New York, NY -- (SBWire) -- 04/22/2021 --The global UV Light Stabilizers Market is forecast to reach USD 320.46 Million by 2027, according to a new report by Reports and Data. Rising demand for ultraviolet radiation safety from the wood coatings industry is projected to remain a major driving force for the global market for UV light stabilizers over the forecast era. Such stabilizers avoid discoloration, decomposition of the component, and decrease wood lignin degradation. The main element believed to have a significant effect on the global market for low VOC emissions. Complexities in the manufacturing cycle, combined with the high cost of output, are projected to threaten competitiveness in the industry. The growing usage of refrigerator and AC, which emits gases that affect ozone layer, has resulted in a significant rise in UV radiation levels. According to NASA, Ultraviolet exposure rates have risen dramatically over the past 30 years, triggering degenerative symptoms affecting the materials exposed to the sunlight. The decreased UV emission attributed to the improved efficiency of gas-emitting devices balances the expansion of the demand for UV stabilizers. Continued infrastructure progress also facilitated success for the building industry. Companies are looking for low-cost substitute raw materials, such as plastic and wood.
Key participants include Cytec Industries Inc., Ampacet Corporation, Akcros Chemicals, Materials Technology Limited, BYK-Chemie GmbH, AkzoNobel N.V., Chemtura Corporation, Everlight Chemical, Clariant Limited, and The Cary Company, among others.
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Such products may often be conveniently formed into several forms, resulting in prominent demand in applications for flooring, decking, and fencing. Such surfaces with high sunlight penetration contribute to corrosion results, and UV stabilizers were added on such products as a surface layer to mitigate these results. As a result, growing plastic and wood used in the building industry will drive the development of UV light stabilizers to maintain their strengths. Consumers are more conscious of the adverse consequences of different products, such as chemicals and wood. A polymer photo-degradation cycle happens when a substrate is subjected to UV radiation, resulting in weakening of the substance's physical properties such as the shift of color, reduction of mechanical quality, elongation, and tensile strength property, or surface cracking. Manufacturers then use UV light stabilizers to cover materials that are subject to UV radiation in an attempt to eliminate damage and avoid losses.
Sunlight ultraviolet radiation has an impact on both natural and synthetic polymers. When the polymer materials are not UV resistant, cracks or discoloring, chalking and structural disintegration are observed to occur. UV light stabilizers are organic products that deal with the deterioration caused by chemical and physical radiation. The automobile industry is seeking wide-ranging applications throughout the global UV light stabilizers market. The automobile industry is currently putting a greater focus on producing lightweight and consecutively intensive, fuel-efficient automobiles. It comprises all traditional and hybrid-powered cars. Sales of electric vehicles in Europe rose by 51% in 2017, according to the European Environment Agency. In turn, Asia Pacific is also seeing innovative demand for cars owing to its steady economic progress. Due to the region's tropical existence, the region's need for UV light stabilizers is expected to rise significantly over the forecast era. In the coming future, can regulations & prohibitions on the use of polymer and related goods can impede the size of the UV light stabilizers industry.
The COVID-19 impact:
While the COVID-19 epidemic is rising, manufacturers are gradually adapting their production and purchasing strategies to fulfill the challenges of a pandemic that has created market-based UV Light Stabilizers' needs. There will be a series of negative and positive disruptions over a few months as retailers and their suppliers respond to growing customer demands. With an unhealthy global situation, several states look vulnerable to export-dependent economies. Because of a lack of downwind demand, the effect of this pandemic would transform the global UV Light Stabilizers industry, some manufacturing plants either shut down or decrease their capacity. Others, however, stopped their output by their respective governments as a precautionary move to prevent the spread of the virus. For other nations, by looking at the severity of the crisis and the consequent behavior of the state officials themselves, customers are centered on becoming more important. Market dynamics in Asia Pacific countries have become chaotic in all of these situations, collapsing frequently and finding it impossible to stabilize.
For the purpose of this report, Reports and Data have segmented into the global UV Light Stabilizers Market on the basis of product type, end-use, application, and region:
Product Type Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Million; 2017-2027)
Hindered Amine Light Stabilizers (HALS)
UV Absorbers
Quenchers
Blends
End-Use Outlook (Volume, Kilotons; 2017-2027, Revenue, USD Million; 2017-2027)
Furniture & Interiors
Decking & Flooring
Others
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Million; 2017-2027)
Automotive
Construction
Textiles
Agriculture
Industrial Coatings
Consumer Plastics
Others
Regional Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Million; 2017-2027)
North America
Europe
Asia Pacific
MEA
Latin America
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Further key findings from the report suggest
Based on the product type, UV Absorbers generated a revenue of USD 54.67 million in 2019 and believed to rise with a CAGR of 5.8% in the forecast period because it contains the most widely used UV light stabilizers, i.e., benzotriazole and derivatives of benzophenone absorbs the high intensity of UV radiation more than others.
The automotive and construction application is the major contributor to the UV Light Stabilizers Market. The automotive and construction sectors of the North America region are the major shareholder of the market and held around 42.7% of the market in the year 2019, attributable to the sum of UV light that the Earth's surface absorbs is only around 6% of the overall sunlight that is detrimental both to human safety and to property.
The North America dominated the market for UV Light Stabilizers in 2019, owing to the expanded housing initiatives and technical developments in the furniture & manufacturing industry coupled with EPA's strict environmental regulations. North America region held approximately 34.5% of the market, followed by the Asia Pacific, which contains around 27.9% market in the year 2019.
Asia Pacific is believed to witness the fastest growth of 6.8% from 2020 to 2027 owing to increasing construction investment in India, China, Thailand, Vietnam and Indonesia, driving the regional demand is anticipated. Furthermore, rapid urbanization in these countries has fueled demand for furniture that has boosted demand for UV light stabilizers much further.
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Table of Content:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Indicative Metrics
Chapter 4. UV Light Stabilizers Market Segmentation & Impact Analysis
4.1. UV Light Stabilizers Market Product Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Increasing demand for wood coatings across the globe
4.2.2.2. Increasing demand for greenhouse film world-wide
4.2.3. Market restraints analysis
4.2.3.1. Volatility in the prices of raw materials
4.2.3.2. High production cost of UV stabilizers
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter's Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
4.9. Customer Mapping
4.10. Covid-19 Impact Analysis
4.11. Global Recession Influence
Continued…
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UV Light Stabilizers Market Size to Reach USD 320.46 Million by 2027 : Reports and Data
The latest study on UV Light Stabilizers Market for the forecast period 2020 to 2027 blends in the best of both qualitative and quantitative research to assess the major driving forces, restraining factors and opportunities shaping the development UV Light Stabilizers industry worldwide.