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HALS Market Worth 1.15 Billion USD by 2022
PUNE, India, July 24, 2017 – The report “Hindered Amine Light Stabilizers (HALS) Market by Type (Polymeric, Monomeric, Oligomeric), By Application (Automotive, Packaging, Agriculture Films, Construction), and Region (Asia Pacific, North America, Europe) – Global Forecast to 2022”, published by MarketsandMarkets™, the Global HALS market is projected to reach USD 1.15 Billion by 2022, at a CAGR of 7.1% from 2017 to 2022.
Packaging is expected to be the largest application segment for HALS owing to the increasing demand for food, consumer goods, industrial, and beverage packaging products in the Asia Pacific, North America, and Europe. The ability to sustain performance and quality of the packaging materials under UV radiation exposure, providing weathering resistivity and long-term durability are the major factors driving the demand for HALS in the packaging application segment.
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 different types of chains in different 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 polymeric HALS in the global HALS market. HALS in the automotive sector are mainly used to provide exceptional UV durability in interior and exterior applications even under extended UV exposure.
The Asia Pacific region is projected to be the largest and fastest-growing market for HALS globally during the forecast period. This is majorly attributed to the presence of a large number of HALS manufacturers, rising foreign investments, and growing demand for HALS from the plastics, polymers, and automotive industries. Countries in this region, such as China, Japan, and India are witnessing a significant increase in the use of HALS, and China leads the market due to the growth of HALS in applications such as packaging, automotive, agriculture films, and construction, among others, and various developmental strategies adopted by manufacturers.
Article Retrieved from prnewswire.com (to view full article visit their website)
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