The global UV stabilizers market is projected to reach USD 1.51 billion by 2021
The global UV stabilizers market is projected to reach USD 1.51 billion by 2021, at a CAGR of 6.7% from 2016 to 2021. Asia-Pacific is the leading market for UV stabilizers, in terms of value, and the trend is expected to continue during the forecast period. Countries in this region such as China, India, Japan, South Korea, and Thailand are witnessing a gradual increase in use as well as the production of UV stabilizers.
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China is leading the UV stabilizers market in Asia-Pacific due to increase in population, which is creating the demand for automotive and packaged goods. China accounts for more than half of the demand for UV stabilizers in the region. This high demand can be attributed to the growing collaboration activities undertaken by the major players for R&D, and production of HALS and other UV stabilizers in the country. Thus, China is projected to be a potential market for UV stabilizers, owing to growing economy, rapid advancements in production technology, and increasing manufacturing and application industries. China is followed by Japan, South Korea, India, and Malaysia where the consumption of UV stabilizers is registering a steady growth.
The growth of the global UV stabilizers market is mainly due to the increasing demand for UV stabilizers from various manufacturing industries across the world. Based on type, the HALS segment accounted for the largest share of the UV stabilizers market in 2015. HALS is gaining importance due to its unique properties such as low-cost solutions, good processing ability, low volatility, and effective performance in packaging materials and automobile coatings. HALS is also used with other UV stabilizers such as UV absorbers and quenchers to obtain better properties of original UV stabilizers.
The packaging application segment is projected to grow at the highest CAGR during the forecast period, owing to the rising demand for eco-friendly and UV resistant coating components to protect stored packaging materials and components from degradation.
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