Market Trends of UV Stabilizers Industry
Automotive Sector to Dominate the Market
- Some of the major application areas of UV stabilizers in automobiles include interior parts (door cladding, trim, window frame, center console, etc.) and exterior parts (bumper, bracket, side molding, etc.).
- According to the International Organization of Motor Vehicle Manufacturers (OICA), the total production of cars and vehicles globally in 2022 was 85.01 million units, compared to 80.14 million units in 2021.
- Additionally, according to S&P Global Mobility, global passenger car production reached 68.16 million units in 2022, an increase of 7.9% from the same period in the previous year.
- The Asia-Oceania and Americas regions recorded automotive production of 46.73 million and 16.15 million units in 2021, respectively, registering an increase of 6% and 3% compared to 2020. However, Europe recorded a production of 16.34 million units in 2021, a decrease of 4% from the production achieved in 2020.
- Emerging countries like Argentina, Indonesia, Morocco, Ukraine, and Thailand saw an increase in automotive production of over 10% over the previous year.
- There were 7.8 million electric vehicles sold worldwide in 2022, a 68% increase from 2021, the Wall Street Journal reported, citing preliminary research from the automotive research groups LMC Automotive and EV-Volumes. According to these reports, electric vehicles accounted for 10% of global auto sales in 2022. Some researchers predict the EV industry's market share are expected to double or even quadruple by 2030.
- Hence, such factors from the automotive sector are likely to significantly impact the demand for the market studied in the coming years.
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Asia-Pacific region to Dominate the Market
- Asia-Pacific is anticipated to dominate the market owing to its massive growth in the construction, packaging, and automotive sectors.
- The automotive industry in China increased post-pandemic. Automotive production increased from 26.08 million units in 2021 to 27.02 million units in 2022 and registered a 3% growth in 2022.
- Additionally, according to China's Ministry of Industry and Information Technology, domestic vehicle production will reach 35 million by 2025, further solidifying its position as the world's leading automobile manufacturer.
- In India, the food packaging industry is witnessing sharp growth as most of the population shifts from rural to urban areas, increasing food services, among others. India consumes 20 billion food and beverage packages annually.
- By 2030, the country is expected to consume around 50 billion packages, with a growth rate of 8% in beverage packaging. Food packaging growth in the country is anticipated to increase UV stabilizer demand over the forecast period.
- Adhesives and sealants are one of the major markets in South Korea, owing to increasing woodworking and joinery applications. Additionally, the rising demand for furniture is also accelerating the demand for adhesives, propelling overall industry growth. Adhesives are also increasing in the electronics industry, and manufacturers are expanding their business capabilities.
- For instance, in August 2022, Henkel Korea announced the completion of its Songdo Plant within the Songdo High-Tech Industrial Cluster in Incheon. This was expected to become the Asia-Pacific production hub for high-impact electronics solutions for the Adhesive Technologies business unit.
- Hence, such factors will help boost the UV stabilizer market in the Asia-Pacific region over the forecast period.
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