Portland, OR, April 12, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global UV light stabilizers market generated $462.9 million in 2020, and is projected to reach $871.5 million by 2030, registering a CAGR of 6.6% from 2021 to 2030.The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Increase in in demand for wood and plastic coatings for protection against UV radiations to prevent damage and losses, extensive use of nanotechnology in the coating industry, and rise in use of plastics and woods for decking applications are expected to drive the growth of the global UV light stabilizers market. On the other hand, expensive cost of UV light stabilizers is expected to hinder the growth to some extent. However, remarkable infrastructural development in the developing countries is expected to create tremendous opportunities of the growth of the industry.
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COVID-19 Scenario:
- The outbreak of COVID-19 has had a negative impact on the growth of the global UV light stabilizers market, owing to the occurrence of lockdowns in numerous countries around the world. Lockdowns led to the shutdown of various manufacturing facilities, including those of UV light stabilizers, leading to its decreased demand during the pandemic.
- However, the market is anticipated to recoup soon with the adoption of smart technologies.
The report offers a detailed segmentation of the global UV light stabilizers market based on type, application and region. Based on type, the Hals segment held the majority share in 2020, garnering two-fifths of the total market. On the other hand, the UV absorbers segment is projected to cite the fastest CAGR of 6.2% during the forecast period.
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Based on application, the floor coating segment generated the highest market share in 2020, holding more than one-fourth of the total market. The automotive segment, on the other hand, is anticipated to exhibit the fastest CAGR of 9.2% during the forecast period.
Based on region, the market across North America held the lions share in 2020, garnering more than one-third of the total market. The market across Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 9.2% during the forecast period.
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The key players analyzed in the global UV light stabilizers market report include Mayzo, Everlights, LYCUS, Altana AG, BASF, Valtris Specialty Chemicals, Lanxess, Clariant, Solvay, Akzo Nobel N.V. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
