The UV light stabilizers market share is expected to witness considerable growth, especially in emerging economies, owing to an increase in demand for smart lighting technology and a surge in the adoption of smart technologies globally. The global UV light stabilizers market size was valued at $462.9 million in 2020 and is projected to reach $871.5 million by 2030, registering a CAGR of 6.6% from 2021 to 2030.
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An increase in the level of UV radiation leads to the degradation of materials such as plastics and wood. UV light stabilizers are used as coating substrates that minimize the harmful effects of UV radiation. UV absorbers, hindered amine light stabilizers (HALS), and quenchers have significant applications such as coating substrates for flooring, decking, furniture, and interior & exterior parts of automobiles. In addition, the UV light stabilizers industry has found increased application across the packaging industry and in agricultural tapes & films.
The HALS segment constituted 74% of the overall UV light stabilizers market growth by value, on account of its large adoption base and usability in varied applications. HALS are preferred over other stabilizers, owing to their longer shelf life, thus boosting the HALS market during the forecast period. UV absorbers, currently occupying 23% of the total market, are witnessing increased adoption on account of their cost-effectiveness, but they can be useful only for short-term exposure. Hydroxyl-benzo-phenone and hydroxyl-phenyl-benzotriazole are the most preferred UV absorbers since they are suitable for neutral or transparent applications.
UV light stabilizers are mostly used in floor coating and decking applications to protect the floors and decks from the harmful effects of UV radiation. In 2020, the floor coating segment was the highest revenue generator in the overall UV light stabilizers market, owing to the extensive usage of UV light stabilizers for all kinds of flooring.
According to UV light stabilizers market trends, Asia-Pacific dominates the global UV light stabilizers market size, followed by Europe and North America. The boom in the construction and automobile industries and the increase in the utilization of plastics in Asia-Pacific have contributed to the highest market share of the region. The ongoing infrastructure developments in Asia-Pacific are anticipated to boost the growth of the UV stabilizer market during the forecast period.
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UV light stabilizers Market Key Players:
- Akzo Nobel N.V.
- BASF
- clariant
- solvay
- everlights
- altana ag
- Valtris Specialty Chemicals
- Lanxess
- LYCUS
- Mayzo
The COVID-19 pandemic has adversely impacted the UV light stabilizers market forecast as the huge workforce of enterprises across the globe is working from home. This led to a decline in tourism, which, in turn, reduced the demand for light stabilizers. Although the COVID-19 pandemic has forced field work of several major projects to halt temporarily, the market is expected to remain robust, with a cumulative number of shipments being marginally unaffected in the next three-year period from 2020. New projects throughout the world have been stalled, which, in turn, have affected the demand in several industries, including manufacturing, industrial, and retail. Although market players faced minimal impact on procuring raw materials, time and shipping costs are still major concerns.
Moreover, the rise in investments in the development of smart cities has gained importance during the pandemic. Subsequently, demand for UV light stabilizers is anticipated to gain momentum post-pandemic. Key market players focus on positioning their companies for a strong recovery post-pandemic. Market players have meticulously planned to strengthen their supply chain to benefit from post-pandemic opportunities. They further focus on availing additional opportunities with expanded market usage of UV light stabilizers technology, owing to price considerations and additional display offerings using micro-lenses. Hence, market players are anticipated to boost the UV light stabilizers market analysis from various opportunities generated post-pandemic. Although COVID-19 had a major negative impact on the growth of the UV light stabilizers market outlook, the outbreak of COVID-19 is expected to provide numerous opportunities for market growth during the forecast period.
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