The global UV stabilizer market is expected to grow with a CAGR of around 4% during the forecast period. The major factors driving the growth of the market studied include the rising consumption of UV stabilizers in the polymer industry and increasing demand for UV stabilizers from wood coatings.
- On the flipside, the negative economic effects of COVID-19 are expected to hinder the growth of the market studied.
- Asia-Pacific is expected to dominate the market studied during the forecast period.
- Among the product types, Hindered Amine Light Stabilizers (HALS) accounted for the highest market share during the forecast period.
Key Market Trends
Hindered Amine Light Stabilizers (HALS) to Dominate the Market
- Hindered Amine Light Stabilizers (HALS) are UV stabilizers that can be used to protect plastic and polymer products of any thickness. Unlike UV absorbers, HALS do not absorb the UV rays; instead, they inhibit degradation of the polymer by continuously and cyclically removing free radicals produced by photo-oxidation of the polymer.
- HALS are used in plastic packaging, coatings, shipping sacks, agricultural films (silage, mulch, tunnel, and greenhouse) to avoid photodegradation. Unlike UV absorbers, they can be used with substrates of any thickness.
- Even though HALS are extremely effective in polyolefins, polyethylene, and polyurethane, they are ineffective in polyvinyl chloride (PVC) as their ability to form nitroxyl radicals is disrupted due them being readily protonated by HCl released by dehydrohalogenation of PVC.
- The demand for HALS is majorly driven by its increasing application in automotive, plastic packaging, architectural coatings, and agricultural films.
- In the recent past, major UV stabilizer manufacturers like SABO and Solvay have increased their HALS production capacities to keep up with the growing demand for the product.
- The recent COVID-19 pandemic has negatively affected the operations of several end-user industries of HALS (construction and automotive) and, thereby, has restrained the demand for HALS.
- Hence, the demand for HALS is expected to be affected by the above-mentioned factors during the forecast period.
China to Dominate the Asia-Pacific Market
- Currently, Asia-Pacific accounts for the highest share of the global UV stabilizers market. The majority of the demand in this region comes from countries like China, India, and Japan. In the recent past, there has been significant growth in the demand for UV Stabilizers in Asian countries for usage in industries like packaging, construction, etc.
- In China, the packaging industry is increasing, owing to the rapid pace of innovation in the advancement of technology and R&D activities in the food packaging industry as there is a high demand for safer and cleaner packaging products. Food packaging in China has become a vital basic component for daily life, due to the urbanization trend. Most of the country's population lives in cities, and the cities are unable to provide the land and environment required for agricultural development. Hence, the demand for processed and packaged food is rapidly increasing. This may increase the demand for UV stabilizers over the forecast period.
- the automotive industry in China has been declining since 2016. The automotive production decreased from 29.01 million units in 2017 to 25.7 million units in 2019 and registered a negative gwoth of 7.5% in 2019 over 2018. COVID-19 has even downsized the demand for automotibles in China, and it is expected to continue this trend even after this pandemic, during the forecast period. these factors are expected to slowdown the demand for UV stabilizers.
- The Chinese construction industry is still strong, but growth is slowing, as is economic growth. Even though the growth rate has been decreasing in the recent past, the construction industry is likely to register a growth rate of around 4% over the forecast period.
- All the aforementioned factors are likely to increase the demand for UV stabilizers through the forecast period.
The global UV Stabilizers market is partly fragmented in nature, with no company holding a major share in the market (in terms of revenues generated). The key players in the market include BASF SE, Songwon, Clariant, ADEKA CORPORATION, and SABO S.p.A., among others.
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