The UV absorbers market is poised to grow at a CAGR of 4.7% during the forecast period of 2024 to 2032, driven by the dominance of benzophenone, rising adoption in personal care products, and growing applications in the plastics industry. Challenges in triazine UV absorber market penetration present a notable restraint. The market's segmentation by material and application reveals distinct leaders in revenue and CAGR, reflecting the varied dynamics within the industry. Geographically, Asia-Pacific and North America emerge as key growth drivers. The competitive landscape showcases key players employing varied strategies to secure their market positions. As the market progresses from 2024 to 2032, these trends are expected to shape the trajectory of the UV absorbers market, offering opportunities and challenges for industry stakeholders.
Key Market Drivers
Benzophenone as a Dominant UV Absorber
Benzophenone's dominance as a UV absorber marked a crucial driver in 2023. Companies like BASF AG capitalized on the widespread use of benzophenone in various applications, including paints & coatings and plastics. The evidence supporting this driver includes a substantial market share held by benzophenone-based UV absorbers, driven by their effectiveness in protecting materials from UV radiation. The versatility and established track record of benzophenone contribute to its leading position in the UV absorbers market.
Rising Adoption of UV absorbers in Personal Care Products
The rising adoption of UV absorbers in personal care products emerged as a significant driver in 2023. Companies like Symrise AG responded to the increasing demand for UV protection in skincare and cosmetic formulations by incorporating UV absorbers like benzotriazole. The evidence supporting this driver includes a notable surge in the use of UV absorbers in sunscreens, moisturizers, and other personal care items, reflecting the growing consumer awareness of the harmful effects of UV radiation on the skin.
Growing Application in Plastics Industry
The growing application of UV absorbers in the plastics industry played a pivotal role in market expansion. Companies like Clariant AG focused on providing innovative UV absorber solutions for polymer applications, contributing to the material's longevity and stability. The evidence supporting this driver includes an increase in the demand for UV absorbers in plastics to prevent degradation caused by UV exposure. The incorporation of UV absorbers in plastic formulations enhances their performance and extends their lifespan, driving their adoption across various industries.
Restraint
Challenges in Triazine UV Absorber Market Penetration
Despite positive trends, challenges in the market penetration of triazine-based UV absorbers presented a notable restraint in 2023. Companies like Everlight Chemical faced hurdles in establishing triazine UV absorbers as a dominant player, encountering competition from benzophenone and benzotriazole counterparts. The evidence supporting this restraint includes industry reports citing a slower adoption rate of triazine UV absorbers, attributed to factors such as limited awareness, higher costs, and varying performance compared to established alternatives.
Market Segmentation: Material
The UV absorbers market is segmented by material into benzophenone, benzotriazole, triazine, and others (including Oxalanilide and Cyanoacrylate). In 2023, the benzophenone-based UV absorbers segment emerged as both the highest revenue-generating market and exhibited the highest Compound Annual Growth Rate (CAGR) during the forecast period of 2024 to 2032. The versatility and effectiveness of benzophenone in various applications, including paints, coatings, and plastics, contribute to its dual leadership in revenue and growth.
Market Segmentation: Application
Further segmentation by application categorizes the market into paints & coatings, adhesives & sealants, plastics, personal care, and others (including rubber and textile). In 2023, the personal care application segment recorded the highest revenue, driven by the rising demand for UV protection in skincare and cosmetic products. Simultaneously, the plastics application segment demonstrated the highest CAGR during the forecast period, reflecting the growing application of UV absorbers in enhancing the durability and performance of plastic materials.
APAC Remains the Global Leader
Geographically, the UV absorbers market exhibited diverse trends in 2023. Asia-Pacific led in both revenue percentage and CAGR, fueled by robust industrialization, a thriving plastics industry, and increasing awareness of UV protection in personal care products. North America, on the other hand, emerged as the region with the highest revenue percentage, supported by a well-established personal care industry and stringent regulations promoting the use of UV absorbers. Europe secured a notable CAGR, driven by the growing emphasis on UV protection in paints, coatings, and plastics.
Market Competition to Intensify during the Forecast Period
In 2023, the UV absorbers market featured a competitive landscape with top players employing various strategies to maintain and enhance their market positions. Leading companies such as BASF AG, Symrise AG, Clariant AG, Huntsman Corporation Solvay S.A., Everlight Chemical Industrial Co., Songwon, Adeka Corporation, Milliken Chemical, Addivant, and Sabo S.p.A. demonstrated robust financial performances, reporting substantial revenues. Strategies employed included product innovation, strategic partnerships, and geographical expansions. Notably, BASF AG focused on promoting the use of benzophenone in diverse applications, Symrise AG leveraged its expertise in personal care formulations, and Clariant AG capitalized on providing tailored UV absorber solutions for the plastics industry.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of UV Absorbers market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
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Application
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
