Top Impacting Factors:
The growth of the UV Stabilizers Market is driven by the rise in demand from the packaging industry. The UV stabilizers help in retaining the properties of the packaging material even if exposed to ultraviolet or infrared radiation. The rise in demand for UV Stabilizers is driven by many factors such as the demand for polyethylene terephthalate (PET) in the packaging industry is increasing, Polyethylene terephthalate is used in nutraceuticals, food, and beverages industry to prevent the degradation from UV radiation, Moreover penetration of plastic as an effective substitute for glass, wood, and metal due to ease of use, durability, and cost-effectiveness of the plastic material which impacts positively on the plastic industry.
The adoption of nanotechnology is increasing, creating opportunities for manufacturers to improve their portfolios. Nanotechnology involves the use of nanocomposites in UV stabilizers. The demand for plastic products in developing countries such as India, China, South Africa, and others is increasing, which drives the growth of the market during the forecast period. Further, the rise in urbanization across the world has increased the demand to build infrastructure such as residential and transportation. The global population is estimated to grow approximately by two billion from 7.7 billion to 9.7 billion in 2050; hence, the increasing population drives the growth of the market.
Factors such as the fluctuation in the cost of raw materials used in UV stabilizers restrain the growth of the market. The manufacturing of the UV stabilizers includes the use of various raw materials, such as CDON, CYC, Benzyl chloride, Aluminum chloride, Acetic acid, Sodium nitrite, and others that are selected on basis of their applications. Hence, the price fluctuation affects adversely on the manufacturing cost, which can negatively impact the market growth. Secondly, the stringent government regulations on utilization of the chemicals and materials which slowdowns the UV Stabilizers Market growth.
The sales of UV stabilizers decreased in the year 2020, due to the imposition of lockdowns by the governments of many countries. The COVID-19 pandemic has decreased production levels due to the limited capacity of employees due to strict COVID-19 rules. This has hampered the growth of the UV Stabilizers Market significantly during the pandemic.
The UV Stabilizers Market is segmented on the basis of product type, application, and region. By Product type, it is divided into HALS, UV absorbers, and quenchers. By application, it is segregated into automotive, packaging, agriculture films, building and construction, adhesives and sealants, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By Product Type: The UV Stabilizers Market is divided into HALS, UV Absorbers, and quenchers. The segment includes all the UV stabilizers offered by manufacturers, such as Tinuvi, Uvinul, SABOSTAB, and others. Companies such as BASF SE, Evonik Industries, Clariant AG, and others provide a complete range of UV stabilizers.
By Application: The UV Stabilizers Market is categorized into automotive, packaging, agriculture films, building and construction, adhesives and sealants, and others. The packaging industry has a wide use of plastics or polymer which is used in all different sectors of industries and hence dominates the market share in the application segment followed by the consumer goods and the automotive sector. Growth in population and high disposable income lead to high demand for modern convenience and ready-to-eat packaged products, which drive market growth.
By region: The UV Stabilizers Market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific region dominates the market share in the UV Stabilizers Market, due to the extensive demand for non-toxic, ultraviolet-resistant, environment-friendly and thermally stable UV stabilizers in developing countries such as China, India, and others. The major players are striving to develop manufacturing units in these markets to improve production quantities as well as serve Asian industries including construction, electronics, plastics, automotive, and others.
Furthermore, according to the report published by the IMF organization, there was a strong rebound of 6.5 % in the Asian regional economy in 2021, and it is projected to grow significantly by 4.0 % in 2022 The increasing population every year influences the overall growth of UV Stabilizer facilities in these regions. Thus, the improvement in overall production facilities is likely to create opportunities for the growth of the UV Stabilizers Market in this region.
North America is estimated to be the second largest market for UV stabilizers during the forecast period, as the automotive industry has the major application of UV stabilizers in the region due to the presence of established automobile manufacturers in this region.
Major global players in the UV Stabilizers Market are strengthening their businesses and offerings in the Asian region, realizing the extensive growth opportunities for industrial growth in the country. Moreover, China is one of the major exporters of UV Stabilizers globally. The rapid industrial development of China has motivated UV Stabilizers manufacturers to establish their production units in the country. The low labor and material costs in China help manufacturers produce UV Stabilizers at lower prices. The Chinese UV Stabilizers Market also includes many small manufacturers who generally, serve the Asian demand. Furthermore, industries such as manufacturing, energy, mining, and agriculture are some of the major industries in China. Hence, the development of these industries creates opportunities for the growth of UV Stabilizers in China.
Competitive analysis and profiles of the major players in the UV stabilizers market, such as BASF SE, Evonik Industries AG, Songwon Industrial Co. Ltd., Clariant AG, Solvay SA, Suqian Unitechem Group, Everlight Chemical Industrial Corp., Addivant Valtris Specialty Chemicals Inc., and Lycus Ltd., are provided in this report. Major players have adopted technological advancement, product launch, acquisition, and business expansion as key developmental strategies to improve their product portfolio of the UV stabilizers . For instance, in the press release of 12 November 2022, SONGWON industrial, Co,. Ltd., listed the new launches in 2022, which include two new products SONGNOX 9228 as an antioxidant and SONGSORB 1164 as a UV absorber. These products are used in building & construction, agriculture, home & personal care applications , and the packaging industry.
UV Stabilizers in Plastics Market Report Highlights
By Product Type
Key Market Players
Suqian Unitechem Group, Valtris Specialty Chemicals Inc., Everlight Chemical Industrial Corp, Songwon Industrial Co. Ltd., Evonik Industries AG, BASF SE, Clariant AG, Lycus Ltd., Solvay SA, Addivant