UVAbsorbers Market: Introduction
The global UV absorbersmarket was valued at ~US$ 622 Mn in 2018 andis anticipated to expand at a CAGR of 4.5% from 2019to 2027. Rapid growthof population, rising government spending on infrastructure development, andrising need for space have led to growth of the global building &construction sector. However, since buildings are highly exposed to sunlight,they are more susceptible to yellowing, peeling, cracking. This, in turn, hasled to production of UV absorbers, which can provide protection from degradationcaused by exposure to UV rays.
Key Drivers of UV Absorbers Market
Sincebuildings are greatly exposed to sunlight, they are more susceptible toyellowing, peeling, cracking, etc. This, in turn, drives the production of UVabsorbers, which can provide protection from degradation caused by exposure toUV rays.
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Technological Advancements in UVAbsorbers to Offer Attractive Opportunities
Producersoperating in the global UV absorbers market can develop new products byincreasing molecular weight of and adding functionality to UV absorbers. Thiscan help in enhancing the extinction coefficient and photo-permanence of UVabsorbers. Additionally, manufacturers can introduce advanced technologies thatcan help in the development of water-borne systems, without the need forsolvents or pre-emulsification
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Dependency on Thickness of Coatingsto Hamper Global Market
Since UVabsorbers require the minimum thickness of 100 microns in order to achievesufficient UV absorption, they are not recommended for thin films (films withthickness below 100 microns). Thus, they cannot prevent the formation ofsurface defects caused by photo-degradation of the coating in exteriorconditions. UV absorbers are extensively used in combination with hinderedamine light stabilizers in order to enhance the effectiveness of UV absorbersin exterior conditions. Dependency on the thickness of coatings is likely toact as a major restraining factor for the global UV absorbers market during theforecast period.
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Asia Pacific Dominates UVAbsorbers Market
In terms ofvolume, Asia Pacific held a leading share of the global UV absorbers market in 2018.In Asia Pacific, increase in industrialization and growth of end-useindustries, such as plastics and paints & coatings, is expected to drivethe demand for UV absorbers. The growing automotive industry in Asia Pacific isexpected to drive the demand for UV absorbers for use in automotive plastics,coatings, and adhesives. Rising awareness regarding benefits of UV absorbers isanticipated to boost the demand for UV absorbers in Asia Pacific during theforecast period.
Plastics a Major Application of UVAbsorbers
Theplastics application segment held a key share of the global UV absorbers marketin 2018 andit is projected to expand at a rapid pace during the forecast period. Plasticstend to degrade when exposed to UV radiations and heat. UV absorbers are usedin combination with HALS to prevent photo-degradation of plastics. UV absorbersextend the life of plastics and improve their appearance. Thus, rising demandfor plastics is driving the global UV absorbers market.
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Key Companies in Global Market
Prominentplayers operating in the global UV absorbers market are BASFSE, SONGWON Industrial Group, ADEKACorporation, and Clariant AG. SONGWON IndustrialGroup is a leading manufacturer of antioxidants, stabilizers, andpolyurethanes. It has a sales network in 57 countries across the globe andlogistics hubs and warehouses in 40 countries worldwide. On December4, 2018, SONGWON IndustrialGroup announced to have expanded its in-house production capacity for atriazine type of UV absorber i.e. SONGSORB CS 400 and other products by 1,000metric tons
