Rise in disposable income of households, and an end user industry consisting of the packaging industry, automotive, adhesives, and sealants industry generating a high demand will be the propelling factors for the growth of UV stabilizers market, according to a market intelligence report published by IndustryARC. According to the report, the UV stabilizers market value will reach $1747.68 million in the year 2023. Further analysis estimates that this market will grow with a healthy compound annual growth rate (CAGR) of 5.18% during the forecast period of 2018-2023.
The report is titled as ‘UV Stabilizers Market: By Type (Quenchers, HALS, UV Absorbers, Others); By Application (Films & Tapes, Extrusion, Decking, Floor Coating, Others); By End User (Furniture & Construction, Automotive, Adhesives & Sealants, Others) & Geographic Analysis - Forecast (2018-2023).’ In this report, market experts have extensively talked about all the aspects of the market including growth drivers, trends, market opportunities, and entropy.
Global UV Stabilizers Market: Regional Analysis
The geographical segment of the UV stabilizer market includes four important regions: North America, Europe, APAC, and rest of the world that has countries such as Africa. APAC region has been and will be the geographical leader of this market between 2016-2021 with estimated market revenue of 2021 at $640.87 million. Since plastics are now an irrevocable trend and an almost necessary component of human life, preventing them from decaying faster has become the need of the hour. UV rays from sun and fluorescent sources are quite harmful and end up degrading plastics more often than not. This has led to an increased purchase of hindered amine light absorbers and UV absorbers, making them the most bought UV stabilizers in APAC region with consequent market growth during the mentioned forecast period.
Growth Drivers and Disruptive Trends
- Ozone Layer Depletion
Ozone is an important component in Earth’s atmosphere as it prevents ultraviolet radiation from the sun seeping into our environment. UV rays are extremely harmful to both humans and inanimate objects. With an incessant rise in global warming, the ozone layer is facing massive loss which in turn is increasing the amount of UV rays that enters our system. UV rays are extremely harmful to plastics and induce faster degradation, thus causing plastic pollution at an unprecedented rate. This has increased the market demand for UV stabilizers and made consumers buy the products, eventually expanding sales of key market players.
- Plastic’s Large End User Base
Plastic is now being used for a multitude of products. It has an extraordinarily large end user base including cosmetics, packaging, flooring, and many other construction activities. This has fundamentally impacted the demand for UV stabilizers as they are being required by innumerable industries. Since UV stabilizers are also being used in adhesives and sealants, their market has also found place in residential usage.
- BASF SE’s Partnership With NASA
In September 2017, one of the world’s leading chemical companies BASF SE partnered with NASA’s Goddard Space Flight Centre to develop UV radiation mapping tools that could be used on a global level. This was extremely significant to the UV stabilizers market as the product is now being solicited for increasing the life of plastic products, thus highly getting its demand increased.
Global UV Stabilizers Market: Competitive Landscape
Some of the key market players making strides in the UV stabilizer market are BASF SE, Solvay, Mayzo, Inc., Valtris Speciality Chemicals, Addivant, Adeka Corporation, Clariant, Everlight Chemical Industrial Company, Polyone Corporation, Songwon Industrial Co. Ltd., and Rianlon Corporation.
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A. UV Stabilizers for Polyurethanes Market
B. Plastic Additives Market
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