Global UV Light Stabilizers Market was valued at $310 million in 2016 and is expected to reach $631.5 million by 2024, having a CAGR of 9.5% during the forecast period of 2017 to 2024. In 2016, the HALS segment gained the highest revenue share in the global UV light stabilizers market.
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The increasing use of refrigerators and air conditioners, has significantly led to the rising level of UV radiation due to the release of gases affecting the ozone layer. According to United Nations Environment Program, a sustained 1% depletion of ozone layer will trigger 2-3% increase in incidences of skin cancer.
The increasing UV radiation owing to the enhanced usability of gas emitting equipment, supplements the growth of UV light stabilizers market. UV light stabilizers are used as coating substrates that minimize the harmful effect of UV radiation.
Therefore, manufactures use UV light stabilizers to protect components that are exposed to UV radiation in an effort to prevent damage and avoid losses.
The global UV light stabilizers market has witnessed growth in the recent years due to the advancements in technology. The prime factor driving the growth of global UV light stabilizers market is its application in the agriculture and non-agriculture sectors such as polyhouses, construction, packaging,.
Moreover, the soaring levels of UV radiations and increasing awareness regarding its harmful effects are fueling the market growth. According to the Environmental Protection Agency, exposure to ozone levels greater than 70 parts per billion for 8 hours or longer is unhealthy.
Such concentrations occur in or near cities during periods where the atmosphere is warm and stable. However, the high investment costs, complexities faced during manufacturing, and expensive products act as the major hurdles in the growth of the market.
Whereas, advancements in nanotechnology and its penetration in the coating industry is expected to create huge opportunities for the growth of market in the coming years.
The global UV light stabilizers market is segmented on the basis of product type, application, and geography. By product type, the market is segmented into UV absorbers, Hindered Amine Light Stabilizers (HALS), and quenchers.
On the basis of application, the market is segmented as flooring, furniture, decking, automobile, and others. Geography wise, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World.
Asia-Pacific was the largest UV light stabilizers market in terms of revenue, by holding nearly more than 50% shares of the market, in 2016. It is expected to maintain its dominance and grow with a CAGR of 9.73% from 2017-2024.
Some reputed players in the market are ALTANA AG (BYK-Chemie GmbH), BASF SE, Akcros Chemicals Ltd., Cytec Industries, Inc., Mayzo, Inc., Chemtura Corporation, AkzoNobel N.V., Everlight Chemical Industrial Co., Clariant Ltd. and Lycus Ltd. BASF SE agreed to buy a polyamides business from Solvay SA for $1.9 billion after getting a formal consent from Koch Industries Inc., which has a joint venture with Solvay in the high-margin polyamides segment, to move ahead with the acquisition.
The acquisition is expected to boost BASF’s presence in engineered plastics for car.
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GLOBAL UV LIGHT STABILIZERS MARKET SEGMENTATION
By Product type
- UV Absorbers
- Hindered Amine Light Stabilizers (HALS)
- North America
- Rest of the World
KEY MARKET PLAYERS
- ALTANA AG (BYK-Chemie GmbH)
- BASF SE
- Akcros Chemicals Ltd.
- Cytec Industries Inc.
- Mayzo Inc.
- Chemtura Corporation
- AkzoNobel N.V.
- Everlight Chemical Industrial Co.
- Clariant Ltd.
- Lycus Ltd.
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