New York, Aug. 23, 2023 (GLOBE NEWSWIRE) -- The epoxy global Stabilizer Market size is slated to expand at ~ 4 % CAGR between 2023 and 2033. The market is poised to garner a revenue of USD 748 Million by the end of 2033, up from a revenue of ~USD 534 Million in the year 2022. Market growth can be attributed to its application in a wide range of coating and adhesive applications. Epoxy type stabilizers provide a wide range of benefits for coating and adhesive applications, including increased adhesion, increased durability, and improved resistance to heat, chemicals, and solvents.
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They are also resistant to UV light and provide superior tensile strength and elongation properties. Moreover, as a result of the increasing demand for electronics, epoxy stabilizers are expected to become increasingly popular in the electrical and electronics industries owing to their excellent electrical insulation and corrosion resistance capabilities. For instance, in India, computer, electronic, and optical products are represented by an average Index of Industrial Production of 103, an increase of 12% over FY 2021–22. During April–December 2022, exports of electronic goods reached USD 15 billion, an increase of 50% over USD 10 billion the previous year.
Global Epoxy Type Stabilizer Market: Key Takeaways
- Market in North America to have the highest growth rate
- The building and construction segment to achieve the highest growth rate
- Market in Asia Pacific to propel highest growth
A Growing Need to Prevent UV Light-Induced Distortions to Boost Market Growth
Various plastics are used for a variety of reasons in commercial buildings and residential homes. They are lightweight, durable, and cost-effective, making them an ideal material for large structures. Additionally, polymers are fire-resistant and can provide insulation, making them a great choice for both commercial and residential use. Further, people are becoming more aware of ultraviolet (UV) radiation, which is one of the major causes of skin damage, leading to premature aging, wrinkles, and skin cancer. UV light can also damage certain materials, such as plastics and fabrics, causing distortion, discoloration, and fading. It was mentioned that ultraviolet (UV) radiation contains photons with a high energy relative to visible light, which can damage sensitive materials physically and chemically. Also, skin cancer is primarily caused by exposure to ultraviolet radiation (UVR). In 2020, over 1.5 million cases of skin cancer were diagnosed worldwide, and over 120,00 deaths were attributed to skin cancer. Therefore, it is imperative to use products that block UV radiation in order to protect your skin and materials from damage. High-grade plastics are able to withstand the extreme temperatures and UV light that can cause distortion in normal plastics. This is why they are increasingly being used in commercial and residential building construction, as they provide a longer-lasting and more durable solution. Moreover, UV light-induced distortion is caused by the breakdown of the polymer chains in the material subsequent to exposure to UV light. By adding an epoxy type stabilizer to the material, the polymer chains are strengthened and are more resistant to the breakdown caused by UV light, thus preventing the distortion. Therefore, the growing use of epoxy resins in the manufacture of anti-UV glasses and plastics for construction is expected to fuel the growth of the market in the future.
Global Epoxy Type Stabilizer Market: Regional Overview
The global epoxy type stabilizer market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rapid Industrialization and Urbanization to Spur epoxy type stabilizer Market Growth in the North American Region
The epoxy type stabilizer market in the North America region is estimated to garner the largest revenue by the end of 2033 as a result of the rapid industrialization and urbanization occurring in the region. In May 2018, the United Nations Organization reported that about 55% of the global population lived in cities, and this figure is expected to rise to around 68% by 2050. The increased population and economic growth, along with the development of infrastructure and industries, creates a greater demand for materials and chemicals that are used in industries such as automotive and transportation, building and construction, consumer goods, and others. Also, World Bank projections predicted 2021 GDP growth of 5.7 percent in the United States, up from 2.3 percent in 2019. With higher wages, people in countries such as the United States and Canada have more disposable income to put towards home improvements, and this has caused an increase in the demand for products and services related to home improvement. As a result, urbanization and city growth have soared, resulting in an increase in living standards. As construction and remodeling activities increase in urban areas, epoxy type stabilizer market are gaining traction as a result of their superior properties like adhesion, chemical resistance, and durability, which make them ideal for use in a variety of applications. Moreover, governments in the region are introducing stringent regulations regarding the use of environmentally friendly materials and processes, which is further driving the growth of the epoxy type stabilizer market in the region.
