UV Stabilizers for Polyurethanes Market - Forecast(2023 - 2028)

UV Stabilizers for Polyurethanes Market Overview

The UV stabilizers for polyurethanes market is forecast to reach US$ 253.4 million by 2027, after growing at a CAGR of 4.8% during 2022-2027 owing to the growing demand for coatings, fibers, thermoplastic parts in the various end-use industries like transportation, construction, and others. UV Stabilizers contain the radiation coming from UV light and then separate the energy to heat for Polyurethanes. The UV absorbers act like an absorbent for harmful UV radiation while Hindered amine light stabilizers from nitroxyl radicals to prevent degradation of the polyurethanes. According to The European Automobile Manufacturers Association, the global production of a motor vehicle is 77.9 million units, passenger cars are 61.4 million units in 2020 of which the European Union holds 16.7% of total motor vehicle production and 17.6% of total passenger cars production. Therefore, the use of polyurethanes in automotive components will help to increase the demand for UV stabilizers for the polyurethanes market during the forecast period.

COVID-19 Impact

The Covid-19 pandemic has impacted the global economy directly affecting the supply chain across the globe and shut down the production facilities to minimize the risk of virus spread. Currently, due to the COVID-19 pandemic, the core industries such as the construction, transportation sectors have been highly impacted and there has been a sharped decline in the revenue as well. According to General Aviation Manufacturers Association (GAMA), general aviation manufacturing industry has been declined by 9.7% in airplane shipments in 2020 and a 14.8% drop in total airplane billings. The government and private sectors are taking necessary action to recover the loss of different industries which will help in the growth of the UV Stabilizers for the Polyurethanes Market.

Report Coverage

The report: “UV Stabilizers for Polyurethanes Market – Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the UV Stabilizers for Polyurethanes industry.

By Type: Hindered Amine Light Stabilizers (HALS), UV Absorber, Quenchers, and Others

By Application: Fibers, Coating, Adhesives & sealants, Thermoplastic parts, Elastomers, Packaging, Decking, and Others

By End-Use Industry: Transportation (Automotive, Aerospace, Marine, Railways, Others), Building & Construction (Residential Construction, Commercial Construction, Infrastructure, Others), Electrical & Electronics, Telecommunication, Healthcare and Hygiene, Chemical Manufacturing and Industrial, Agriculture, Food & Beverages and Others.

By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, Italy, France, Netherlands, Belgium, Spain, Russia, and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, and New Zeeland, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and Rest of the World: Middle East(Saudi Arabia, UAE, Israel, Rest of the Middle East) and Africa(South Africa, Nigeria, Rest of Africa)

Key Takeaways

• The Asia Pacific is expected to register a CAGR of 5.6% during the forecast period (2021-2026). The increasing construction activities in Asian countries such as China, India, Japan, and South Korea are driving the market demand for UV Stabilizers for polyurethanes Market.
• Growing electrical & electronics industry along with growing demand for domestic appliances like air conditioners, refrigerators, washing machines, kitchen stoves, and many more is driving the market growth of the UV Stabilizers for polyurethanes market during the forecast period.
• The growing automotive sector is helping in the growth UV Stabilizers for polyurethanes Market due to its usage in hybrid and electric vehicles, lightweight automotive parts by providing protection, comfort, and energy conservation.
  
  

Figure: Asia Pacific UV Stabilizers for Polyurethanes Market Revenue, 2021-2027 (US$ Million)

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UV Stabilizers for Polyurethanes Market Segment Analysis - By Type

The Hindered Amine Light Stabilizers (HALS) segments accounted for approximately 33% of the market share in 2021 and are estimated to grow at a significant CAGR during the forecast period. The HALS is utilized to protect Polyurethanes from degradation by eliminating free radicals generated by photo-oxidation of the Polyurethanes. The increasing demand for HALS in plastics, agriculture films, packaging, paints & coating is driving the market. According to Plastic Europe Association, the global production of statistics is around 368 million tonnes in 2019 as compared to 359 million tonnes in 2018. Therefore the growing usage of plastic in packaging and others are driving the market for HALS during the forecast period.

