The global hindered amine light stabilizers (HALS) market is projected to see significant growth over the next decade, with revenues expected to rise from USD 1.2 billion in 2023 to USD 2.2 billion by 2033. According to Future Market Insight, this growth represents a compound annual growth rate (CAGR) of 6.4% from 2023 to 2033. The increasing demand for durable and UV-resistant materials in industries such as automotive, packaging, and construction is driving the market expansion.
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 4%CAGR during the forecast period.
- The market in the United Kingdom is anticipated to rise profitably, exhibiting a CAGR of 2%through 2033.
- The market in China is expected to thrive considerably, registering a CAGR of 3%from 2023 to 2033.
- With a CAGR of 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 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.
Key Players
- BASF SE
- Adeka Corporation
- Mayzo, Inc.
- SI Group, Inc.
- Addivant
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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)
About Future Market Insights (FMI)
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 ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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