Surge in Demand from Textile Industry to Fuel Market Growth

The demand for ultraviolet (UV) absorbers is growing at a rapid pace due to significant developments at the research front. Research and development activities continue to play a key role in exploring new potential applications of UV absorbers in a range of industrial sectors. Over the past few decades, UV absorbers market has witnessed significant expansion, as UV absorbers are essential in absorbing and converting UV energy into heat or kinetic energy. Moreover, UV absorbers are increasingly being used to prevent photo-oxidation and photo-aging process in the textile industry. While the adoption of UV absorbers in the textile industry continues to gain momentum, as per the current trends, the demand from automotive, construction, and cosmetics sectors is also growing at a considerable pace.

UV stabilizers are widely used to prevent degradation in polymeric applications, as the physical and chemical structure of the polymer is affected upon exposure to sunlight. In addition, UV degradation could also affect impact resistance, molecular weight, gloss, color, and other properties of fibers-a factor that is expected to generate significant demand for UV absorbers in the textile industry. As a result of these factors, the global UV absorbers market is expected to reach a value of ~US$ 669 Mn in 2020 and ~US$ 920 Mn by 2027.

uv absorbers market infographic

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Scientists Develop Eco-friendly UV Absorbers

Industrial and manufacturing sectors across the world are under continual pressure to comply with stringent environmental norms and regulations. Over the past decade, due to mounting environmental concerns, stakeholders in the UV absorbers market are leaning toward eco-friendly manufacturing processes with materials and compounds that have a low environmental footprint. Amidst the mounting environmental concerns, research and development activities have gained significant momentum in the UV absorbers market.

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For instance, in August 2019, a research team from the University of Witwatersrand, along with their peers from other universities in Tanzania, Malawi, and Germany, claimed to have found an eco-friendly way to produce potential UVB and UVA absorbers by utilizing cashew nutshells. Additionally, the team is also exploring other alternatives to manufacture vital compounds from edible waste and wood by deploying a chemical process known as Xylo chemistry i.e. wood chemistry. The rapid utilization of fossil resources for chemical synthesis in the UV absorber market was a major factor that triggered the research in this field. The newly developed aromatic compounds could find applications in coating, polymers, etc. 

Demand from Automotive Sector to Propel UV Absorbers Market

Automotive companies are consistently seeking new techniques to protect the exterior coatings of their automobiles. Similar to how sunscreen is used to protect the skin from the sun, UV absorbers play an integral role in protecting automotive coatings from sun exposure. Light stabilizer solutions, which contain hindered amine light stabilizers and UV absorbers are increasingly being used to improve the performance of refinish paints and automotive OEM clear coat. UV absorbers also play a key role in mitigating the effects of oxidation and heat in the long run. Due to these factors, the demand for UV absorbers to make automotive coatings is expected to witness steady growth during the forecast period (2019-2027). While the paints & coatings application segment is expected to reach a value of ~US$ 108 Mn in 2020, the automotive coatings application segment is projected to for ~US$ 27 Mn in the same year.

Stakeholders Focus on Expanding Production Capacity

Participants operating in the UV absorbers market are expected to focus on product innovation, eco-friendly manufacturing, and expanding their production capacity to gain competitive edge in the current market landscape. As per current trends, multiple stakeholders are expanding their production capacity to solidify their position in the global UV absorbers market. For instance, in December 2018, SONGWON announced that the company would expand its in-house production of UV absorbers by adding a new production line at Suwon’s manufacturing unit.

uv absorbers market segmentation

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Analysts’ Viewpoint

The UV absorbers market is estimated to grow at a steady CAGR of 4.5% during the forecast period. The market growth can be primarily attributed to the soaring demand for UV absorbers used in the production of paints and coatings that are employed in the automobile sector. The growth in the number of construction and infrastructure development projects, particularly in the Asia Pacific region, will provide an impetus for growth of the UV absorbers market during the forecast period. Research and development activities will largely focus on the eco-friendly production of UV absorbers using natural wastes such as cashew shells. Stakeholders should focus on developing new products that comply with regulations and industrial guidelines.

