Market Trends of Hindered Amine Light Stabilizer Industry
This section covers the major market trends shaping the Hindered Amine Light Stabilizer Market according to our research experts:
Plastics to Dominate the Market
- Plastics stands to be the dominating segment owing to the broad application in automotive, packaging, construction, and among others.
- When exposed to UV radiation plastics like polyvinyl chloride and polycarbonate appear to degrade. UV radiation initiates chemical reactions in plastics which lead to the breakdown and loss of plastics' chemical and physical properties, thus prompting the need for hindered amine light stabilizers.
- Hindered amine light stabilizer finds application across the residential and commercial sector as a coating substrate in flooring, furniture, decking, and others. Hence, the rising adoption of plastic and wood in the construction and automotive industry is likely to propel the market growth.
- North American and Asia-Pacific countries like the United States, China, and India have been recording a rise in residential construction projects, which is likely to drive the consumption of hindered amine light stabilizer over the forecast period.
- All the aforementioned factors are expected to drive the hindered amine light stabilizer market during the forecast period.
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Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region accounted for the major market share, primarily due to the increasing demand from industries, such as packaging, and construction.
- The packaging market in Asia-Pacific is projected to grow at a CAGR of more than 6.00% during the forecast period (2020-2025).
- In the Asia-Pacific region, China majorly drives the region's construction industry. The Chinese construction industry is still strong, but growth is slowing, as is economic growth. Even though the growth rate has been decreasing in the recent past, the construction industry is likely to register a growth rate of around 4% over the forecast period.
- In addition, the growth of the market studied in the Asia-Pacific region is also driven by an increase in the trend of polyhouse cultivation.
- Hence, all such market trends are expected to drive the demand for hindered amine light stabilizer market in the region during the forecast period.
- However, the decline in demand from the automotive industry is hindering the growth of the hindered amine light stabilizer market during the forecast period.
- The automotive industry in China has been declining since 2016. The automotive production decreased from 29.01 million units in 2017 to 25.7 million units in 2019 and registered a negative growth of 7.5% in 2019 over 2018. COVID-19 has even downsized the demand for automotive in China, and it is expected to continue this trend even after this pandemic, during the forecast period.
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