Global UV Stabilizers Market Report 2023: Increasing Demand from the Packaging Industry Drives Growth

DUBLIN, May 29, 2023 /PRNewswire/ -- The "Global UV Stabilizers Market by Type (HALS, UV Absorbers, Quenchers), Application (Packaging, Automotive, Agricultural Films, Building & Construction, Adhesives & Sealants), & Region (Asia-Pacific, North America, Europe) - Forecast to 2028" report has been added to  ResearchAndMarkets.com's offering.

The global 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%.

The growth of the automotive, packaging and building & construction industries is also driving the demand for UV stabilizers. The construction industry is experiencing growth globally, driven by a variety of factors such as population growth, urbanization, and economic development. In many regions, there is a growing demand for new infrastructure projects such as roads, bridges, airports, and public transport systems.

Additionally, there is a need to upgrade and modernize existing infrastructure to meet changing demands and address issues such as climate change and sustainability. All these factors are boosting the demand for UV stabilizers especially in construction application.

UV absorbers is expected to be the second fastest-growing type of the UV stabilizers market, in terms of value, during the forecast period

UV absorbers are widely used in industries such as automotive, construction, packaging, and personal care products. Global demand for UV absorbers is rising due to a number of factors, including the expanding use of plastics and polymers in a variety of applications, growing knowledge of the negative effects of UV radiation on human health, and the requirement to safeguard materials against deterioration and discoloration.

UV absorbers are frequently used in a variety of sectors, including the automotive, construction, packaging, and personal care items. They are employed in the automobile sector to shield polymers and coatings from UV radiation degradation. All these factors boost the market for UV absorbers globally.

Packaging is expected to be the fastest-growing application of the UV stabilizers market, in terms of value, during the forecast period

With the changing lifestyle and preference for home delivery the demand for safe and hygiene packaging is increasing in food & beverage industry. To preserve and safeguard goods and ensure that they are delivered safely, airtight plastic packaging is a necessary component of modern life.

The expansion of new markets, changes in substrate preferences, and shifting ownership dynamics have all contributed to the constant growth of the global packaging industry over the past 10 years. The increasing demand for personal care products especially in young population is also driving the demand for UV stabilizers in personal care products packaging.

Asia-Pacific is projected to be the fastest growing region, in terms of value, during the forecast period in the UV stabilizers market

Asia-Pacific is known for its low cost of labor, easy availability of raw materials, increase in adoption of modern technologies, innovations, and easy availability of inexpensive lands, which makes it the global hub for manufacturing.

The increasing production and demand for passenger vehicle especially from India and China makes Asia-Pacific an attractive region for automotive manufacturers.

Increase in the production of automotive is due to the presence of key automotive players such as Honda, Toyota, Hyundai, and Nissan. BMW and Volkswagen manufacturers have also expanded their business in this region. These factors are anticipated to fuel the growth of the UV stabilizers market in the region.

Market Dynamics

Drivers

• Increasing Demand from Packaging Industry
• Growing Demand from Construction Industry
• Rising Demand in Asia-Pacific and North America

Restraints

• Fluctuations in Raw Material Prices
• High Production Costs

Opportunities

• Increasing Use of Nanocomposites in UV Stabilizers
• Growing Agricultural Films Industry

Challenges

• Stringent Government Regulations

Companies Mentioned

• Adeka Corporation
• Altana Group
• Ampacet Corporation
• BASF SE
• Chitec Technology Co. Ltd.
• Clariant AG
• Everlight Chemical Industrial Corporation
• Everspring Chemical Co. Ltd.
• Evonik Industries AG
• Greenchemicals S.R.L.
• KNV Chemicals Inc.
• Lycus Ltd. LLC
• Mayzo, Inc.
• Milliken & Company
• MPI Chemie BV
• Nouryon
• Phoenix Plastics
• Rianlon Corporation
• Sabo S.p.A.
• SI Group, Inc.
• Solvay SA
• Songwon Industrial Co. Ltd.
• Sunshow Specialty Chemical Co. Ltd.
• Unitechem Group
• Valtris Specialty Chemicals

For more information about this report visit https://www.researchandmarkets.com/r/d118vc

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SOURCE Research and Markets