UV Absorbers Market: Overview

  • UV absorbers are extensively incorporated in polymers to absorb ultraviolet rays in order to reduce the degradation of polymeric structures; decrease the occurrence of photo-degradation; and enhance the life of the polymer. The key function of a UV absorber is to absorb incoming UV radiation and dissipate the energy before it can be absorbed by the polymer in the coating, on a continuous basis.
  • Growing middle-class incomes coupled with increasing living standards of people are leading to increase in sales of automobiles worldwide. Additionally, availability of skilled labor at a low cost, robust expansion of research and development centers, and low cost of steel production have led to increase in the production of vehicles in developing regions. UV absorbers are highly consumed in the paints & coating industry in order to enhance the weather ability and photo-stability of water-borne and solvent-borne coatings. Growth of the automotive sector is projected to boost the global UV absorbers market during the forecast period.

Key Drivers of UV Absorbers Market

  • UV stabilizers control the degradation of plastics under the effect of UV rays, heat, and oxidation. Under the effect of UV rays and heat, plastics can undergo discoloration and formation of cracks. Integrating UV stabilizers into the polymer mix improves the appearance as well as overall life of the product. Use of UV absorbers in plastics largely depends on the surface to be protected, envisioned functional life, and sensitivity to photo-degradation. Engineering thermoplastics such as polyamides largely used for outdoor applications require UV absorbers for a long time. For instance, polybutylene terephthalate (PBT) is employed in pigmented automotive exterior applications.
  • End-products based on polyurethane, such as automotive door trims, instrument panels, steering wheels, window sealants, head and arm rests, and shoe soles, degrade when exposed to heat and light. This further leads to discoloration and formation of cracks. Rising demand for UV absorbers in applications such as coatings and adhesives in industries such as agricultural films and plastics is expected to drive the global UV absorbers market during the forecast period.

Major Challenges for UV Absorbers Market

  • Effectiveness of a UV absorber in a coating is highly dependent on thickness of the coating applied onto the substrate. The thinner the coating, the less is its effect. Hence, UV absorbers are inefficient in protecting the surface of a coating. Costs of hindered amine light stabilizers and quenchers are lower than UV absorbers. This, in turn, is expected to act as a factor hampering the global UV absorbers market during the forecast period.

Lucrative Opportunities for UV Absorbers Market

  • The power sector suffers significant transmission and distribution (T&D) losses during transmission of electricity from generating stations to points of consumption. According to the World Bank, the global electric power T&D losses increased from 8.166% of the electricity produced in 2011 to 8.251% of the electricity produced in 2014.
  • Rise in the adoption of cross-linked polyethylene cables is anticipated to present significant opportunities to the global UV absorbers market during the forecast period

Asia Pacific to Dominate UV Absorbers Market

  • Asia Pacific held a major share of the global UV absorbers market in 2018. This trend is anticipated to continue during the forecast period. Asia Pacific constituted a major i.e. 44.60% share of the global UV absorbers market in 2018. Its share is anticipated to rise to 47.59% by 2027. Increase in the construction of new residential and commercial buildings led by rise in population, growth in urbanization, and increase in average disposable income of people in the region has boosted the demand for paints and coatings in Asia Pacific. This, in turn, is projected to drive the demand for UV absorbers in the region in the near future.

High Demand for Benzotriazole UV Absorbers

  • In terms of material, the benzotriazole segment held a prominent share of the global UV absorbers market in 2018. Rise in the consumption of paints and coatings in the building & construction sector in developing regions, including Asia Pacific and Middle East & Africa, is expected to drive the demand for benzotriazole UV absorbers in these regions during the forecast period. Chemistries of UV absorbers such as its excellent spectral coverage and high molar extinction coefficient are projected to drive the benzotriazole segment in the near future.

