Global UV Curable Resins Market Report, published by Variant Market Research, forecast that the global market is expected to reach $9,311 Million by 2024 from $4,292 Million in 2016; growing at a CAGR of 10.2% from 2016 to 2024. By geography, Rest of the World and Asia-Pacific are expected to grow at a CAGR of 11.3% and 10.9%, respectively, during the forecast period.
UV Curable Resins Market (By Applications: Coatings, Inks, Adhesives, and Other Applications; By End-Use: Industrial Coatings, Graphic Arts, Electronics, and Other End-Uses; By Geography: North America, Europe, Asia-Pacific, and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024
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UV curable resins are the ingredients which are polymerized and cured in a very short period of time by the energy released from the ultraviolet irradiation devices. UV curable resins are derived from many renewable raw materials. These resins are particularly used as industrial materials for bonding, coating, and sealing. With technological advancement, various types of UV curable resins are now offered in the market due to various features such as saving energy, reducing wastes, low temperature treatment, and high productivity.
Increasing adoption in the electronics and industrial coating segment fuels the global UV curable resins market
The factors that drives the growth of global UV curable resins market are high performance of UV curable resins, increasing demand for green coatings, increasing adoption in the electronic and industrial coating segment, and environmental alertness and strict rules. However, requirement of thermally dry delicate substrates, and huge setting-up cost are the major hindrance for the market growth. Moreover, rising growth predictions in digital printing, 3d printing, printed circuits, packaging, and barrier films applications is expected to open up new growth opportunities for the market over the years to come.
The global UV curable resins market is mainly classified into application, end-use, and geography. Classification by application includes coatings, inks, adhesives, and other applications. On the basis of end-user, the classification comprises industrial coatings, graphic arts, electronics, and other end-uses. Furthermore, by geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World.
Coatings held the major market share in the application segment
Coatings accounted for the largest market accounting for about two third of the total market share in the year 2016. And is also expected to continue this trend throughout the forecast period i.e. 2016 – 2024. The high growth is attributed due to ongoing green trend and increasing applications of coatings globally.
Industrial Coatings dominated the end-user segment
Global UV Curable Resins Market, by End-Use
Industrial coatings accounted for the major market in the end-use segment in 2016. It accounted for about one third of the total market share. The growth is seen owing to their protective and functional properties, and uses for corrosion control of steel & concrete.
Asia-Pacific dominated the global market with highest market share
GLOBAL UV CURABLE RESIN MARKET SHARE BY GEOGRAPHY, 2016 (%)
In 2016, Asia-Pacific occupied the highest share in the global UV curable resins market with 54%, and is likely to continue its dominance in the given forecast period 2016 – 2024. Rapid industrialization and rising demand for flexible packaging in countries such as China, South Korea, Japan, and Taiwan is driving the APAC market.
The key market players include Allnex Group, Alberdingk Boley GmbH, BASF SE, Nippon Synthetic Chemical Industry Co., Ltd., IGM Resins B.V., Wanhua Chemical Group Co., Ltd., Eternal Materials Co., Ltd., Miwon Specialty Chemical Co., Ltd., SolTech Ltd., and Covestro AG, among others.