UV Stabilizers Market is expected to increase at 5.24% CAGR to register revenue of $1748.60 million by 2023
Asia-Pacific dominates with major share and growth in the UV Stabilizers Market
Increasing infrastructural development and the growing use of automobile, particularly in the developing countries of Asia-Pacific continues to raise applications including construction, automotive and furniture. Asia-Pacific market segment in application is expected to lead in the market, with a growing CAGR of 5.78% to reach revenue of $677.91 million in 2023. Whereas, in various applications, among which automotive and floor coatings have accounted for the largest share of 52% and is estimated to maintain its dominance. Europe market for application segment is the leading region to grow at a CAGR of 4.74% and to reach revenue of $494.48 million by 2023. Automotive holds the largest share in Europe market, and is largely growing in Germany, U.K. and Italy. North America market is expected to grow at a CAGR of 5.11% during the forecast period of 2018-2023.
Selected Type Analysis done in the full Report:
The market for UV Stabilizers in UV absorbers is set to see an upsurge due to the increasing global plastics additives consumption. The market revenue was $640.97 million in 2017 and is poised to reach $820.43 million by 2023, rising at a CAGR of 4.20% during the forecast period. The market will see an upsurge due to the use of more coatings in rising infrastructural countries. The market for UV Stabilizers in Hindered Amine Light Stabilizers (HALS) is set to grow due to increasing use of polymers additives, thus preventing the gloss and other aesthetic properties. The market revenue was $541.41 million in 2017, which is predicted to reach revenue of $741.43, rising at a CAGR of 5.38% during the forecast period. Quenchers in UV Stabilizers market is seen to grow at very minimal speed, which is 3.67% of CAGR to reach $134.47 million by 2023. Among all the applications, Floor Coating is the leading one with highest CAGR of 5.59% and is expected to continue its dominance during the period of 2018-2023.
Excerpts on Market Growth Factors
- The mounting demand for UV sterilizer is due to the growing construction and automotive industries driven by the demand of plastics is driving the growth of the market.
- Increasing varieties of chemicals and change in chemical compound carries growth opportunities at a high rate in the markets of APAC and North America.
- Indian residential real estate industry has over the last few decades provided impetus to home decor market. Increased consciousness among the home owners for stylish exteriors and beautiful indoors is driving the growth in furniture application.
Key players of the UV Stabilizers Market
Major industrial multinational firms in the UV stabilizers industry such as BASF, Songwon, Solvay and Clariant is likely to positively affect the market, owing to the increasing product launches by the these companies. BASF SE comprises a product known as Tinuvin used in Chemicals, Performance Products, Functional Materials and Solutions, Agricultural Solutions and Oil & Gas. Solvay is known in the market for Cyasorb Cynergy Solutions, used in the areas of agriculture, packaging, sheet & molding, automotive, coatings among others. Clariant provides CESA light and Hostavin for UV and Light Stabilizers.
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