Leading Players Actively Engage in Joint Ventures and R&D Activities

  • The global UV absorbers market is highly fragmented in nature. Major manufacturers include BASF SE, SONGWON Industrial Group, ADEKA Corporation, and Clariant AG. These manufacturers cumulatively held 19.94% share of the global market in 2018.
  • BASF SE is a leading global player that specializes in the manufacture of UV absorbers. It has presence in 55 countries with manufacturing sites located in Europe, North America, and Asia. The company is among the top three players in around 75% of its business areas.
  • In the global UV absorbers market, BASF SE is renowned for its brand called ‘TINUVIN.’ The company is engaged in the development of new products through extensive research and development and strategic capital allocation in order to gain higher share in the global market.

UV Absorbers Market – Scope of the Report

TMR’s recent publication on the global UV absorbers market provides audiences with an overall market outlook, with the help of comprehensive assessment of the global market scenario. TMR’s study on the global UV absorbers market analyzes the market with respect to the historical and current market scenario and offers forecast for the period from 2019 to 2027.

Report readers are able to make important decisions pertaining to their business with a wealth of information and exclusive insights on the global UV absorbers market enclosed in the study. The report on the global market also provides in-depth understanding of key market trends and advancements made by companies. This TMR report is divided into different sections to allow readers to gain individual understanding of the global UV absorbers market.

Key Queries Addressed in Report

  • How much revenue is expected to be generated in the global UV absorbers market by the end of the forecast period?
  • Which derivative segment of the global UV absorbers market is likely to generate the maximum revenue by 2027?
  • What are key growth indicators and market dynamics that are expected to drive the global UV absorbers market in the next five years?
  • Which regions are estimated to provide lucrative opportunities to the global UV absorbers market during the forecast period?
  • What are the essential strategies adopted by key players operating in the global UV absorbers market in order to expand their geographical presence?

The first section of the TMR’s report on the global UV absorbers market begins with a premise that includes report scope, market segmentation, and research highlights. This is followed by the executive summary that highlights aspects of the global UV absorbers market covered in the study. This section provides brief understanding of market elements and enables readers to understand the aspects covered in the study. The report also includes market dynamics that offer understanding of market drivers, restraints, and opportunities.

The next section includes segmentation analysis of the global UV absorbers market. This evaluation includes segmentation of the global UV absorbers market based on material, application, and region. Furthermore, analysis of key segments, year-on-year growth projection, and basis point share analysis are included in the report. These help readers identify promising areas for growth of the market.

The TMR’s study on the global UV absorbers market offers assessment of the geographical landscape of the market. The regional study helps market competitors make important decisions pertaining to their business. Individualized, country-wise, and segment-wise analysis pertaining to individual regions helps readers decipher the growth potential for the market across various geographies. Supported by year-on-year growth projection and global market value and volume share, this section is a vital part of the report.

The study on the global UV absorbers market offers a holistic competitive value judgment, with details of leading as well as emerging market players. The dashboard view of competitors operating in the global UV absorbers market allows readers to understand business strategies of these players along with their performance.

Research Methodology

The TMR’s report on the global UV absorbers market is based on detailed estimation of the market, with the inclusion of comprehensive primary and secondary research inputs. Detailed investigation of the global UV absorbers market, in terms of competition scenario, is supported by individual-level examination of different avenues related to the market. Furthermore, for secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the required understanding of the global UV absorbers market. This helps TMR’s analysts derive crucial predictions and forecast of the global UV absorbers market. Readers can access the study of the global UV absorbers market to gain projected market analysis for the period from 2019 to 2027.

UV Absorbers Market: Segmentation

Material

  • Benzophenone
  • Benzotriazole
  • Triazine
  • Others (including Oxalanilide and Cyanoarcylate)

Application

  • Paints & Coatings
    • Automotive Coatings
    • Industrial & Protective Coatings
    • Architectural & Construction Coatings
    • Wood Coatings
  • Adhesives & Sealants
  • Plastics
  • Personal Care
  • Others (including Rubber and Textile)

Region

  • North America
  • Latin America
  • Asia Pacific
  • Europe
  • Middle East & Africa

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