(EMAILWIRE.COM, October 29, 2021 ) The UV absorbers market is projected to reach USD 1,006.4 million by 2022, at a CAGR of 6.5% from 2017 to 2022. The growth of the UV absorbers market is primarily driven by its increasing demand for plastics application in industries such as packaging, automotive plastics, and agricultural films. The demand for UV absorbers in other applications such as coatings, adhesives, and personal care is expected to drive the growth of the UV absorbers market globally. Printing inks is also a major application among the other applications. The demand for plastics, coatings, and adhesives from the Indian automotive industry is expected to lead to an increased demand from the Asia Pacific region.

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Based on application, the plastics segment is projected to grow at the highest CAGR between 2017 and 2022, in terms of both value and volume. This growth is mainly attributed to the increasing usage of UV absorbers in agricultural films, packaging, and automotive plastics. The coatings application is also driving the high demand for UV absorbers because of its usage in wood coatings, automotive coatings, and metal coatings, among others. The increasing demand for UV curable coatings is expected to drive the market for UV absorbers in coatings segment.

Based on type, the benzotriazole type of UV absorbers is projected to grow at the highest CAGR, in terms of both value and volume during the forecast period. This growth is mainly attributed to its advantages such as better light stability and performance and compatibility with a variety of polymers. It also helps the substrate to preserve its visual and technical performance. These characteristics make it suitable for applications such as fibers and films.

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The North America region led the UV absorbers market in 2016 owing to the presence of players such as Addivant, Huntsman Corporation, Milliken Chemical, Apexical, Inc., Valtris Speciality Chemicals, Lycus Ltd., LLC, and Mayzo Inc., among others. The UV absorbers market in Asia Pacific is expected to witness the highest CAGR in terms of value as well as volume owing to the increasing demand from application industries such as plastics, coatings, adhesives, personal care, and printing inks, among others. The plastic application segment in this region is projected to grow at the highest CAGR during the forecast period, in terms of both value and volume. This growth is primarily driven by the high demand from automotive plastics, packaging, and agricultural applications. Furthermore, lesser government regulations as compared to other regions is expected to fuel the growth of this market. The growing automotive industry and use of lightweight plastics to replace metals for weight reduction is expected to increase the demand for UV absorbers in automotive plastics, coatings, and adhesives.

The increasing demand for UV curable coatings, UV curable adhesives, and UV curable printing inks is expected to fuel the growth of the UV absorbers market. Changing environmental conditions have led to an increase in UV radiations. Plastics tend to degrade when exposed to UV radiations for a long time. Sunlight and UV radiation lead to photodegradation and scaling. To avoid this, UV absorbers are used in different substrates to avoid degrading.

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