The global UV stabilizers market size is expected to reach USD 2.11 billion by 2030, according to a new study by Polaris Market Research. The report “UV Stabilizers Market Share, Size, Trends, Industry Analysis Report, By Type (Hindered Amine Light Stabilizers (HALS), UV Absorbers, Quenchers); By Application; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Increasing demand for plastics and coating, along with the growing construction industry, are among the significant drivers driving the industrial cleaning chemicals industry. UV stabilizers are in high demand across various industries, including plastics and wood protection coatings.
Construction businesses are continually investing in developing high-quality solutions to safeguard the beauty of buildings and extend their lifespan. As per the Department for Promotion of Industry and Internal Trade (DPIIT), in India, FDIs in the construction sector stood at $29.53 billion and $23.99 billion between April 2020 and December 2020.
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Further, Ozone is an important component of the Earth's atmosphere as it protects us from ultraviolet light from the sun. Both humans and inanimate objects are vulnerable to ultraviolet radiation. The ozone layer is rapidly depleting due to continued global warming, increasing the number of ultraviolet rays entering our bodies. UV rays are particularly hazardous to plastics and cause them to degrade more quickly, resulting in unprecedented levels of plastic pollution. This has increased industry demand for ultraviolet stabilizer and prompted customers to purchase them, resulting in greater sales for key industry participants.
Based on the application type, the packaging segment accounted for the leading share in the industry. The usage of plastics in packaging products has increased as disposable money and consumer lifestyles have changed. The market in the packaging segment has been propelled by the increased need for HALS and ultraviolet absorbers in plastic bottles, FMCG containers, and pharmaceutical packaging.
Market players such as BASF SE, Songwon, Clariant, ADEKA CORP., Valtris Specialty Chemicals Inc. Solvay SA, Suqian Unitechem Group, Evonik Industries AG, and SABO S.p.A. are some key players operating in the global market. In November 2021, UniteChem Group started the production of light stabilizers UniteChem LS2020 and LS119 at its newly established facility. In applications such as cross-linked polyethylene, olefin copolymers, and other polymer materials, UniteChem LS2020, a modern HALS (hindered amine light stabilizer), offers remarkable anti-aging properties.
Polaris market research has segmented the UV stabilizers market report based on type, application, and region:
UV Stabilizers, Type Outlook (Revenue - USD Billion, 2018 – 2030)
UV Stabilizers, Application Outlook (Revenue - USD Billion, 2018 – 2030)
UV Stabilizers, Regional Outlook (Revenue - USD Billion, 2018 – 2030)