PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1070406
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1070406
The UV Light Stabilizers market is estimated to be worth US$ 506.8 million in 2020. UV Light Stabilizers market is expected to expand at a 7.2% CAGR during the forecast period.
UV light stabilizers prevent wooden or plastic components from UV radiation's long-term impacts. When a substance is exposed to UV light, it undergoes photo-degradation, which causes changes in color, loss of strength, elongation and tensile strength qualities, and surface chalking. For example, in gardens, wooden or plastic grow brittle and lose their luster, while in open stadiums, seats become chalky and occasionally break into bits. As a result, UV light stabilizers are used by manufacturers to safeguard components that have been exposed to UV radiations, preventing damage and losses. These are inexpensive, effective stabilizers that work by absorbing UV rays.
The market for UV light stabilizers is mainly driven by the increase in demand for UV-protective wood and plastic coatings. Furthermore, the increased usage of wood and polymers for decking applications has sparked a need for UV light protection coatings, and that in turn has boosted the UV light stabilizers market. The continued expansion of Asia-housing Pacific and building industries is projected to have a significant impact on the UV light stabilizers market study. Furthermore, the usage of nanotechnology in the coatings industry contributes to the growth of the UV light stabilizers market. UV stabilizers can help packaging materials retain their durability and quality after being exposed to sunshine and harsh weather conditions. The UV stabilizers market is also driven by the demand for the long-term durability of packaging materials. UV stabilizers are widely used in the packaging of consumer goods such as food, and beverages, among others as well as in cosmetics and pharmaceuticals.
The COVID-19 pandemic has had a significant impact on the overall growth of the market. The demand for UV light stabilizers has decreased due to a subtle dip in the automobile and construction sector due to strict restrictions, which resulted in a decline in the market's growth. Furthermore, the disturbances and disruptions in the raw material supply chain are further expected to hamper the growth of the global market.
The UV light stabilizers market is segmented by type, application, regional distribution, and competitive landscape. Based on Type, HALS dominates the global UV light stabilizers with a 45 % market share and is expected to grow at a CAGR of 5.3%. Because of their catalytic nature, HALS does not absorb UV radiation and instead possesses an anti-degradation mechanism. As a result, they find application in protecting polymers against UV radiation degradation while also giving greater resilience and shelf life than other stabilizers. Increased demand from applications such as blow molding, polyolefin films injection molding, and extrusion are the major contributors to the growth of this segment. In addition to this, the advantages of Hal, such as high durability, non-degradability, long-term UV protection, and excellent performance, are also expected to propel market growth.
The UV Light Stabilizers market is fragmented due to the existence of numerous players operating on a national and international basis. Key market players are focused on R&D to strengthen their market position and enhance the market valuation of the UV absorbers in the coming years. For instance, in November 2019, BASF launched a NOR 31 in the Tinuvin series, which finds application in the agriculture industry in greenhouse films.
The scope of this report covers the market by its major segments, which include as follows: