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IN THE NEWSNovembe2r 24, 2021: Valtris Specialty Chemicals announced the plans for expansion of Benzaldehyde capacity by 20% in Europe. The applications of Benzaldehyde ranges from plastic additives, to pharmaceutical uses.
July 05, 2021: Songwon Industrial Co., Ltd. announced partnership with SABO S.p.A. for worldwide distributorship of the SABOSTAB HALS portfolio and oxanilide UV Absorbers
The global UV stabilizers market is estimated to grow at a CAGR of ~6.5% over the forecast period, i.e., 2022 – 2031. UV or ultraviolet radiations are the harmful rays of the spectrum, which can cause photooxidative degradation. The harmful effects of UV radiations on human health, such as, skin cancer, are well known; however, UV rays can also significantly degrade polymers. UV stabilizers are used to cancel out or minimize the effects of UV rays on polymers. The growth of the market can be attributed to the increasing demand for protection of polymers from ultraviolet rays. The UV rays are not only emitted by the sun, but also from various alternative light sources, such as fluorescent lights. UV stabilizers are used as additives during the manufacturing of polymers, to make the plastics UV resistant. As a result, the demand for compound stabilizers for rubber and plastics including UV stabilizers, is growing across the globe. 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, globally. The rising consumption of stabilizers for the production of plastics and rubbers, is estimated to positively impact the market growth. Moreover, the growing demand for chemically stable and non-degradable plastics in construction and packaging industries, is estimated to further drive the market growth.
The market is segmented by type into UV absorbers, hindered amine light stabilizers (HALS), and others out of which, the HALS segment is anticipated to hold the largest share in the global UV stabilizers market over the forecast period owing to the 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. The growing application of HALS in packaging industry, is estimated to fuel the segment growth. CLICK TO DOWNLOAD SAMPLE REPORT
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
On the basis of geographical analysis, the global UV stabilizers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of growing polymer and plastics industry in the developing countries, especially China, and India. Moreover, the APAC region experiences sunshine throughout the year, due to its tropical location, which means more exposure to harmful UV rays. This is another major factor behind the rising demand for UV stabilizers in the region. Along with this, 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.
The market in the North America region is anticipated to gain the notable market share throughout the forecast period owing to the higher adoption of advanced solutions, along with increasing import of polymers. Moreover, the increasing health awareness amongst the population regarding the harmful effects of UV rays, is further anticipated to boost the market growth.
The global UV stabilizers market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
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), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global UV stabilizers market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The increasing demand for UV resistant furniture and packaging is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~6.5% over the forecast period, i.e., 2022 – 2031.
Fluctuating prices of raw materials are estimated to hamper the market growth.
The Asia Pacific region is anticipated to provide more business opportunities over the forecast period owing to the growing chemical industry in the region.
The major players in the market are SONGWON Industrial Group, BASF SE, Valtris Specialty Chemicals Inc., Solvay SA, ADEKA Corporation, Evonik Industries AG, SABO S.p.A., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, and by region.
The packaging segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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