In terms of value, the UV stabilizers market is estimated to grow from USD 1.3 billion in 2022 to USD 1.8 billion by 2028, at a CAGR of 5.7%. Crucial information accessible in this research report includes UV stabilizers market growth drivers, restraints, current trends, economic and financial structures, and other pertinent market details. UV stabilizers are additives used in the production of plastics, coating, textiles and other materials to protect them from harmful UV radiations caused by the sun. These materials are often used in outdoor applications where they are exposed to sunlight for a longer duration of time, including construction, automotive and agricultural films.
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UV stabilizers are used in various construction industry products. When exposed to sunlight for extended periods of time, building materials like plastics, coatings, paints, adhesives, and sealants are vulnerable to UV damage. UV stabilizers aid in the preservation of these material’s structural integrity, colour, and physical characteristics, ensuring long-lasting performance even in adverse outdoor conditions. The increasing urbanization brought on by the expanding world population necessitates more homes, infrastructure, and commercial structures. This is increasing the demand for UV stabilizers in building & construction application.
UV Stabilizers Market Key Players
The key players profiled in the report include BASF SE (Germany), Evonik Industries AG (Germany), SONGWON Industrial Co. Ltd., (South Korea), Clariant AG (Switzerland), Solvay S.A. (Belgium), Unitechem Group (China), and Everlight Chemical Industrial Corporation (Taiwan). The UV stabilizers market is witnessing growth in the past few years; new technologies drive the growth of this market. Market players are introducing new technologies and features to acquire larger market shares.
BASF SE is among the largest chemicals-producing companies across the globe. The company operates through seven business segments: chemical, materials, industrial solutions, surface technologies, nutrition & care, agricultural solutions and others. BASF SE offers UV stabilizers under the performance chemicals division, a subcategory of the industrial solutions segment. The company has customers in over 190 countries and supplies to various end-use industries such as chemicals, plastics, consumer goods, energy and resources, and automotive and transportation. The company has subsidiaries in 80 countries and joint ventures with 30 companies and operates 390 production sites in continents such as North America, Europe, South Africa, Africa, and the Middle East.
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Evonik Industries AG, is a German multinational specialty chemicals company headquartered in Essen, Germany. Evonik operates in a variety of industries including chemical, energy, nutrition, and health. The company operates through five business segments: smart materials, specialty additives, nutrition & care, performance materials, and technology & infrastructure. Evonik manages its UV stabilizers manufacturing and commercialization processes under the specialty additives segment. The company produces key raw materials used in the synthesis of UV stabilizers. It also deals with the manufacturing of UV stabilizers used in coatings, packaging, and adhesives. Evonik has established production facilities in 26 countries worldwide and holds a strong market position in more than 100 countries worldwide.
HALS is projected to register the highest CAGR, in terms of value, of the global UV stabilizers during the forecast period.
HALS is projected to register the highest CAGR in terms of both value and volume, during the forecast period. Due to their excellent thermal stability and low volatility, which allow them to survive high temperatures and maintain their effectiveness for longer periods of time, HALS UV stabilizers are favoured in automotive applications. They function by scavenging free radicals produced as a result of UV exposure, which helps stop the material from deteriorating. The use of HALS UV stabilizers can help extend the lifespan of car components as well as maintain their appearance and performance over time.
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Automotive is estimated to be the second-largest application of the UV stabilizers, in terms of value, during the forecast period.
The automotive segment is estimated to be the second-largest application of the UV stabilizers market during the forecast period. UV stabilizers have become a popular choice for automotive due to their effectiveness in protecting automotive coatings and plastics from UV radiation damage, which can help improve the longevity and durability of automotive components. The global automotive industry is also influenced by various trends such as the shift towards electric and hybrid vehicles, increasing demand for connectivity and autonomous driving features, and the growing popularity of shared mobility services. All these factors drive the demand for UV stabilizers in automotive application.
Asia Pacific is estimated to be the largest market for the UV stabilizers market, in terms of value, during the forecast period.
Asia Pacific is the largest and fastest-growing UV stabilizers market. Asia uses plastic packaging extensively, with nations like China and India making significant contributions through their food and beverage industries. Over the past few years, the packaging sector has been a significant driver of innovation and technology in the country, bringing value to a variety of production sectors, including agriculture and fast-moving consumer (FMCG) segments. Also increasing demand for upgraded and advanced vehicles in developing countries like India, and China is fueling the market for UV stabilizers in automotive application.
