UV stabilizers market worth $1.6 billion by 2026
CHICAGO, January 14, 2022 /PRNewswire/ — According to the new market research report “UV stabilizers market by Type (HALS, UV Absorbers, Fire Extinguishers), 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 expected to reach 1.6 billion by 2026, at a CAGR of 5.6% from $1.3 billion in 2021.
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The global UV stabilizers market is driven by growing demand for advanced, scratch-resistant, UV-resistant, non-deteriorating and long-term stable chemical compounds in emerging plastics, polymers and wood components markets. UV stabilizers come in different types, such as HALS, UV absorbers, and quenchers. HALS is the most common type of UV stabilizer. The growing demand for UV stabilizers in APAC, the growing demand for wood coatings in North America, and the continuous product development and expansion activities undertaken by the companies are the key factors driving 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 stabilizer market. Asia Pacific was the largest UV stabilizers market in 2020, by value.
“HALS is expected 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 primarily used to protect polymers from degradation under UV exposure while providing greater durability and long shelf life compared to other stabilizers. The growth can be attributed to the increasing demand for applications such as polyolefin films and polymer thin and thick sections, including injection molding, extrusion and blow molding. Non-degradability, long-term UV protection, durability and high performance of HALS govern the growth of the market.
“Packaging segment is expected 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. Rising disposable income and changing consumer lifestyles have increased the use of plastics as packaging products, such as bottles, caps and closures, shipping crates, containers and drums and movies. Growing demand for HALS and UV absorbers in PET bottles, food and beverage containers, and pharmaceutical packaging to protect packaging materials and their contents from degradation has fueled the market for UV stabilizers in the segment of packaging
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“APAC is expected to be the fastest growing region for the UV stabilizers market over the forecast period”
Growing demand for non-toxic, UV resistant, thermally stable and environmentally friendly UV stabilizing materials in emerging economies, building and construction, automotive, food and beverage sectors , packaging and plastics, is the main driver of this market. The UV stabilizers market in APAC is expected to witness strong growth over the forecast period. In APAC, China is the largest UV stabilizers market, by value, in 2020.
Key market players profiled in the report include BASF SE (Germany), Evonik Industries SA (Germany), SONGWON Industrial Co.Ltd. (South Korea), Clariant S.A. (Switzerland), Solvay SA (Belgium), Suqian Unitechem Group (China), Everlight Chemical Industrial Corp. (Taiwan), Addivant (USA), Valtris Specialty Chemicals Inc. (USA), Mayzo, Inc. (USA) and Lycus Ltd. (United States). They have adopted strategies such as new product launches, acquisition, and collaboration in order to gain an advantage over their competitors.
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