22 Aug, 2017, 07:30 ET
PUNE, India, August 22, 2017 /PRNewswire/ --
According to a new market research report"UV Absorbers Market by Type (Benzophenone, Benzotriazole, Triazine), Application (Plastics, Coatings, Adhesives, Personal Care), and Region (North America, Asia Pacific, Europe, South America, Middle East and Africa) - Global Forecast to 2022," published by MarketsandMarkets™, the market was valued at USD 690.3 Million in 2016 and is projected to reach USD 1,006.4 Million by 2022, at a CAGR of 6.5% from 2017 to 2022.
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Browse 101 Market Data Tables and 28 Figures spread through 157 Pages and in-depth TOC on "UV Absorbers Market"
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The use of UV absorbers has increased in plastics application owing to the high demand from industries such as packaging and agricultural films. In addition, the rapidly growing automotive industry is expected to increase the demand for UV absorbers in coatings and adhesives applications. Personal care and printing inks are the other applications which consume UV absorbers.
The benzotriazole type of UV absorbers accounted for the largest share of the UV absorbers market in 2016.
The benzotriazole type of UV absorbers is estimated to be the largest type segment of the UV absorbers market, in terms of both value and volume. This high market share is mainly attributed to its usage across various applications, such as plastics, coatings, adhesives, printing, and personal care, among others. These are typically used for outdoor applications owing to its better performance and broad spectral coverage in both UV-A as well as UV-B region. These properties of benzotriazole are expected to foster the growth of this type of UVA in the UV absorbers market.
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The demand for UV absorbers in plastic application is expected to grow at the highest CAGR during the forecast period.
The plastic application segment is expected to register the highest growth, in terms of both value and volume during the forecast period. Plastics tend to degrade when exposed to UV radiations. To prevent the photodegradation of plastics, UV absorbers are used in combination with HALS. It improves the chemical properties, UV resistance, and durability of substrate. UV absorbers in plastics are majorly driven by the demand from industries such as automotive plastics, packaging, and agricultural films.
The UV absorbers market in Asia Pacific is expected to grow at the highest CAGR during the forecast period.
Asia Pacific is the third largest market for UV absorbers, in terms of both value and volume, but is expected to the fastest-growing market, followed by North America and Europe. Increasing industrialization and growth in end-use industries is expected to increase the demand for UV absorbers in this region. The growing automotive industry is expected to drive the demand for UV absorbers in automotive plastics, coatings, and adhesives applications in this region. Lesser number of regulations in this region is a driver for the UV Absorbers Market in this region. Moreover, rising awareness regarding the benefits of UV absorbers has further contributed to their high demand in Asia Pacific countries, such as China, Japan, and India.
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Key players in the UV absorbers market
Key players operating in the UV absorbers market include BASF SE (Germany), Songwon (South Korea), Clariant AG (Switzerland), Solvay S.A. (Belgium), Adeka Corporation (Japan), Addivant (US), Everlight Chemical Industrial Co. (Taiwan), Milliken Chemical (US), Sabo S.p.A. (Italy), and Huntsman Corporation (US).
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