Press release
UV Absorber Market : Rising Need for Business Agility 2017 - 2025
UV Absorber Market
The UV absorber market is primarily driven by the rise in demand from applications such as automotive plastics, packaging, agricultural films, coatings, adhesives, and personal care. Upsurge in usage of plastics for various purposes drives the UV absorber market. It also acts as an opportunity for research and development of innovative UV absorbers. Rise in awareness about UV absorbers is expected to propel the market. However, high cost of raw materials required to manufacture UV absorbers is a hindrance to the growth of the market. Furthermore, availability of inorganic UV absorbers, which are an effective alternative to organic UV absorbers, is a key restraint to the UV absorber market.
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Based on chemical class, the UV absorber market can be segmented into benzophenone, benzotriazole and triazine. Among these, benzotriazole is projected to be the dominant segment in the market during the forecast period, owing to its wide application in plastics, coatings, adhesives, and personal care products, and also its broad protection coverage in UV-A and UV-B regions which are estimated to be very harmful. Benzotriazole offers better protection against UV radiations as compared to benzophenone, thus, benzotriazole is commonly used for outdoor weathering applications.
Based on end-use, the UV absorber market can be segmented into plastics, coatings, adhesives, and cosmetic & personal care. The plastics segment accounts for the dominant share of the market and is anticipated to expand at a significantly rapid pace. Expansion of the plastics application segment is primarily due to the rise in demand for plastics from the packaging and agricultural films. Plastics such as poly vinyl chloride and poly carbonate tend to degrade when exposed to UV radiations. 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 of UV absorbers. Furthermore, rapid development of the automotive industry is expected to boost the demand for UV absorbers for coatings and adhesives applications. The cosmetic & personal care segment is also anticipated to grow in the near future due to rise in addition of UV absorbers in cosmetic formulations for safeguard from the adverse effects of UV radiations.
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In terms of geography, the UV absorber market can be segmented into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. In terms of value as well as volume, North America is anticipated to constitute the dominant share of the UV absorber market owing to technological maturity and high investment in R&D in the region. Asia Pacific is estimated to be the fastest growing market for UV absorber, due to rapid industrialization and demand from end-use industries such as plastics and coatings in the 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 absorbers in automotive plastic and coating applications.
Key players operating in the global UV absorber market include, BASF SE, Songwon Industrial, Clariant, Solvay S.A., Adeka Corporation and Addivant.
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