Global UV Light Stabilizers Market for Wood Coatings is Expected to Reach USD 61.5 Million in North America By 2018: Transparency Market Research
Transparency Market Research has released a new market report titled "UV Light Stabilizer Market - North America Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018," which observes that the UV light stabilizer demand in North America in 2012 was worth USD 44.9 million and is estimated to reach USD 61.5 million by the end of 2018, growing at a CAGR of 5.4% from 2012 to 2018. The U.S. dominated the North America UV light stabilizer market, accounting for close to 85% of the total demand in 2011.
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UV light stabilizers are the additives, generally used to impart UV resistance properties to wood preservation coatings. Hindered Amine Light Stabilizer (HALS) and UV Absorber (UVA) are the two predominantly used UV light stabilizer additives for wood coatings. Wood usually consists of lignin, which undergoes discoloration and decomposition on constant exposure to ultra violet radiation. Hence wood products are protected by using UV light stabilizers in wood coatings.
The growth of the UV light stabilizer market in the U.S. is mainly driven by growing demand for UV resistant wood coatings from housing and commercial construction and the furniture industry. The U.S. was the leading UV light stabilizer market in North America in terms of both production and consumption, followed by Mexico with 9.2% share in total volume consumption in 2011. Mexico is also expected to be the fastest growing market for UV light stabilizers in the region and it is estimated to grow at a CAGR of 6.6% from 2012 to 2018. Presently, Mexico is relatively an underdeveloped market for wood coatings.
However, housing and construction industry is expected to exhibit rapid growth in the near future as a consequence of economic development in the country. This in turn is expected to drive the demand for UV resistant wood coating and thus for UV light stabilizers. The increasing penetration of nanotechnology in the coatings industry, especially for TiO2 and ZnO2 based nano-UV light stabilizers are expected to present significant opportunities in the market over the next five years.
Decking and flooring application dominated stabilizer consumption accounting for 24.4% of the total demand in 2011. Another important application market for UV light stabilizers was furniture and interiors, which accounted for 23.3% share of total UV light stabilizer volume consumed in 2011. Recovery in housing and growth in residential spending were identified as the major driving factors for the growth of furniture and interior industry which in turn is expected to drive the demand for UV light stabilizers.BASF SE, AkzoNobel NV, BYK, Clariant, and Chemtura Corp. are some of the leading industry participants in the industry.
UV light stabilizer market by application
- Decking and flooring
- Furniture and interior
UV light stabilizer market by geography
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