UV Absorber Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market for UV absorber is expected to grow at a CAGR of more than 5% globally during the forecast period. Ultraviolet (UV) absorber is a material that is used to absorb ultraviolet light and release energy in the form of heat. They are typically used to protect materials by preventing the harmful ultraviolet light from degrading them, thus enhancing the performance, durability, service life, and stability of the materials. They also act as UV stabilizers in neutral or transparent applications in order to provide effective UV resistance for short-term exposures. The growing product application in automotive plastics and packaging has been driving the market growth.

However, the environmental concern i.e. persistent organic pollutants (POPs) related to benzotriazole type of UV absorber and the outbreak of coronavirus are anticipated to pose a challenge in the growth of the UV absorber market during the forecast period.

The research and development in the construction of nontoxic polymeric UV absorber with great resistance to UV photoaging offer great opportunities for the UV absorber market over the next five years.

Asia-Pacific region dominates the market, owing to growing application of UV absorber in automotive plastics, packaging application, and renewable energy, which augment the demand for UV absorber.

Key Market Trends

Plastic to Dominate the Market

• Plastic stands to be the dominating segment owing to the broad application in automotive, packaging, construction and among others.
• UV absorber is used for outdoor applications due to its better performance and broad spectral coverage in both UV-A as well as UV-B region.
• Plastics such as polyvinyl chloride and polycarbonate tend to degrade when exposed to UV radiation. UV radiations initiate chemical reactions in plastics that result in the breakdown and loss of chemical and physical properties of plastics, thereby prompting the need for UV absorbers
• Initiatives beneath Clean Energy Ministerial (CEM) like electric vehicle initiative and growing popularity of electric vehicles are likely to increase the consumption of plastic in the automotive industry subsequently utilization of UV absorber in plastic is anticipated to grow.
• North American countries like Unites States, Canada and Mexico have been recording rise in residential construction projects, which is likely to drive the consumption of UV absorber in region.

Asia-Pacific Region to Dominate the Market

• Asia-Pacific region stands to be the dominating market for UV absorber. Factors, such as it improves the chemical properties, UV resistance, and durability of the substrate which is expected to propel the market growth.
• Increasing applications of UV absorber in many industries including automotive, packaging, coating, construction, personal care and among others is expected to propel the demand for UV absorber.
• The Asian region is the largest manufacturer of plastic components that are used in automotive and packaging. The region also possesses an established automotive manufacturing industry with more approximately 50% of the world's manufacturing in the region.
• Valuable attributes of UV absorber are eco-friendly use, low VOC emission, and high solid content that make it a preferred option in wood coatings application. Countries like China, Japan and India are major producers of paints & coatings in the Asia-Pacific region.
• Further, the increasing government investments on infrastructure expansion by nations like China, India, Indonesia, and Vietnam, etc. are providing a thrust to the application of the UV absorber market.
• Hence, all such market trends are expected to drive the demand for UV absorber market in the region during the forecast period.

Competitive Landscape

The global UV absorber market is fragmented in nature with number of players operating in the market. Some of the major companies are Rianlon Corporation, SABO S.p.A, Clariant, BASF SE and Solvay amongst others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support