Hindered Amine Light Stabilizers (HALS) Market- Global Forecast to 2022
Posted by Robin White on June 14th, 2019
The global market for Hindered Amine Light Stabilizers (HALS) is projected to reach USD 1.15 billion by 2022, at a CAGR of 7.1% from 2017 to 2022. The Asia Pacific region is the leading market for HALS, in terms of value, and this trend is projected to continue till 2022. Countries in this region such as China, India, Japan, South Korea, and Thailand are witnessing a gradual increase in the use as well as production of HALS.
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The Asia Pacific is the largest as well as the fastest-growing market for the HALS, wherein China accounts for more than half of the demand in the region and thus leads the market due to the increase in population which creates a growing demand for automotive and packaged goods for the growing economy. It is projected to be a potential market in the global HALS market owing to a growing economy, rapid advances in technology, and increasing manufacturing and application industries. China is followed by Japan, South Korea, India, and Malaysia where the consumption of HALS is growing. China is thus the fastest-growing country in the Asia Pacific HALS market, and this growth is driven by the growing collaboration activities adopted by the major players in R&D and the production of HALS in the country.
The HALS market in India is projected to grow at the highest rate during the forecast period. The growing demand for HALS from the automotive, agriculture, and packaging end-use industries is driving the HALS market in India. The developing economy of India has prompted the growth of the automotive industry, leading to the growing application of HALS, thus driving the market in the country. The manufacturing sector accounts for the major part of India’s GDP, and the country is one of the top 5 producers of agrochemicals, polymers & plastics, dyes, and various organic & inorganic chemicals, globally. The availability of raw materials, cheap labor, and increasing domestic consumption are the key factors fueling the growth of the HALS market in the country.
Growth in the global HALS market is majorly due to the increasing demand for HALS in various manufacturing industries across the world. The automotive and packaging segments hold the largest share of the overall HALS market. HALS is gaining importance because of its unique properties, such as low-cost solutions, high processability, low volatility, and effective performance in packaging materials and automobile coatings. HALS is also used with other stabilizers such as UV absorbers and quenchers to improve its properties.
Automotive, packaging, construction, agriculture films, and others are the end-use industries of HALS. The automotive segment is the fastest-growing end-use industry, due to the exceptional UV durability in interior and exterior applications even under extended UV exposure. Automotive coatings require the application of HALS to protect automotive components from harmful UV light. The automotive industry faces a major challenge when coating plastic substrates for exterior applications due to the difference in the composition of flexible plastic coatings and the rigid coatings as the topcoat migrates into the underlying plastic substrate. This challenge is overcome by using HALS in the form of solvent-borne or waterborne coatings in automotive refinish, automotive OEM, and other coating applications.
The HALS market is segmented by type into polymeric, monomeric, and oligomeric. Among these segments the polymeric segment accounted for the largest share of the overall HALS market in 2016 in terms of value. Polymeric HALS are more effective than monomeric, and oligomeric HALS due to their large structure and various types of chains in various polymeric HALS, which increase their range of applications. The rising demand for highly effective additives from industrial applications such as polymers, adhesives & sealants, and plastics has fueled the growth of the global polymeric HALS market. HALS in the automotive sector are mainly used to provide exceptional UV durability in interior and exterior applications even with extended UV exposure.
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