Global UV Light Stabilizers Market was valued at $310 million in 2016 and is expected to reach $631.5 million by 2024, having a CAGR of 9.5% during the forecast period of 2017 to 2024. In 2016, the HALS segment gained the highest revenue share in the global UV light stabilizers market.
The earth’s surface encounters only 6% ultraviolet light of the total light reaching the earth. Such low amount of light is capable enough to cause the most damage to objects exposed to it. Polymers when exposed to UV light degrade hamper the appearance and quality of the product. The UV light stabilizers counter the degradation caused by UV light, aiding in increasing the shelf life, strength, stiffness, flexibility, appearance and other features myriad applications and industries. The current environmental scenarios have clearly depicted the rise in ozone depletion, paving the way for unfiltered UV light into the earth’s atmosphere. As per the statistics shared by NASA, in September 2016 the ozone hole covered an area about two and a half times the size of U.S., reaching its peak extent. However, it declined at the end of September and October. UV light stabilizers are the coating agents, which minimize the deteriorating effects of UV radiation and thus the surge in level of UV radiations is driving the growth of this market.
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The global UV light stabilizers market is witnessing an impressive growth due to its application in agriculture and non-agriculture sectors such as packaging, polyhouses, construction, etc. In the recent years, technological advancements have delivered a wide range of UV light stabilizers in varied applications. In addition, the increasing awareness regarding the rising level of UV radiations and its harmful effects, are boosting the market size and growth. According to the Environmental Protection Agency, exposure to ozone levels greater than 70 parts per billion for 8 hours or longer is unhealthy. Ozone levels of such magnitude are mainly observed in or near the cities, especially when the atmosphere is stable and warm. Whereas, the market growth is hampered due to the high investment costs incurred and the complications faced during the manufacturing process. However, the market players are expected to witness huge opportunities due to the innovations in nanotechnology and its application in the coating industry.
UV LIGHT STABILIZERS MARKET DETERMINANTS-IMPACT ANALYSIS (2016-2024)
The global UV light stabilizers market is segmented on the basis of product type, application, and geography. By product type, the market is segmented into UV absorbers, Hindered Amine Light Stabilizers (HALS), and quenchers. On the basis of application, the market is segmented as flooring, furniture, decking, automobile, and others. Geography wise, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. Asia-Pacific was the largest UV light stabilizers market in terms of revenue, by holding nearly more than 50% shares of the market, in 2016. It is expected to maintain its dominance and grow with a CAGR of 9.73% from 2017-2024.
FURNITURE UV LIGHT STABILIZERS MARKET BY REGION, 2016-2024
Some reputed players in the market are ALTANA AG (BYK-Chemie GmbH), BASF SE, Akcros Chemicals Ltd., Cytec Industries, Inc., Mayzo, Inc., Chemtura Corporation, AkzoNobel N.V., Everlight Chemical Industrial Co., Clariant Ltd. and Lycus Ltd. BASF SE agreed to buy a polyamides business from Solvay SA for $1.9 billion after getting a formal consent from Koch Industries Inc., which has a joint venture with Solvay in the high-margin polyamides segment, to move ahead with the acquisition. The acquisition is expected to boost BASF’s presence in engineered plastics for car.
GLOBAL UV LIGHT STABILIZERS MARKET SEGMENTATION
By Product type
• UV Absorbers
• Hindered Amine Light Stabilizers (HALS)
• North America
• Rest of the World
KEY MARKET PLAYERS
• ALTANA AG (BYK-Chemie GmbH)
• BASF SE
• Akcros Chemicals Ltd.
• Cytec Industries Inc.
• Mayzo Inc.
• Chemtura Corporation
• AkzoNobel N.V.
• Everlight Chemical Industrial Co.
• Clariant Ltd.
• Lycus Ltd.
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