UV Absorbers Market to Witness a Pronounce Growth During 2019 to 2027
UV Absorbers Market: Introduction
The global UV absorbers market was valued at ~US$ 622 Mn in 2018 and is anticipated to expand at a CAGR of 4.5% from 2019 to 2027. Rapid growth of population, rising government spending on infrastructure development, and rising need for space have led to growth of the global building & construction sector. However, since buildings are highly exposed to sunlight, they are more susceptible to yellowing, peeling, cracking. This, in turn, has led to production of UV absorbers, which can provide protection from degradation caused by exposure to UV rays.
Key Drivers of UV Absorbers Market
Since buildings are greatly exposed to sunlight, they are more susceptible to yellowing, peeling, cracking, etc. This, in turn, drives the production of UV absorbers, which can provide protection from degradation caused by exposure to UV rays.
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Technological Advancements in UV Absorbers to Offer Attractive Opportunities
Producers operating in the global UV absorbers market can develop new products by increasing molecular weight of and adding functionality to UV absorbers. This can help in enhancing the extinction coefficient and photo-permanence of UV absorbers. Additionally, manufacturers can introduce advanced technologies that can help in the development of water-borne systems, without the need for solvents or pre-emulsification
Dependency on Thickness of Coatings to Hamper Global Market
Since UV absorbers require the minimum thickness of 100 microns in order to achieve sufficient UV absorption, they are not recommended for thin films (films with thickness below 100 microns). Thus, they cannot prevent the formation of surface defects caused by photo-degradation of the coating in exterior conditions. UV absorbers are extensively used in combination with hindered amine light stabilizers in order to enhance the effectiveness of UV absorbers in exterior conditions. Dependency on the thickness of coatings is likely to act as a major restraining factor for the global UV absorbers market during the forecast period.
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Asia Pacific Dominates UV Absorbers Market
In terms of volume, Asia Pacific held a leading share of the global UV absorbers market in 2018. In Asia Pacific, increase in industrialization and growth of end-use industries, such as plastics and paints & coatings, is expected to drive the demand for UV absorbers. The growing automotive industry in Asia Pacific is expected to drive the demand for UV absorbers for use in automotive plastics, coatings, and adhesives. Rising awareness regarding benefits of UV absorbers is anticipated to boost the demand for UV absorbers in Asia Pacific during the forecast period.
Plastics a Major Application of UV Absorbers
The plastics application segment held a key share of the global UV absorbers market in 2018 and it is projected to expand at a rapid pace during the forecast period. Plastics tend to degrade when exposed to UV radiations and heat. UV absorbers are used in combination with HALS to prevent photo-degradation of plastics. UV absorbers extend the life of plastics and improve their appearance. Thus, rising demand for plastics is driving the global UV absorbers market.
Key Companies in Global Market
Prominent players operating in the global UV absorbers market are BASF SE, SONGWON Industrial Group, ADEKA Corporation, and Clariant AG. SONGWON Industrial Group is a leading manufacturer of antioxidants, stabilizers, and polyurethanes. It has a sales network in 57 countries across the globe and logistics hubs and warehouses in 40 countries worldwide. On December 4, 2018, SONGWON Industrial Group announced to have expanded its in-house production capacity for a triazine type of UV absorber i.e. SONGSORB CS 400 and other products by 1,000 metric tons
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