Capacity Expansions and New Product Launches are the Key Strategies Adopted by Leading Players in the Global Polymer Stabilizer Market
Polymer stabilizers prevent the degradation of polymers which can be induced by light, heat, weathering, or oxygen. The global size of the polymer stabilizer market was estimated at USD 6.88 Billion in 2017 and is projected to reach USD 8.35 Billion by 2022, at a CAGR of 4.0% from 2017 to 2022. The replacement of conventional materials by plastics in various industries, along with the increasing demand for light stabilizers in the Asia Pacific is driving the polymer stabilizer market.
Capacity expansions, new product launches, contracts & agreements, and mergers & acquisitions are the strategies adopted by the key players to strengthen their positions in the polymer stabilizer market. New product launches, and capacity expansions are the two key strategies adopted by major players such as BASF SE (Germany), Clariant International Ltd. (Switzerland), and Songwon Industrial Co., Ltd. (South Korea).
BASF SE (Germany) is a major player in the global polymer stabilizer market. The company has been majorly focusing on new product launches as a part of its strategic development activity. In March 2017, BASF announced the expansion of its new plastic additives plant in Shanghai, China to increase the production of antioxidants and associated blends. In February 2017, BASF launched 5 new products from the Tinuvin DW range as well as Tinuvin 249 at the European Coating Show in Nuremberg, Germany which is expected to help in the formulation of durable coatings for exterior use.
Songwon Industrial Co., Ltd. (South Korea) has been focusing on capacity expansions and new product launches to strengthen its foothold in the global market. The company in April 2017, announced the opening of its new technology center at the Maeam site, South Korea. The new facility is expected to help the company to consolidate its technologies and focus on the development of new products from the design to the marketing phase.
Other key market players such as Bayer AG (Germany), The Dow Chemical Company (US), Albemarle Corporation (US), Akzo Nobel N.V. (the Netherlands), Evonik Industries AG (Germany), Solvay SA (Belgium), and Adeka Corporation (Japan) have been profiled in the report, along with the various competitive developments undertaken by them.
Related Reports:
Polymer Stabilizer Market by Type (Antioxidant, Light Stabilzier, Heat Stabilizer), End-use Industry (Packaging, Automotive, Building & Construction, Consumer Goods), and Region - Global Forecast to 2022
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