Global UV Stabilizers Market Key Insights
During the forecast period of 2023-2035, the global UV stabilizers market is expected to reach an estimated value of ~USD 3 billion by 2035, by expanding at a CAGR of ~7%. The market further generated a revenue of ~USD 1 billion in the year 2022. Major key factors propelling the growth of UV stabilizers market worldwide are the increasing need for protection of polymers from ultraviolet rays along with the rising consumption of stabilizers for the production of plastics and rubbers across the globe.
Market Definition of UV Stabilizers
UV stabilization additives are chemical substances that are added to products to stop plastic from degrading and greatly increase its lifespan. UV stabilizers are often added at extremely low concentrations—0.1–0.5% of the polymer. Aromatic organic substances called organic UV stabilizers competently absorb UV energy and release it as heat. The 2-hydroxy-benzophenone and 2-hydroxy-benzotriazole derivatives are the most widely utilized UV absorbers. Engineering thermoplastics frequently employ hydroxyphenyltriazine derivatives.
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Global UV Stabilizers Market: Growth Drivers
The growth of the global UV stabilizers market can majorly be attributed to the rising investments in the R&D activities to continuously bring up more feasible solutions for UV stabilizers. According to research reports, since 2000, global research and development expenditure has more than tripled in real terms, rising from approximately USD 680 billion to over USD 2.5 trillion in 2019. On the other hand, the market growth can also be attributed to the rapidly growing chemical industry. For instance, chemical demand is expected to increase by 8% each year by 2025. By 2025, India's chemical industry will contribute USD 290 billion to its gross domestic product.
The global UV stabilizers market is also estimated to grow majorly on account of the following:
• Expansion of the Chemical Industry Across the Globe
• Growing Demand for UV Resistant Polymers
• Rising Awareness Regarding the Harmful Effects of UV Radiations
• Increasing Import of Polymers Worldwide
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Global UV Stabilizers Market: Restraining Factor
There are fluctuations in the prices of raw materials, and highly volatile raw materials in the market. Hence, these factors are expected to be the major hindrance to the growth of the global UV stabilizers market during the forecast period.
Global UV Stabilizers Market Segmentation
• By Type {UV Absorbers, Hindered Amine Light Stabilizers (HALS), and Others}
The HALS segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2035. The growth of the segment can be attributed to low toxicity and lower cost of HALS. Moreover, these stabilizers are commonly used for packaging food and beverages, as they can protect the edibles from UV rays as well. Additionally, increasing export of stabilizers in also anticipated adding to the segmental growth. As per the statistics by International Trade Center (ITC), total USD 2,726,286 thousand worth compound stabilizers for rubber and plastics were exported in 2020, worldwide.
• By Application (Packaging, Automotive, Agriculture, Building and Construction, Adhesives and Sealants, and Other)
• By Region
The Asia Pacific UV stabilizers market is anticipated to hold the largest market share by the end of 2035 among the market in all the other regions. Growing polymer and plastics industry in the developing countries in the region are some of the major factors anticipated to drive the growth of the market in the Asia Pacific during the forecast period. Furthermore, the growth in the chemical industry is estimated to promote the market growth. As per a report by the International Institute for Sustainable Development (IISD) the chemical industry in Asia Pacific region represented around 45% of global chemical manufacturing, with more than 69% of global jobs in the industry, in 2020.
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The market research report on global UV stabilizers also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Global UV Stabilizers Market
Some of the key players of the global UV stabilizers market are SONGWON Industrial Group, BASF SE, Valtris Specialty Chemicals Inc., Solvay SA, ADEKA Corporation, Evonik Industries AG, SABO S.p.A., and others.
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