UV Absorbers Market size is forecast to reach $1056.27 Million by 2025, after growing at a CAGR of 6.1% during 2020-2025. Applications such as car plastic, packagings, agricultural films, coatings, adhesives and personal care are the key reason for the growing demand in the UV absorber industry. The rise in the use of plastics for various applications contributes to the demand for UV absorbers. It also acts as an opportunity for research and development of innovative UV absorbers. Rise in awareness about UV absorbers is expected to propel the market. Furthermore, overall increases the growth of the UV Absorbers Industry over forecast period.
Product Type – Segment Analysis
Benzotriazole type segment holds the largest share in UV Absorbers Market in 2019. Its widespread use in plastics, packaging, adhesives, and items of personal care as well as its wide safety scope are estimated to be extremely harmful in UV-A and UV-B areas. Compared to benzophenone, Benzotriazole has better protection against UV radiation, so it is also used for weathering outdoors over Triazine.
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Application – Segment Analysis
Plastic application holds the largest share in UV Absorbers Market in 2019, is growing at a CAGR of 6.5%. The growth in demand for plastics from packaging and agricultural films is mainly the reason for the expansion of the plastics market. When exposed to UV radiation, plastics such as poly vinyl chloride and polycarbonate are frequently deteriorated. UV radiations lead to chemical reactions in plastics, resulting in the disintegration and degradation of chemical and physical plastic properties, which contributes to the need for UV absorbers. Moreover, rapid automotive growth is expected to increase the market for UV absorbers for applications of coatings and adhesives.
End-User – Segment Analysis
Construction sector holds the largest share in UV Absorbers Market in 2019. UV Absorbers that enable plastics to withstand light and thermal exposure in demanding building and construction applications. Membranes made from polymeric sheets or plastic-coated textiles are widely used to prevent water penetration in a variety of building and construction applications from roofing to landfill liners. With the increasing use of membranes in regions with exceptionally high amounts of sunlight, the ability to meet the ever-increasing demands for life expectancy can be a challenge. The sun’s ultraviolet light takes a severe toll on any surface exposed to it for an extended time. UV absorbers, stabilizers, and quenchers reduce this damage through a variety of actions. Using these additives offers multiple benefits for products that must stand in the sun and need to maintain their integrity.
Geography – Segment Analysis
APAC dominated the UV Absorbers Market share with more than 31%, followed by North America and Europe. The market for industrial UV absorbers in this area is expected to increase in industrialization and growth in end-use industries. It is anticipated that the growing automotive industry will boost demand for UV absorbers in automotive plastics, laminates and adhesives applications in this area. The UV Absorbers Market in this area is powered by fewer regulations. In addition, increased understanding of the advantages of UV absorbers has further helped increase demand in Asia Pacific, such as China, Japan and India.
Drivers – UV Absorbers Market
The growth of the global UV absorbers market is expected to drive significant demand in the forecast period in agricultural films and the plastic industry for coating and adhesive applications. Additional factors expected to drive the UV absorbers’ rising market and demand during the forecast period are relatively lower volatility and higher thermal stability that make it helpful for high temperature processing applications. In addition, the growth in the global UV absorber market during the forecast period is expected to further drive factors like safety, efficiency, attractiveness and sustainable production, due to easy molded containers and costs savings in packaging by UV protection by eliminating need for protection in the packaging material formula.
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Challenges – UV Absorbers Market
Effects of UV Absorbers
UV absorbers cause photo-oxidizing deterioration that can lead to the generation of radicals, decreased molecular weight, polymer chain breakdown, mechanical properties of materials degradation after an uncertain period. These associated factors have been projected to hinder the growth during the forecast period of the global UV absorber industry. Further forecasts are used to hinder the growth of the global UV absorber market during this projected period. Discoloration of dyes and pigments, sun-burnt, weathering, plastics yellowing, skin problems and other UV-related problems are predicted.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the UV Absorbers Market. Major players in the UV Absorbers Market are BASF SE, Songwon, Clariant AG, Solvay S.A., Adeka Corporation, Addivant, Everlight Chemical Industrial Co., Milliken Chemical, Sabo S.p.A., and Huntsman Corporation and among other.
In June 2019, Shenzhen Xingshengdi New Materials Co., Ltd. used the plastic addictive for producing 5G base stations for major international telecommunications companies. The plastic additives of BASF shields the base stations from UV light. The company has been successful in developing UV absorbers, which were capable of stabilizing plastics against the UV radiations.
In Dec 2018, SONGWON Industrial Co., Ltd. entered into a partnership with Disheng Technology Co., Ltd. for the production of some of its comprehensive range of UVA light stabilizers.
In June 2018, Clariant AG entered into partnership with Beijing Tiangang Auxiliary Co. Ltd. For starting a facility of production of plastics and textile stabilizers. This joint venture is focused on combining the technology and production knowledge of both companies for providing process and light stabilizers.
Due to the increasing recognition of the harmful effects of UV radiation on living beings, the North America UV absorbers market is likely to be affected by an rise in demand. It was estimated that 9,730 people will die of melanoma cancer in 2017, according to the American Academy of Dermatology. It has increased the use of cosmetic products, thereby increasing the growth of the demand for UV absorbers.
The demand for UV absorbers is growing significantly in Qatar for the 2022 FIFA World Cup. This demand growth is mainly driven by the construction of hotels, stadiums, malls and public infrastructure. In the forecast period, sluggish growth is expected in Latin America and Africa.
Due to COVID-19 palindrome, UV Absorbers vendors are likely to pause the production.
Vendors will take time to change their strategy for product releases, and this is likely to reduce the revenue which is generated in year 2020-2021.
Related Reports :
A. UV Stabilizers Market
B. Cosmetic Ingredients Market
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