Press release
UV Absorbers Market, By Chemistry, Application, and End-Use Industry
Ultraviolet (UV) absorbers are used to limit the harmful effects of ultraviolet rays in polymers. It is a material that reduces the energy emitted through ultra violet light. The ultraviolet absorber helps in absorbing the damaging ultraviolet rays and enhance the durability, performance, and stability of wood, plastic, and polymers. These components, namely wood, plastic, and polymers, find various uses in construction, automotive, adhesives, sealants, and agriculture, among others.Rapid growth of various end-use industries such as construction and automotive coupled with growing awareness about the benefits of UV absorbers is projected to propel the market growth globally. However, stringent government policies and constant increase in price of UV absorbers act as major restraints for the market growth.
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UV Absorbers Market Taxonomy
On the basis of Chemistry, the UV absorbers market can be classified as:
Benzotriazole
Triazine
Benzophenone
Others
On the basis of Application, the UV absorbers market can be classified as:
Coatings
Plastics
Personal Care
Adhesives
Others
On the basis of End-use industry, the UV absorbers market can be classified as:
Automobile industry
Construction industry
Cosmetics industry
Agriculture industry
Others
Amongst the various types of UV absorbers, benzotriazole is the most used absorber and is of highest demand. Owing to the multiple uses of benzotriazole in personal care, plastics, adhesives, and coatings industries, the market is projected to grow, both in terms of value and volume, over the forecast period. Demand for UV absorbers from automotive, packaging, agriculture, and construction industries is expected to be higher in the forecast period.
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UV Absorbers Market Outlook
The UV absorbers market in Asia Pacific is expected to witness substantial growth over the forecast period. Owing to the rise in industrialization, construction and automotive sectors in this region have experienced a rapid growth, which, in turn, will propel the demand for UV absorbers over the forecast period. Furthermore, economic growth in Japan, China, and India has increased the demand for the automobiles, thereby boosting the market for UV absorbers. According to CAAM (China Association of automobile manufacturers), China witnessed a sale of 2,167,000 cars in July 2017.
North America UV absorbers market is expected to witness a surge in demand, owing to the rising awareness on harmful effects of UV radiations on living beings. According to American Academy of Dermatology, it is estimated that 9,730 persons die from melanoma cancer in 2017. This has augmented the use of cosmetic products, thereby adding to the growth of UV absorbers market.
With new investments in Qatar for the FIFA World Cup 2022, the demand for UV absorbers is rising substantially. This growth in demand is mainly driven by the construction of hotels, stadiums, malls, and public infrastructure. Latin America and Africa are expected to witness sluggish growth over the forecast period.
Some of the major players in the UV absorber market are BASF SE, Huntsman Corporation, Clariant AG, Solvay S.A., Everlight Chemical Industrial Co., Songwon, Adeka Corporation, Milliken Chemical, Addivant, SABO S.p.A., Lambson Limited, Lycus Ltd., and Mayzo, Inc., among others.
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