UV Stabilizers Market by Type (HALS, UV Absorbers, Quenchers), Application (Automotive, Packaging, Agriculture, Building & Construction, Adhesives & Sealants), and Region (North America, APAC, Europe, MEA, South America) - Global Forecast to 2026
Northbrook, IL 60062 -- (SBWIRE) -- 05/23/2022 -- The UV stabilizers market size was USD 1.3 billion in 2021 and is projected to reach USD 1.6 billion by 2026, at a CAGR of 5.6% between 2021 and 2026. The global UV stabilizers market is driven by the rising demand for advanced, scratch-resistant, UV-resistant, non-deteriorating, and long-term stable chemical compounds in the emerging markets of plastics, polymers, and wood components. UV stabilizers are available in different types, such as HALS, UV absorbers, and quenchers. HALS is the most common type of UV stabilizer. The increasing demand for UV stabilizers in APAC, growing demand for wood coatings in North America, and continuous product development and expansion activities undertaken by companies are the key factors for the growth of the global UV stabilizers market. The fluctuation in raw material prices of UV stabilizers and stringent government regulations for the synthesis and use of these stabilizers have a moderate effect on making the raw material market competitive. However, a large number of new raw material suppliers of UV stabilizers have also made the market competitive. This creates an opportunity for buyers or manufacturers to choose from multiple suppliers based on application requirements
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The key players in this market are BASF SE (Germany), Evonik Industries AG (Germany), SONGWON Industrial Co. Ltd. (South Korea), Clariant AG (Switzerland), Solvay SA (Belgium), Suqian Unitechem Group (China), Everlight Chemical Industrial Corp. (Taiwan), Addivant (US), Valtris Specialty Chemicals Inc. (US), Mayzo, Inc. (US), and Lycus Ltd. (US).
Players in the UV stabilizers market are mainly concentrating on new product launches, and acquisitions to meet the growing demand for UV stabilizers for various end-use industry. New product launches help companies to strengthen their product portfolio and meet the specific demands of customers.
The growth of the UV stabilizers market has been influenced by new product launches that were undertaken between 2018 and 2021. Different companies are deploying different strategies to strengthen their position in the UV stabilizers market. SONGWON Industrial Co. Ltd. focuses on the Americas, while Solvay SA, Clariant AG, Evonik Industries AG, and BASF SE mainly focus on Europe. In general, these five companies have a strong foothold in their home regions and exploring geographic diversification alternatives to grow their businesses. Moreover, all five companies are focused on increasing their market shares through partnerships and enhancing their product portfolio over the past few years.
BASF SE is the largest player in the global UV stabilizers market. Sustainability and innovation are two of the significant strategies of BASF SE. Setting long-term goals in the economy, environment, safety, and society form a key strategic initiative undertaken by the company. It has a strong and reliable value chain and vertical integration approach, which allows efficient energy and waste management and minimizes the effects of carbon footprint, thus enhancing the light stabilizer production capacity. It is maintaining its position in the market by launching new products. In April 2019, the company launched a new product under the Tinuvin series called NOR 31, used in greenhouse films in agriculture.
On the other hand, Evonik Industries AG is the second-largest player in the global UV stabilizers market. The company is focused on geographical expansions and invests in R&D activities. In January 2019, the Methacrylates Business Line of Evonik Cyro LLC commenced operations of an additional line for compounding its ACRYLITE polymethyl methacrylate (PMMA) at its site in Osceola, Ark. The Business Line is the only PMMA manufacturer in the world that has fully integrated MMA/PMMA production networks with downstream compounding in the Americas, Europe, and Asia.