Esticast Research & Consulting: UV Light Stabilizers Market Revenue to Reach $631.5 Million By 2024.
The global UV light stabilizers market was valued at $310 million in 2016, and is projected to reach $631.5 million by 2024, growing at a CAGR of 9.5 percent from 2017 to 2024, according to a study from Esticast Research and Consulrinf.
In 2016, HALS segment generated the highest revenue share in the global UV light stabilizers market. Among major regions, Asia-Pacific UV light stabilizers market was the highest revenue generating market valued at $156.8 million in 2016.
Packaging--an emerging segment is expected to lead the UV stabilizers market The packaging is emerging as the largest application segment of the UV stabilizers market. The increasing demand for packaging of food based and non-food based products in Asia-Pacific, North America, and Europe regions is triggering the market growth. The major factors driving the UV stabilizers market in packaging are stability of packaging materials when exposed to UV radiations, weathering resistivity, and long-term durability.
HALS holds a dominant position in the market due to its varied applications and long shelf life HALS are mostly used in thin and thick cross-section applications such as extrusion, blow molding, fibers, films, tapes, and injection molding, among others. The rising demand for non-degradable, durable, and high-performance products in automotive, packaging, and furniture & construction industries has fueled the growth of HALS in the global UV stabilizers market. Over the forecast period HALS is expected to maintain its dominance in the market, in terms of revenue.
Asia-Pacific gained the largest market share for UV light stabilizers, pertaining to its booming industrial sector. Asia-Pacific led the global UV light stabilizers market by holding more than half of the shares in 2016. It is expected to maintain its dominance in the forecast period as well. An increase in the demand for packaging of goods and coating of furniture surfaces & automobile parts is fueling the market in this region. A rise in the trend of cultivating crops in polyhouses is also responsible for the growth of market in Asia-Pacific.
Latin America, Middle East and Africa are forecasted to grow with the highest CAGR of 12 percent.
* Construction and packaging segments lead the UV light stabilizers market.
* Quenchers are expected to witness high demand owing to developments in agricultural activities.
* HALS segment emerges as the market leader during the forecast period, in terms of revenue.
* The Asia-Pacific region led the global UV light stabilizers market by holding more than half of the total share.
Some key players operating in the UV light stabilizer market include the following companies: ALTANA AG (BYK-Chemie GmbH), BASF SE, Akcros Chemicals Ltd., Cytec Industries, Inc., AkzoNobel N.V., Everlight Chemical Industrial Co., Clariant Ltd. and Lycus Ltd. In September, 2017 Clariant entered into a partnership with Tiangang for production of polymer additives and to maintain its foothold in the Asian market.
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|Title Annotation:||Market Reports|
|Date:||Feb 1, 2018|
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