The market for UV absorber is expected to grow at a CAGR of more than 5% globally during the forecast period. Ultraviolet (UV) absorber is a material that is used to absorb ultraviolet light and release energy in the form of heat. They are typically used to protect materials by preventing the harmful ultraviolet light from degrading them, thus enhancing the performance, durability, service life, and stability of the materials. They also act as UV stabilizers in neutral or transparent applications in order to provide effective UV resistance for short-term exposures. The growing product application in automotive plastics and packaging has been driving the market growth.
However, the environmental concern i.e. persistent organic pollutants (POPs) related to benzotriazole type of UV absorber and the outbreak of coronavirus are anticipated to pose a challenge in the growth of the UV absorber market during the forecast period.
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The research and development in the construction of nontoxic polymeric UV absorber with great resistance to UV photoaging offer great opportunities for the UV absorber market over the next five years.
Asia-Pacific region dominates the market, owing to growing application of UV absorber in automotive plastics, packaging application, and renewable energy, which augment the demand for UV absorber.
Key Market Trends
Plastic to Dominate the Market
– Plastic stands to be the dominating segment owing to the broad application in automotive, packaging, construction and among others.
– UV absorber is used for outdoor applications due to its better performance and broad spectral coverage in both UV-A as well as UV-B region.
– Plastics such as polyvinyl chloride and polycarbonate tend to degrade when exposed to UV radiation. UV radiations initiate chemical reactions in plastics that result in the breakdown and loss of chemical and physical properties of plastics, thereby prompting the need for UV absorbers
– Initiatives beneath Clean Energy Ministerial (CEM) like electric vehicle initiative and growing popularity of electric vehicles are likely to increase the consumption of plastic in the automotive industry subsequently utilization of UV absorber in plastic is anticipated to grow.
– North American countries like Unites States, Canada and Mexico have been recording rise in residential construction projects, which is likely to drive the consumption of UV absorber in region.
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