Ultraviolet (UV) absorber is a material that is used to absorb ultraviolet light and release the 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. Different kinds of UV absorbers are used depending on the substrate, intended functional life, and sensitivity to UV degradation of the materials. UV absorbers also act as UV stabilizer in neutral or transparent applications in order to provide effective UV resistance for short-term exposures.
The UV absorber market is primarily driven by the rise in demand from applications such as automotive plastics, packaging, agricultural films, coatings, adhesives, and personal care. Upsurge in usage of plastics for various purposes drives the UV absorber market. It also acts as an opportunity for research and development of innovative UV absorbers. Rise in awareness about UV absorbers is expected to propel the market. However, high cost of raw materials required to manufacture UV absorbers is a hindrance to the growth of the market. Furthermore, availability of inorganic UV absorbers, which are an effective alternative to organic UV absorbers, is a key restraint to the UV absorber market.
Based on chemical class, the UV absorber market can be segmented into benzophenone, benzotriazole and triazine. Among these, benzotriazole is projected to be the dominant segment in the market during the forecast period, owing to its wide application in plastics, coatings, adhesives, and personal care products, and also its broad protection coverage in UV-A and UV-B regions which are estimated to be very harmful. Benzotriazole offers better protection against UV radiations as compared to benzophenone, thus, benzotriazole is commonly used for outdoor weathering applications.
Based on end-use, the UV absorber market can be segmented into plastics, coatings, adhesives, and cosmetic & personal care. The plastics segment accounts for the dominant share of the market and is anticipated to expand at a significantly rapid pace. Expansion of the plastics application segment is primarily due to the rise in demand for plastics from the packaging and agricultural films. Plastics such as poly vinyl chloride and poly carbonate tend to degrade when exposed to UV radiations. 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 of UV absorbers. Furthermore, rapid development of the automotive industry is expected to boost the demand for UV absorbers for coatings and adhesives applications. The cosmetic & personal care segment is also anticipated to grow in the near future due to rise in addition of UV absorbers in cosmetic formulations for safeguard from the adverse effects of UV radiations.
In terms of geography, the UV absorber market can be segmented into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. In terms of value as well as volume, North America is anticipated to constitute the dominant share of the UV absorber market owing to technological maturity and high investment in R&D in the region. Asia Pacific is estimated to be the fastest growing market for UV absorber, due to rapid industrialization and demand from end-use industries such as plastics and coatings in the region. Expansion of the automotive industry in Europe and in countries such as China, India, and Japan in Asia Pacific promotes the usage of UV absorbers in automotive plastic and coating applications.
Key players operating in the global UV absorber market include, BASF SE, Songwon Industrial, Clariant, Solvay S.A., Adeka Corporation and Addivant.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.