Selbyville, Delaware , Jan. 16, 2024 (GLOBE NEWSWIRE) — Hindered Amine Light Stabilizer Market is projected to be worth USD 2.4 billion by the end of 2032, as per a recent study by Global Market Insights Inc.
The increasing use of hindered amine light stabilizers (HALS) in the plastics sector is projected to boost the industry growth. According to the Center for Sustainable Systems, global plastic use is expected to rise from 460 million metric tons in 2019 to 1,231 Mt by 2060. With the rising preference for durable and UV-resistant plastics across various applications, such as packaging, automotive components, and construction materials, HALS is set to witness considerable demand for the prevention of polymer degradation caused by exposure to sunlight. Several industries are also recognizing the importance of incorporating HALS in plastic formulations to extend the lifespan and maintain the structural integrity of plastic products, thereby fueling the market growth.
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High molecular weight segment to gain significant traction
Hindered amine light stabilizer market size from the high molecular weight segment accounted for a considerable revenue share in 2023 and is estimated to grow at a notable growth rate through 2032. High molecular weight hindered amine light stabilizers have gained prominence for their superior thermal and light stability, leading to their extensive use in various polymer applications, including polyolefins and polyurethanes. Additionally, the ability to provide extended protection against UV radiation and heat for enhancing the durability and longevity of materials will further promote the product usage across the automotive and construction industries.
Rising application in adhesives & sealants
Hindered amine light stabilizer market share from the adhesives & sealants application segment is expected to witness high demand between 2024 and 2032. The growth is owing to the growing need for high-performance and long-lasting adhesive solutions in construction, automotive, and packaging. HALS enhances the durability and lifespan of adhesives and sealants due to its ability to protect against UV degradation. The increasing reliance of industries on these materials for bonding and sealing applications, is also contributing to the growing need to ensure resistance to environmental stressors, including sunlight exposure, thereby propelling the segment growth.
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Asia Pacific to emerge as a lucrative market destination
Asia Pacific hindered amine light stabilizer market held a sizable revenue share in 2023 and is set to exhibit robust growth through 2032 attributed to the burgeoning industrial activities and the growing emphasis on high-performance materials. Furthermore, the rapid industrialization in the region is surging the demand for HALS in various sectors, including plastics, coatings, and adhesives, to protect materials from UV degradation. Additionally, the rollout of stringent environmental regulations is expected to further drive the product adoption as an eco-friendly solution.
HALS Market Participants
Some of the major hindered amine light stabilizer market players are Clariant AG, Milliken & Company, Solvay SA, BASF SE, Songwon Industrial Co., Ltd., Mayzo, Inc., SABO S.p.A., Lycus Ltd., Addivant, ADEKA Corporation, Everspring Chemical Co., Ltd., Astra Polymers Compounding Co. In response to the rising consumer needs for durable coatings to improve performance and mitigate the adverse impacts of heat and light on surfaces, these manufacturers are leveraging their industry knowledge to provide new products. For instance, in March 2023, SONGWON Industrial Group announced plans to expand its offering of high-performance coatings products and mixtures.
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