UV Stabilizers Market Development Plans and Future Growth Forecast 2030
The global UV stabilizers market size was USD 1.42 billion in 2022. The market is poised to rise from USD 1.49 billion in 2023 to USD 2.16 billion by 2030, exhibiting a CAGR of 5.5% over the forecast period.
The typically used varieties of UV stabilizers comprise benzophenones, hindered amine light stabilizers, benzotriazoles, and others. The market expansion can be credited to the rising awareness regarding the harmful effects of UV radiation and surging product demand from the construction industry.
Fortune Business Insights™ provides this information in its research report, titled “UV Stabilizers Market, 2023-2030”.
COVID-19 Impact:
Decline in Product Demand Impacted Market Growth amid COVID-19 Pandemic
The COVID-19 pandemic recorded a decline in product demand. The market expansion was also affected by supply chain disruptions. During the pandemic, manufacturers faced numerous challenges.
Source: https://www.fortunebusinessinsights.com/uv-stabilizers-market-108582
Segmentation:
HALS Segment Held Dominating Share in 2022 Owing to their High Efficacy at Low Concentrations
By type, the market is segmented into UV absorbers, quenchers, HALS (hindered amine light stabilizers), and others. The hindered amine light stabilizers (HALS) segment accounted for a key market share in 2022. This was due to the high efficacy of the product at low concentrations.
Packaging Segment to Register Major Share Impelled by Surging Product Demand across the Food Sector
By end-use industry, the market is segregated into automotive, packaging, agriculture, building & construction, adhesives & sealants, and others. The packaging segment is slated to record a dominant position in the market. This is due to the rising popularity of UV stabilizers in the food packaging sector. The solutions help protect food from harmful UV rays.
By geography, the market for UV stabilizers has been studied across North America, Asia Pacific, Latin America, Europe, and the Middle East & Africa.
Report Coverage:
The report offers an insight into the major industry trends. It also provides an account of the pivotal driving and restraining factors. Further, it gives an analysis of the key strategies deployed by leading companies in expanding their geographical footprints.
Drivers and Restraints:
Product Demand to Rise Owing to Soaring Consumer Awareness Regarding UV Stabilizer Benefits
The UV stabilizers market growth is being impelled by the various benefits offered by these solutions. These help in maintaining the product performance, appearance, and lifespan. This leads to an increasing preference for these solutions from consumers as well as manufacturers.
Regional Insights:
Asia Pacific to Register Key Position Impelled by Rising Product Demand from Numerous Countries
Asia Pacific accounted for a market size of USD 0.67 billion in 2022. The UV stabilizers market share in the region is set to hold a major position in the global market. This can be attributed to the increasing product demand in Japan, India, and China.
