultural films is increasing. The use of HALS is on the rise in commercial and industrial settings. These stabilizers are applied in various ways including in the production of UV-resistant coated plastics, wood products, and polymers.
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In many applications, plastic materials are utilized with increasing frequency. The design of plastic products is constantly evolving to meet changing requirements. To keep up with these demands, the plastic industry relies heavily on polymers, polymer blends, and polymer additives.
There has been a significant increase in demand for additives that improve the properties of plastics. This also includes protecting them from damage caused by exposure to UV light and high temperatures. Stakeholders in the plastics industry seek ways to improve product performance. HALS are gradually used to improve the durability and lifespan of plastic products.
Given the increasing demand for packaged products along with the requirements of the automotive industry, the market is anticipated to continue its growth trajectory. To meet the need for high-quality, durable packaging materials and products, manufacturers are seeking additives like HALS that can provide excellent performance and withstand prolonged exposure to sunlight.
Consumers in both developed and developing countries have diverse mobility requirements. In the coming years, urbanization is anticipated to result in a rise in automobile ownership. This rise in car ownership is predicted to drive up demand for automotive refinish coatings.
Automotive refinish coatings serve the function of stabilizing paint in various conditions, including exposure to UV rays, humidity, and pollutants. HALS are increasingly used to prevent automotive paint degradation, yellowing, and chalking caused by UV light. They efficiently preserve the sheen of the paint and improve its resistance to various weather conditions. This is likely to open opportunities for market players.
Key Takeaways
· The hindered amine light stabilizers market in the United States is expected to upsurge at 6.4% CAGR during the forecast period.
· The market in the United Kingdom is anticipated to rise profitably, exhibiting a CAGR of 6.2% through 2033.
· The market in China is expected to thrive considerably, registering a CAGR of 6.3% from 2023 to 2033.
· With a CAGR of 6.3% over the forecast period, the market in Japan is predicted to develop rapidly.
· The market in South Korea is predicted to expand significantly between 2023 and 2033, reaching a CAGR of 6.1%.
Competitive Landscape
Hindered amine light stabilizers market players are engaged in the production, distribution, and sale of HALS products. They are also involved in the research and development of new and innovative HALS solutions. They also invest to offer high-quality and cost-effective products to maintain a competitive edge. Moreover, market players aim to expand their global presence. They achieve this by forming strategic alliances, collaborating with other industry players, and acquiring other companies.
Recent Developments
In July 2022, BASF and 3T Industries Sdn Bhd facilitated pineapple plantations in Malaysia to upturn their produce and save resources. To stabilize recycled plastics that were used to shield pineapples from sunburn, 3T Industries deployed BASF's IrgaCycle™
SI Group introduced ETHANOX® 4737R, a new fuel antioxidant blend, in May 2019. The product was designed to offer several benefits to function in different weather conditions. ETHANOX® 4737R is particularly effective at stabilizing gasoline and aviation fuel.
Key Players
BASF SE
Adeka Corporation
Mayzo, Inc.
SI Group, Inc.
Addivant
Hindered Amine Light Stabilizers (HALS) Market Segmentation
By Application:
Packaging
Automotive
Agriculture Films
Construction
Others
By Type:
Polymeric
Monomeric
Oligomeric
By Region:
North America
Latin America
Europe
Asia Pacific
Middle East and Africa(MEA)