New York City, NY, 08 April, 2020/ 24 Market Reports: It is estimated for the UV stabilizers market to reach USD 1.55 billion by 2021, witnessing the growth at a CAGR of 6.4% during the forecast period of 2016 to 2021. Increasing manufacturing industrial activities across China is driving the growth of the market during the forecast period. Owing to its increasing population and changing lifestyle in the region the industry in the Asia Pacific region is driving the growth of the market in the region during the forecast period. The growing demand in the Asia-Pacific, coupled with the growing demand for packaging material and automotive components & coatings are also the factors that are driving the growth of the market during the forecast period.
Increasing demand for greenhouse films will drive the UV stabilizers market in the midterm
Increasing manufacturing industrial activities across China is driving the market throughout the globe during the forecast period. The growing need for packaging and automotive due to rapid urbanization and increasing population in China and other countries across the Asia-Pacific region is affecting the market of UV stabilizers positively. UV stabilizers are majorly used in packaging and automotive industries which are growing. These industries are majorly growing in the Asia-Pacific region owing to its increasing population and changing lifestyle in the region. These factors are driving the growth of the market during the forecast period.
Packaging, the largest and fastest-growing application of UV stabilizers
UV stabilizers are capable to protect the package and their contents from discolouration, and damaging effects of UV radiations, and provide high quality, low volatile and long durability to the packaging materials such as bottles, caps & closures, containers & drums, and films, among others. The key driver for the growth of UV stabilizers in this application segment is the increasing disposable income, changing consumer lifestyles, increased use of plastics, and growing pharmaceutical and food & beverage industries in countries such as China, India, Japan, the U.S., and Germany, among others.
Asia Pacific region to lead the market throughout the forecast period
Asia Pacific region is estimated to lead the market during the forecast period. Due to the high growth in the Chinese economy and rapid industrialization, there is tremendous scope for UV stabilizers in the Asia-Pacific market. China is leading the market in the Asia Pacific region during the forecast period. Further, the global shift in production capacity from the developed markets to the emerging markets are major factors leading to the growth of UV stabilizers in this region.