The global UV stabilizers market size is estimated to grow from USD 1.2 billion in 2020 to USD 1.6 billion by 2025, at a CAGR of 5.5% during the forecast period. The market is projected to witness decent growth in the near future, owing to the wide application in various end use industries ranging from packaging, automotive to the agriculture industry. Increasing demand from APAC will further drive the growth of the global UV stabilizers market.
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Asia Pacific is estimated to be the fastest growing market for UV stabilizers, due to rapid industrialization and demand from end-use industries such as packaging and coatings is increasing in the region. the Asia- Pacific market is growing with regards to additive compounds and materials. The global shift of consumption and production capacity of UV stabilizers from the developed markets such as the U.S., Germany, and France to the emerging markets that include India, China, Mexico, Middle East & Africa, and so on, and emerging local markets for the UV stabilizers materials has resulted in the massive market size in the Asia-Pacific region.
Expansion of the automotive industry in Europe and in countries such as China, India, and Japan in Asia Pacific promotes the usage of UV stabilizers in automotive plastic and coating applications. They are known as the major hubs for the production of chemicals and stabilizing compounds. India is the most favorable market for expansion considered by various market players such as BASF SE (Germany), Clariant AG (Switzerland), and others because of the low labor and lower production costs compared to other markets. The increasing awareness of the degradation effects of UV radiation exposures on different objects and materials has also increased the demand for UV stabilizers such as HALS and UVA in the Asia-Pacific packaging and automotive coatings application markets.
Packaging segment is expected to lead the UV stabilizers market
The UV stabilizers are capable to protect the package and their contents from discoloration, and damaging effects of UV radiations, and provide high quality, low volatile and long durability to the packaging materials such as bottles, caps & closures, containers & drums, and films, among others. The key driver for the growth of UV stabilizers in this application segment are the increasing disposable income, changing consumer lifestyles, increased use of high-performance thermoplastics, polyurethanes, polymers, and growing pharmaceutical and food & beverage industries in countries such as China, India, Japan, the U.S., and Germany, among others. Additionally, non-degradable and UV- resistant plastic packaging components are gaining traction from PET bottles, and food and beverage containers which have propelled the growth of UV stabilizers in the packaging application market.
BASF SE (Germany), Clariant AG (Switzerland), Solvay (U.S.), Evonik Industries AG (Germany), and Songwon Industrial Co., Ltd. (South Korea) are the leading UV stabilizers manufacturers globally.
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