UV Stabilizers for Polyurethanes Market Segment Analysis - By Application 

The fibers segment accounted for more than 32% of the market share in 2021 and is estimated to grow significantly during the forecast period. The growing usage of fibers in the healthcare, transportation, telecommunication, and industrial sectors is anticipated to drive the demand for the fibers segment of the UV Stabilizers for the Polyurethanes Market. According to OECD, fibers cable accounted for 34% of subscriptions across OECD countries with a rise of 5.6% in 2020. Austria, Belgium, Chile, Ireland, Israel, and United Kingdom have all increased their fiber connections by more than 50% in 2020, and the majority of broadband connections are of fibers. Therefore, the growing demand for broadband connection will increase the demand for fibers segment of UV Stabilizers for Polyurethanes during the forecast period.

UV Stabilizers for Polyurethanes Market Segment Analysis - By End Use Industry 

The transportation segment accounted for more than 18% of the market share in 2021 and is estimated to grow significantly during the forecast period owing to the demand for electric vehicles. According to the Norwegian government, 65% of all new electric vehicles sold in the country were fully electrified with an 11% increase from 2020, in which 54% of sales were all-electric, and is estimated that sales of an electric vehicle could reach as high as 80% in 2022. Therefore the growing demand for electric vehicles will increase the demand for plastic owing to the lightweight of the vehicle to improve fuel efficiency along with increasing the life span of battery electric vehicles will contribute to the growth of the UV Stabilizers for Polyurethanes Market.

UV Stabilizers for Polyurethanes Market Segment Analysis - By Geography

Asia Pacific region held the largest share in the UV Stabilizers for Polyurethanes Market in 2021 up to 38%, owing to the high demand for Polyurethanes by healthcare, packaging building, and construction. The growing commercial and residential construction projects in the countries like China, South Korea, Japan, and India are driving the market growth in the region. According to Global Construction Perspectives and Oxford Economics, the global construction market is estimated to grow US$ 8 trillion by 2030 driven by China, the US, and India. According to Invest India, construction activity is expected to grow 7.1% each year and the Indian construction market is expected to emerge as the third-largest globally. The increasing demand for UV Stabilizers for Polyurethanes in Automotive, electronic appliances, and others is also helping in the growth of the UV Stabilizers for Polyurethanes Market in this region during the forecast period.

UV Stabilizers for Polyurethanes Market Drivers

Growing Demand for UV Stabilizers for Polyurethanes in plastic packaging

The UV Stabilizers for Polyurethanes are widely used in plastic packaging due to higher durability, and high mechanical resistance. The packaging is done for Food, medicines, cargo, and others in various end-use industries like food & beverages, healthcare, eCommerce, and others. According to the eCommerce guide, global e-retail sales have been increased by 14.1% in 2020 and are estimated to reach 22% by 2023. Therefore the growing demand for retail products is driving the UV Stabilizers for Polyurethanes Market during the forecast period.

Increasing demand for Polyurethanes in Electrical and Electronic

The electrical and electronic sectors showed significant growth owing to electromagnetic shielding, semi-conductive cable compound, control additive viscosity, and high-quality pigmentation characteristics. The growing usage of Polyurethanes in wire & cable to protect against premature failure or damage due to electrostatic discharge in electronic and electrical packaging and equipment is driving the UV Stabilizers for Polyurethanes Market during the forecast period. According to Invest India, the global electronic is estimated around US$ 2 trillion and India is the largest contributor holding US$ 118 billion of Electronic Market and is estimated to reach US$ 125 Billion by 2025. Therefore, the growing electronic market will boost the UV Stabilizers for Polyurethanes Market between 2022-2027.

UV Stabilizers for Polyurethanes Market Challenges:

Growing Environment concern due to usage of Polyurethanes

Environmental concern has always been a major challenge in the UV Stabilizers for Polyurethanes Market. The harmful emission of gases like carbon dioxide, nitrogen oxide, carbon monoxide, and others during the process of UV Stabilizers for Polyurethanes is impacting the environment and also living things. The use of UV Stabilizers for Polyurethanes is very harmful to human beings and life over the earth as it causes breast cancer, skin rashes, stomach complaints, nausea, vomiting, diarrhea, abdominal pain, headache and palpitations, potential clastogen along with metal estrogen is restraining the market growth during the forecast period.

UV Stabilizers for Polyurethanes Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in this market. UV Stabilizers for Polyurethanes top 10 companies include:

1. BASF SE
2. Adeka Corporation
3. Songwon Industrial Group
4. Clariant
5. SABO Chemical Value
6. Solvay
7. Altana AG
8. Addivant
9. Mayzo Inc.
10. Valtris Specialty Chemicals 

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Polyurethanes Market – Forecast (2022 - 2027)
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