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Increasing Production of Automobiles to Drive Market Growth in the Asia Pacific Region
The epoxy type stabilizer market in the Asia Pacific region is estimated to garner the highest CAGR by the end of 2033 owing to the increasing manufacturing and demand for lightweight, high-performance, and fuel-efficient vehicles in countries such as China and India. China is the top automotive manufacturer in the world, producing approximately 20 million units of passenger vehicles in 2021. Moreover, as the world's largest tractor manufacturer, second-largest bus manufacturer, and third-largest manufacturer of heavy trucks, India holds a strong position in the global heavy vehicle production industry. The annual production of automobiles in India in FY22 was 23 million. Epoxy type stabilizers are used as a key component in automotive adhesives to ensure that the parts remain securely attached. They also help to protect the parts from corrosion and wear and tear, making them more durable and reliable. Since automotive production and sales in the region continue to rise, epoxy type stabilizers are expected to experience a substantial increase in demand. The region is also experiencing a growing demand for epoxy stabilizers, which is driven by the rising production of polyvinyl chloride (PVC). The growing demand for PVC and other polymers for various applications such as packaging, construction, and others is expected to drive growth in the regional epoxy type stabilizer market.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Epoxy Type Stabilizer, Segmentation by Application
- Adhesives & Sealants
- Paints & Coatings
- Composites
Paints & coatings are anticipated to hold the largest revenue by the end of 2033, backed by the increasing popularity of DIY projects and the need to maintain existing structures, as well as increasing global construction projects. According to DIY trend statistics, the number of do-it-yourself home projects rose by 4.3% in 2022. The average homeowner spends USD 2,300–USD 4,700 on their biggest project, including redesigning, painting, and home decor, with 31% spending over USD 5,000 and 13% exceeding USD 10,000. A total of USD 620 billion was spent on DIY projects in Europe and North America in 2019. The use of paints and coatings in DIY projects can give a room a new look while also providing protection from the elements. The coatings can also be used to seal and waterproof surfaces, preventing moisture from entering them and causing damage. Epoxy type stabilizers are used to reduce the flammability of the paints and coatings, as well as to improve their chemical resistance and durability. They also help to improve the adhesion of the paint or coating to the substrate, and they increase the hardness and scratch resistance of the final product. Additionally, the rising demand for eco-friendly and low-VOC paints & coatings is also driving the growth of the epoxy type stabilizer market in the paints & coatings industry.
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Global Epoxy Type Stabilizer, Segmentation by End User
- Electrical & Electronics
- Marine
- Renewable Energy & Power Generation
- Packaging
- Food & Beverages
- Building & Construction
- Automotive & Transportation
- Others
The building and construction segment is anticipated to hold the largest revenue by the end of 2033, owing to an increasing population and a rising demand for housing. As more people move to cities and the demand for housing increases, more construction and building activities start to take place. As a result, there is an increased demand for residential and commercial buildings and an increase in construction spending, both of which are exerting pressure on the real estate industry to build more apartments and commercial spaces. In comparison with 2021, engineering and construction expenditures increased by 6%. The total amount of construction in 2021 rose by 13% over 2020. There are approximately 1.5 million construction housing units planned in the United States each year. As more buildings and other structures are built, they require a protective coating of paint or other materials to protect them from the elements. The demand for paints and coatings is also driven by the need for improved product performance, durability, and aesthetic appeal. Epoxy resin is used in the construction and building industries as an adhesive or coating material. It is incredibly strong and durable, making it ideal for applications that require a long-lasting bond or waterproof coating. It can also be used to fill in gaps, cover uneven surfaces, and provide insulation.
Global Epoxy Type Stabilizer, Segmentation by Product Type
- Light Stabilizers
- Heat Stabilizers
Few of the well-known market leaders in the global epoxy type stabilizer market that are profiled by Research Nester are BASF SE, Evonik Industries AG, Clariant AG, Solvay S.A., ADEKA Corporation, Songwon Industrial Co., Ltd., Akzo Nobel N.V., Kyowa Chemical Industry Co., Ltd., Huntsman International LLC, Albemarle Corporation, and other key epoxy type stabilizer market players.
Recent Development in the Global Epoxy Type Stabilizer Market
- A Japanese company has taken up Tinuvin, a light stabilizer product by BASF SE. Low-density polyethylene (LDPE) slides made with this product provide UV stability and a long-term, bright and colorful appearance for playgrounds.
- Evonik Industries AG has introduced SURFYNOL104 Z, a low-VOC version of SURFYNOL 104. With this new additive, water sensitivity is reduced, foam is better controlled, and pigment and substrate are more easily wettable.
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