Expanding at a CAGR of 5.1% from 2023 to 2033, the global UV stabilized films market is set to rise from a valuation of US$ 34.38 billion in 2023 to US$ 56.54 billion by the end of 2033.
Packaging film used to protect the product from harmful UV rays is referred to as UV stabilized films. The method aids in maximizing the quantity of light that enters that space and minimizing other damaging environmental factors that could have an impact on product development. For the proprietors, these are seen as a lifeline.
Growing investments in the agricultural sector, an increase in packaged food consumption, shifting packaging trends and technologies, and rising awareness of the negative effects of UV radiation, are a few of the key factors driving UV stabilized film consumption globally.
As the usage of greenhouse farming spreads, the industry is expected to have significant development prospects. These films are commonly used in greenhouse farming to manage the temperature and shield crops from UV radiation. The adoption of greenhouse farming techniques is expected to cause a main increase in the need for UV stabilized films.
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Urban farming and vertical farming are becoming more and more popular. UV-stabilized sheets are frequently used to construct sheds and shelters for gardens and outdoor areas. This element, together with developments in the agricultural industry, has accelerated market expansion.
The market is expanding as a result of the rising demand for sustainable and ecologically friendly packaging materials. These films are frequently used in the packaging of cosmetics, pharmaceuticals, food, and drinks to protect items from environmental threats like UV radiation, moisture, and oxygen.
Another element driving the market’s evolution is technology, which has led to the creation of new UV-stabilized film compounds that have enhanced function and endurance. As producers engage heavily in research and development to create films that can survive even the worst climatic conditions, the range of uses for these products is increasing.
By the end of 2033, East Asia is projected to hold about one-third share of the global UV stabilized films market in terms of market value, and it is predicted that it could continue to hold this position throughout the forecast period. In the East Asia UV stabilized films market, China is one of the key producers of UV-stabilized films. In order to meet the rising demand for UV stabilized films on the global market, key industry competitors are boosting their production. Throughout the forecast period, it is predicted that the South Asian market could rise significantly.
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KEY TAKEAWAYS
- The market in the United Kingdom is anticipated to rise, exhibiting a CAGR of 1.9% through 2033.
- The United States is expected to develop at a 3.8% CAGR during the forecast period.
- With a CAGR of 5.2% over the forecast period, Canada is predicted to develop promptly in the market.
- In China, the market is expected to proliferate, registering a CAGR of 8.1% over the forecast period.
- Germany is estimated to grow decently registering a CAGR of 2.7% until 2033.
- In India, the market is likely to flourish at a CAGR of 7.9% during the forecast period.
- With a CAGR of 4.0%, the market in India is likely to expand significantly until 2033.
COMPETITIVE LANDSCAPE
Key players in the UV stabilized films market are Uflex Ltd., Mitsubishi Polyester Film Inc., DuPont Teijin Films U.S. Limited, Polyplex Corporation Ltd., Toyobo Co. Ltd., RKW SE, Sigma Stretch Film Corp., Coveme Spa, Kolon Industries Inc., Group Michiels Advanced Materials, Walco Corporation, Vampire Optical Coatings Inc., Arid Agritec Ltd., FVG Folien-Vertriebs GmbH, and others.
In order to increase their market income potential, UV stabilized film producers are concentrating on development operations including mergers and acquisitions. As the area of application in numerous end-use sectors broadens, investments are also being made in the research and development of new and sophisticated goods.
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RECENT DEVELOPMENTS
- In December 2022, the sprayable Flexgreen top coat gloss lacquer was introduced by Uflex Ltd. The coating immediately cures in UV LED lights with a wavelength of 385–395 nm because of its radical chemical foundation. This very flexible coating, which has a variety of uses in the construction sector, has outstanding curing performance on high-speed equipment.
- In November 2022, the range of Evonik’s Coating Additives business line now includes a new deaerator. The new deaerator, TEGO® Airex 923, is a highly compatible 100% active organic polymer that exhibits higher efficiency and was specifically created for radiation-cured wood coatings.
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