Yahoo Finance Benzotriazole Demand Grows as Strong Need for Ultraviolet Stabilizers in Several End-use Industries: Fact.MR Report
The global benzotriazole market is rapidly developing as a result rising demand for ultraviolet stabilizers and corrosion inhibitors in a variety of end-use industries such as automotive, construction, and packaging
Rockville, Feb. 02, 2023 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, reveals that the global benzotriazole market is expected to achieve a valuation of US$ 900 million by the end of 2033, increasing rapidly at 8.4% CAGR from 2023 to 2033.
Benzotriazole (BTA) is an organic compound well-known for its flexibility. Benzotriazole is a high-grade corrosion inhibitor for copper, copper alloys, and yellow metal protection. Benzotriazole works by forming a compound between copper and benzotriazole that acts as a passivation layer to safeguard the metal from corrosion. It can be utilized as a silver polishing agent in dishwasher detergent, a restrainer in photographic emulsions, and as a lubricant additive. Benzotriazole can also be used to make anti-fading agents for metals, UV stabilizers, antiseptic agents, and photoconductors.
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Benzotriazole-based ultraviolet stabilizers are frequently employed in industrial and personal hygiene products to safeguard the material or skin from damaging UV radiation. An ultraviolet stabilizer absorbs ultraviolet light. It is widely used to protect materials by preventing harmful ultraviolet light from damaging them, hence enhancing the materials' performance, durability, stability, and service life. The growing demand from applications such as plastics, adhesives, coatings, and personal care is driving the sales growth of benzotriazole-based ultraviolet stabilizers. Plastics are regarded as one of the most important applications for benzotriazole-based ultraviolet stabilizers in both emerging and developed economies.
Key Takeaways from Market Study
The global benzotriazole market is worth US$ 400 million in 2023.
Demand for benzotriazole is predicted to surge at a CAGR of 8.4% from 2023 to 2033 (forecast period).
The global market is anticipated to reach US$ 900 million by 2033.
The market in the United States was valued at US$ 96 million in 2022.
The plastics segment is estimated to witness substantial growth during the forecast period.
Competitive Landscape
Key players in the benzotriazole market are focusing on new developments and technologies, strategies, product innovations, and long-term contracts to gain market share. Moreover, the global market is providing numerous opportunities for small manufacturers and startups to develop innovative solutions.
In January 2022, Emerald Performance Materials listed four chemical plants in Henry, Illinois, for sale. Formerly, the processing and production units were utilized to develop antioxidants, accelerators, and specialized chemicals. Emerald's operations were officially suspended in September 2021 following the company's acquisition by the New York-based private equity firm American Securities LLC.
In October 2021, Azelis signed a new distribution agreement with Hexigone, a corrosion inhibitor manufacturer in the United Kingdom. Hexigone corrosion inhibitors will be sold by Azelis throughout Europe, Ukraine, Turkey, and the Baltics. Azelis' Hexigone line of products is intended to allow the company to deliver unique anti-corrosion coatings and applications. As per Azelis, Hexigone's focus on sustainability, including the replacement of traditional heavy metals, phosphates, and toxic chromates with manufactured organic additives, is consistent with the company's commitment to sustainability.
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Key Companies Profiled
Beijing Wisdom Chemicals
Nanjing Trust Chem
Seiko Chemical
Hangzhou Jingyou Chemical
Nanjing Shenbai Far East Chemica
Rugao Jinling Chemical
Shivam Chemicals
Regional Analysis
North America is dominating the global benzotriazole market due to increasing awareness of the harmful effects of UV rays. The United States is leading in the regional market due to the substantial use of benzotriazole in personal care products.
Moreover, the Asia Pacific is following North America in terms of growth. Japan and South Korea are major markets in Asia Pacific. Furthermore, Europe is making considerable contributions to the global market. Germany is playing a significant role in the European market due to the thriving automobile industry.
Key Segments of Benzotriazole Industry Research
By Application :
Plastics
Coatings
Adhesives
Personal Care
Others
By Region :
North America
Latin America
Europe
Asia Pacific & China
Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global benzotriazole market, presenting historical demand data (2018 to 2022) and forecast statistics for the period of 2023 to 2033.
The study divulges essential insights on the market on the basis of application (plastics, coatings, adhesives, personal care, others), across five major regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).
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