CHICAGO, Nov. 9, 2020 /PRNewswire/ -- According to the new market research report "UV Stabilizers Market by Type (HALS,UV Absorbers, Quenchers), Application (Automotive, Packaging, Agriculture, Building & Construction, Adhesives & Sealants, Others), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the UV Stabilizers Market size is expected to grow from USD 1.2 billion in 2020 to USD 1.6 billion by 2025, at a CAGR of 5.5% during the forecast period.
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UV stabilizers are used in various industries, such as Packaging, Automotive, Agriculture, Building & Construction others. In the UV stabilizers market, the packaging is the key end-use application owing to the wide use in various end-use industries.
The Packaging application is expected to register the highest CAGR in the global UV Stabilizers market during the forecast period.
The packaging application will continue to lead the UV Stabilizers market. The key driver for the growth of UV stabilizers in this application segment are the increasing disposable income, changing consumer lifestyles, increased use of high-performance thermoplastics, polyurethanes, polymers, and growing pharmaceutical and food & beverage industries in countries such as China, India, Japan, the U.S., and Germany, among others.
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APAC is expected to hold the largest market share in the global UV Stabilizers market during the forecast period.
Asia Pacific accounted for the largest share of the UV stabilizers market in 2020. Factors such as the rapidly increasing consumption of UV Stabilizers in plastic, packaging, automotive industries in countries such as China, Japan, India, and South Korea have led to an increased demand for UV stabilizers in the Asia Pacific region.
BASF SE (Germany), Clariant AG (Switzerland), Solvay (U.S.), Evonik Industries AG (Germany), and Songwon Industrial Co., Ltd. (South Korea) are the leading UV stabilizers manufacturers globally.
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