The global plastic stabilizer market is anticipated to witness moderate growth during the forecast period between 2021 and 2031.
A plastic stabilizer is a type of additive used to improve plastic properties. Some of these properties include protection from high temperatures and harmful ultra-violet rays and prevention of oxidation.
The COVID-19 pandemic negatively impacted the plastic stabilizer market. Governments’ worldwide imposed strict restrictions to contain the spread of the virus resulting in manufacturing units to either operate partially or were forced to shut down completely. This adversely affected the demand for plastic stabilizers and the overall plastic stabilizer market, as well.
However, the subsequent decline in COVID-19 cases and availability of vaccines has led manufacturing units to operate in close to full capacity, leading to a revival of demand for plastic stabilizers and growth in the overall plastic stabilizer market.
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Rising demand for plastic stabilizers in the automotive and construction industries has emerged as one of the key growth drivers for the global plastic stabilizer market.
Fire retardant plastic stabilizers are used in the automotive industry and this product is expected to witness strong demand among all plastic stabilizers in years to come.
Some of the other application areas for plastic stabilizers include the packaging industry, pipes, cable ducts, pipes, and window profiles.
There has been a recent surge in demand for heat stabilizers, which has bolstered the growth in the overall plastic stabilizer market.
Increasing government initiatives and measures to promote the use of plastic stabilizers in various industries could propel the plastic stabilizer market in the coming years.
Product innovations could positively impact demand and fuel the growth in the overall plastic stabilizer market, in future.
The global plastic stabilizer market has several well-established players, who could look to engage in different growth strategies to remain competitive in the overall market.
One such strategy could be to launch new, technologically advanced plastic stabilizers, which would meet the requirements of a large customer base.
In addition to this, leading market players could also look to establish research and development centers at different locations, which would function exclusively in improving the existing products. R&D undertakings could be a key growth strategy for plastic stabilizer market players, in future.
Prominent market players will also look to collaborate with smaller players to expand their market presence and improve their revenue share.
The smaller plastic stabilizer market players are likely to seek investments from private investors, which would help in their long-term growth.
Some of the prominent players in the global plastic stabilizer market include BASF SE, Evonik Industries AG, Adeka Corporation, Clariant AG, Songwon Industrial Pvt. Ltd., and Solvey SA.
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The global plastic stabilizer market has been divided into Asia Pacific, North America, Europe, Latin America, and Middle East and Africa.
Asia Pacific is anticipated to be the leader in the global plastic stabilizer market due to an increase in demand for plastic stabilizers in various manufacturing industries, particularly in developing economies such as India and China.
North America is anticipated to be second, behind Asia Pacific in the plastic stabilizer market in the coming years. Europe is expected to stand in third place, behind Asia Pacific and North America in the plastic stabilizer market, in future.
Other regions such as Middle East and Africa and Latin America is anticipated to witness moderate growth in the overall plastic stabilizer market, owing to the lack of presence of established players, in the countries, in these regions.
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