LONDON--(EON: Enhanced Online News)--Technavio research analysts forecast the global ultraviolet stabilizers market to grow at a CAGR of close to 7% during the forecast period, according to their latest report.
“Thus, chemical manufacturers such as BASF, Evonik Industries, and SONGWON are investing in R&D activities to cater to the increasing demand for UV stabilizers across various application areas such as wood protection coatings, automotive coatings, flooring and decking, and packaging”
The study covers the present scenario and growth prospects of the global ultraviolet stabilizers market for 2017-2021. The report segments the market into the following applications which include flooring and decking, furniture, automotive coating, and packaging.
According to Chandrakumar Badala Jaganathan, a lead analyst at Technavio for plastics, polymers, and elastomers research, “The UV stabilizers market will be driven by macroeconomic factors such as high-income levels and rising GDP, particularly in emerging economies such as China, India, South Africa, Brazil and the UAE.”
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Technavio chemicals and materials analysts highlight the following three drivers that are contributing to the growth of the global ultraviolet stabilizers market:
- Rising awareness about harmful effects of UV light on plastics
- Growing demand from plastics, coatings, and construction industries
- Increasing R&D and new product launch activities by key players
Rising awareness about harmful effects of UV light on plastics
Light consists of three components: infrared spectrum, visible spectrum, and UV spectrum. UV spectrum is an electromagnetic radiation that has a wavelength smaller than visible spectrum but longer than soft X-rays. UV light has several biological and chemical effects on the surroundings. UV light affects polymer materials causing them to crack, chalk, or change in color, and lose some physical properties. The UV light also accelerates the fading of plastic colorants. Thus, the polymer materials tend to lose their physical properties and appear dull. Therefore, the demand for UV stabilizers is increasing to prolong the life of these polymer materials.
Growing demand from plastics, coatings, and construction industries
The demand for UV stabilizers is increasing across various applications such as the plastics and wood protection coatings industries. For instance, the demand for UV stabilizers in North America is highest from Mexico. This high demand for UV stabilizers in Mexico is attributed to the increase in the demand from the wood coatings, construction, and plastics industries.
There is an increase in construction activities in APAC due to a rise in industrial activities in countries such as China, India, and Australia. Construction companies are constantly investing in developing high-quality products to protect the appearance and increase the lifetime of buildings.
“Thus, chemical manufacturers such as BASF, Evonik Industries, and SONGWON are investing in R&D activities to cater to the increasing demand for UV stabilizers across various application areas such as wood protection coatings, automotive coatings, flooring and decking, and packaging,” says Chandrakumar.
Increasing R&D and new product launch activities by key players
Advancement in UV stabilizer technologies is a major driver for the growth of the global UV stabilizers market. Leading vendors such as Evonik Industries, BASF, and Cytec Solvay Group in the market have increased their R&D spending to enhance their product portfolio and increase their customer base.
For instance, in 2015, BASF earmarked USD 214 million to strengthen its plastic additives business on increasing demand of UV stabilizers and light stabilizers. The strategy primarily focuses on Asia to boost capacity expansion and operational excellence through R&D activities. Similarly, in November 2016, Cytec Solvay Group introduced CYASORB CYNERGY SOLUTIONS V Series stabilizers for the automobile industry.
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