According to Future Market Insight, the market would grow at a 6.4% CAGR between 2023 and 2033. Revenue from the hindered amine light stabilizers (HALS) industry is projected to increase from US$ 1.2 billion in 2023 to US$ 2.2 billion in 2033.
For a variety of causes, the demand for paints and coatings has surged in recent decades. The largest rate of increase is anticipated in architectural coatings. The demand for additives such hindered amine light stabilizers has been directly impacted by the use of architectural coatings. Throughout the forecast period, the market for hindered amine light stabilizers is anticipated to be driven by the increased demand for industrial coatings across a number of industries.
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.
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.
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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 in Hindered Amine Light Stabilizers (HALS) Market Study
- 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 in Hindered Amine Light Stabilizers (HALS) Market
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 in offering 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.
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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 in the Hindered Amine Light Stabilizers (HALS) Market
- 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)
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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