UV Stabilizers Market worth $1.6 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Jan. 14, 2022 /PRNewswire/ -- According to the new market research report "UV Stabilizers Market by Type (HALS, UV Absorbers, Quenchers), Application (Automotive, Packaging, Agriculture, Building & Construction, Adhesives & Sealants), and Region (North America, APAC, Europe, MEA, South America) - Global Forecast to 2026" published by MarketsandMarkets™, is projected to reach 1.6 billion by 2026, at a CAGR of 5.6% from USD 1.3 billion in 2021.
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The global UV Stabilizers Market is driven by the rising demand for advanced, scratch-resistant, UV-resistant, non-deteriorating, and long-term stable chemical compounds in the emerging markets of plastics, polymers, and wood components. UV stabilizers are available in different types, such as HALS, UV absorbers, and quenchers. HALS is the most common type of UV stabilizer. The increasing demand for UV stabilizers in APAC, growing demand for wood coatings in North America, and continuous product development and expansion activities undertaken by companies are the key factors for the growth of the global UV Stabilizers Market.
HALS is the largest type segment of the UV Stabilizers Market. Packaging is the largest application segment of the UV Stabilizers Market. Asia Pacific was the largest market for UV stabilizers in 2020, in terms of value.
"HALS is projected to be the fastest-growing type for UV Stabilizers Market between 2021 and 2026"
HALS does not absorb UV light; instead, it has an anti-degradation mechanism due to its catalytic nature. It is, therefore, mainly used to protect polymers from degradation under UV light exposure while providing higher durability and long shelf life compared to other stabilizers. The growth can be attributed to the increasing demand from applications, such as polyolefin films and thin and thick sections of polymers, including injection molding, extrusion, and blow molding. The non-degradability, long-term UV protection, durability, and high performance of HALS govern the market growth.
"Packaging segment is projected to be the fastest-growing application for UV Stabilizers Market between 2021 and 2026."
Packaging includes sub-applications, such as beverage packaging, food packaging, consumer goods, and industrial packaging products. The increasing disposable income and changing consumer lifestyles have increased the use of plastics as packaging products, such as bottles, caps & closures, transport crates, containers & drums, and films. The growing demand for HALS and UV absorbers in PET bottles, food & beverage containers, and pharmaceutical packaging to protect packaging materials and their content from degradation has fueled the UV Stabilizers Market in the packaging segment
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"APAC is projected to be the fastest-growing region for the UV Stabilizers Market during the forecast period"
The growth in demand for non-toxic, UV-resistant, thermally stable, and environment-friendly UV stabilizer materials in the emerging economies, from the building & construction, automotive, food & beverage, packaging, and plastics industries, is the major driver of this market. The UV Stabilizers Market in APAC is expected to witness high growth during the forecast period. In APAC, China is the largest market for UV stabilizers, in terms of value, in 2020.
The key market players profiled in the report include BASF SE (Germany), Evonik Industries AG (Germany), SONGWON Industrial Co. Ltd. (South Korea), Clariant AG (Switzerland), Solvay SA (Belgium), SuqianUnitechemGroup (China), Everlight Chemical Industrial Corp. (Taiwan), Addivant (US), Valtris Specialty Chemicals Inc. (US), Mayzo, Inc. (US), and Lycus Ltd. (US). They have adopted strategies such as and new product launch, acquisition, and collaboration in order to gain an advantage over their competitors
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Browse Adjacent Market: Specialty Chemicals Market Research Reports& consulting
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