Safeguarding Progress: Hindered Amine Light Stabilizers (HALS) Market Thrives
The Business Research Company’s Hindered Amine Light Stabilizers (HALS) Global Market Report 2024 – Market Size, Trends, And Global Forecast 2023-2032
LANDON, GREATER LANDON, UK, January 4, 2024 /EINPresswire.com/ — The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033.
The Hindered Amine Light Stabilizers (HALS) market has witnessed remarkable growth, surging from $1.24 billion in 2023 to $1.43 billion in 2024, exhibiting an impressive Compound Annual Growth Rate (CAGR) of 16.1%. This growth trajectory is projected to continue, with the market size anticipated to reach $2.51 billion in 2028, showcasing a robust CAGR of 15.1%. Several key factors contribute to this upward trend in the HALS market.
Construction Industry Surge Drives HALS Demand
The growth in the construction industry stands out as a significant driver fueling demand for Hindered Amine Light Stabilizers (HALS). Embracing diverse sectors from mining and quarrying to infrastructure and building construction, the construction industry creates demand for materials that can withstand challenging conditions. Plastics infused with light stabilizers and UV absorbers, including HALS, play a pivotal role by enabling durability in the face of light and heat exposure. The expanding US construction industry, valued at $2600.94 billion in 2020 and poised to reach $3486.93 billion by 2025, with an annual spending of nearly $1,231 billion, underscores the substantial demand driving the HALS market.
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Automotive Industry Expansion Ignites HALS Market Growth
The burgeoning automotive industry serves as another catalyst propelling the Hindered Amine Light Stabilizers (HALS) market. HALS plays a crucial role in safeguarding polymers and plastics from UV radiation and heat, enhancing the longevity and appearance of automotive components. As indicated by the Federal Reserve System, total vehicle production in the United States witnessed an increase to 11.77 million units in July, up from 10.91 million units in June. This growth trend in the automotive sector solidifies the position of HALS, contributing to the overall market expansion.
Market Leaders Steering Growth
Major companies shaping the HALS market include ADEKA Corporation, Beijing Tiangang Auxiliary Co., Clariant AG, Everspring Chemical Co. Ltd., Lambson Limited, Rianlon Corporation, Solvay SA, UNIQCHEM GmbH, BASF SE, and more. These industry leaders play a pivotal role in steering market dynamics, contributing to the adoption of HALS across diverse applications.
Production Facility Expansion as a Key Trend
A key trend influencing the HALS market is the expansion of production facilities by major players. Notably, Clariant, in collaboration with Beijing Tiangang Auxiliary Co., Ltd., initiated a world-class process and light stabilizer production facility in April 2021. This strategic expansion aims to meet the growing demand in China across various sectors such as automotive, textiles, and coatings.
Focus on High-Performance Light Stabilizers
Companies operating in the HALS market are intensifying their focus on introducing high-performance light stabilizers. These chemical compounds protect materials from UV radiation and environmental factors, enhancing durability. For instance, Clean Science and Technology Limited introduced HALS Series 701 and 770, showcasing a commitment to innovation and customer needs. These series offer excellent light stabilization properties, fortifying protection against UV radiation.
Regional Dynamics: Asia-Pacific Leads the Way
In 2023, Asia-Pacific emerged as the leading region in the HALS market, with expectations for continued robust growth. The comprehensive market analysis spans regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Segmentation Overview: Fine-Tuned Market Insights
The HALS market is segmented based on:
Type: Polymeric, Monomeric, Oligomeric
Application: Plastics, Paints and Coatings, Adhesives and Sealants, Other Applications
End Use Industry: Packaging, Automotive, Agriculture Films, Construction, Other End User Industries
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Hindered Amine Light Stabilizers (HALS) Global Market Report 2023 from TBRC covers the following information:
Market size date for the forecast period: Historical and Future
Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Hindered Amine Light Stabilizers (HALS) Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on hindered amine light stabilizers (HALS) market size, hindered amine light stabilizers (HALS) market drivers and trends, hindered amine light stabilizers (HALS) market major players, competitors’ revenues, market positioning, and market growth across geographies. The hindered amine light stabilizers (HALS) market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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