ALBANY, New York, March 18, 2020 /PRNewswire/ -- Transparency Market Research has published a new research report that provide in-depth insights on different factors that are affecting the development of the global UV absorbers market. The research report shed light on the key segments, prominent growth challenges, geographical outlook, and the overall state of the competitive landscape of the global market. According to the report, the global UV absorbers market was initially valued at US$622 Mn in 2018. The market is projected to show a healthy CAGR of 4.5% over the given period of forecast ranging from 2019 to 2027. With this growth rate, the market will reach a valuation of ~US$669 Mn in 2020, whereas by the end of 2027, it will be around US$920 Mn.
"In the last few decades, the UV absorbers market has experienced a considerable growth, as they are being primarily used for converting UV energy into kinetic or heat energy. In addition to this, these UV absorbers are also extensively used for preventing photo-aging and photo-oxidation process in textile industries. Along with textile industry, the demand for UV absorbers will come from other prominent sectors such as cosmetic, construction, and automotive among others", observes TMR analyst.
Based on material, the segment of benzotriazole UV absorbers is projected to account for largest share in the global market.
Increasing consumption of coatings and paints in the construction sector of emerging economies in MEA and APAC regions is expected to drive the growth of the segment.
Based on application, paints and coatings segment is expected to be the most dominant one over the course of the forecast period, followed by plastics.
Flourishing industrialization and booming building & construction sector to drive growth of the segment.
Explore a report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on global UV Absorbers Market by Material: Benzophenone, Benzotriazole, Triazine, and Others; and Application: Paints & Coatings [Automotive Coatings, Industrial & Protective Coatings, Architectural & Construction Coatings, and Wood Coatings], Adhesives & Sealants, Plastics, Personal Care, and Others- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027 at https://www.transparencymarketresearch.com/uv-absorbers-market.html
Global UV Absorbers Market – Prominent Growth Factors
Biggest driving factor for the growth of UV absorbers is its increasing use for stabilizing degradation of plastic under the effect of oxidation, heat, and UV rays.
Increasing application range of UV absorbers such as in automotive, construction, paints and coatings, and cosmetics among others is also expected to drive the overall growth of the global market.
Increasing activities of research and development to use these UV absorbers for more effective energy conversions is also a key driving factor.
Global UV Absorbers Market – Prominent Growth Challenges
Unreliable effectiveness due to thickness of coating of UV absorbers is a major growth challenge.
Availability of cheaper options such as amine light stabilizers are also projected to impede market growth.
Global UV Absorbers Market – Geographical Outlook
Asia Pacific market to emerge as the most promising and dominant regional segment of the global UV absorbers market.
The segment accounted for 44.60% of the overall market share in 2018 and is expected to capture 47.59% by the end of 2027.
Flourishing construction sector and rapid industrialization are key reasons behind the development of the Asia Pacific market.
Analyze UV Absorbers market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
Global UV Absorbers Market – Key Market Players
Some of the key market players operating in the global UV absorbers market are BASF SE, SONGWON Industrial Group, ADEKA Corporation, and Clariant AG. SONGWON Industrial Group.
Global UV Absorbers Market: Research Scope
UV Absorbers Market, by Material
Others (including Oxalanilide and Cyanoarcylate)
UV Absorbers Market, by Application
Paints & Coatings
Industrial & Protective Coatings
Architectural & Construction Coatings
Adhesives & Sealants
Others (including Rubber and Textile)
UV Absorbers Market, by Region
Russia & CIS
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
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