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UV Curable Resins Market - By Composition (Monomers, Oligomers, Photoinitiators, Additives), By Raw Material (Epoxy acrylates, Polyester Acrylates, Urethane Acrylates), By Product (Industrial Coating, Adhesives, Inks) & Forecast, 2023-2032
- Report ID: GMI381
- Published Date: Jan 2023
- Report Format: PDF
Industry Statistics
UV Curable Resins Market size valued at USD 4 billion in 2022 and is anticipated to depict over 7% CAGR between 2023 and 2032, on account of the growing need for sustainable coatings in building and construction applications.
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According to the U.S. Census Bureau data, from November 2020 to November 2021, seasonally adjusted construction spending surged by 9.3% in the U.S. Such trends, alongside the increasing requirement for industrial coatings, will fuel the requirement for durable UV-curable resins for wood paints and other surface protection applications. Moreover, during free-radical UV curing, the presence of oxygen within or at the surfaces of formulations can adversely affect polymerization, thereby hampering UV curable resins market growth.
| Report Coverage | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 4.5 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 7.1% |
| 2032 Value Projection: | USD 11.2 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 400 |
| Tables, Charts & Figures: | 325 |
| Segments covered: | Composition, Raw Material, Product, Front-Industry and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Global efforts toward the development of paints and coatings with low VOC footprints are increasing steadily, in order to mitigate carbon emissions. UV-curable resins have emerged as an attractive alternative to thermosetting resins, credited to their low requirement for solvent and high efficiency during the drying process, contributing to sustainability targets. With the burgeoning investment in building and construction, the demand for UV-curable coatings will rise and consequently boost the utilization of UV resin curing machines to contribute to a carbon-free society.
Investment in vehicle manufacturing plants to spur oligomers usage in UV-curable coatings
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The oligomer composition segment of the UV curable resins market is set to exhibit nearly 7% growth through 2032. Oligomer UV curable resins are gained increasing acceptance, owing to their high adhesion, bonding, elasticity, elongation, and susceptibility to environmental triggers. Apart from excellent weather and solvent resistance, the component can also exhibit self-repairing performance. The mounting investment in EV production facilities will therefore foster the adoption of oligomers for UV-curable protective coatings, given their durability, minimalistic appearance, and low VOC emissions.
Increase in aircraft manufacturing projects push demand for UV-curable polyester acrylate resins
The UV curable resins market revenue from the polyester acrylates raw material segment is projected to reach USD 2 billion by 2032, considering superior performance, stability, and cost-effectiveness, among other product attributes. Functional polyesters are also suitable for aerospace, automotive, and other industrial applications to support their versatility, mechanical properties, hardness, as well as chemical and UV resistance. With the rise in funding for transport aircraft manufacturing projects in developing nations, the consumption of polyester acrylates UV curable resins will thus surge to develop high-resistance coatings.
Emphasis on infrastructural development to fuel UV curable resin adoption as binders in adhesives
UV curable resins market from the adhesives segment is slated to register 6.5% CAGR from 2023 to 2032. This growth is attributed to the mounting infrastructure development and construction projects in countries including Japan, the U.S., China, and Germany. For instance, in March 2022, the U.S. Department of Transportation announced USD 2.9 billion through 3 discretionary grant programs to support infrastructure projects. Such initiatives will stimulate the utilization of UV adhesives to provide optimum bonding and subsequently bolster the requirement for binders such as UV-curable resins.
Scratch- and stain-resistance to drive UV curable resins usage in wood coating applications
UV curable resins market valuation from the front-industry segment is expected to cross USD 2 billion by 2032, led by the product’s adhesion, scratch-resistance, and stain-resistance properties. Despite an initial downturn during the early months of the COVID-19 pandemic, office furniture manufacturers are gradually witnessing a steady recovery with new investment support from leading entities. In April 2022, Branch announced USD 10 million in Series A funding from Springdale Ventures to help address the robust demand for workstations and office chairs. Factors such as these are likely to proliferate the adoption of UV-curable resins for wood coating applications.
Rise in auto sales to restrain UV-curable resin development in Europe
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Europe UV curable resins market is slated to register USD 3 billion by 2032, due to the economic recovery and the expansion of automobile manufacturing bases. As per statistics from the Germany Trade & Invest, in 2021, automobile manufacturers produced nearly 15.6 million vehicles in the country, with 15 out of 75 top auto suppliers being Germany-based companies. Additionally, with the decline in the unemployment rate, automobile sales are forecast to increase and in turn, stimulate UV-curable resin production for automotive coating and adhesion applications in the region.
High-performance product range expansion strategies to influence the competitive landscape
The competitive landscape of the UV curable resins market comprises companies such as Soltech Limited, Toagosei Co. Ltd., Jiangsu Sanmu Group, Hitachi Chemical, IGM, Jiangsu Litian Technology, Eternal Materials, Arkema, Hitachi Chemical, DSM N.V., ALLENEX, Miwon Specialty Chemicals, and BASF SE, among others. These companies are focusing on new product launches, partnerships, and other strategies to strengthen their presence in the global market.
To cite an instance, in November 2022, Arkema introduced two high-performance custom formulations, N3D-HITEMP062 and N3D-CAST063, with excellent toughness and resolution attributes to extend its leading UV-curing range. This initiative was meant to enable the company to increase its consumer base and develop a strong footprint in the industry.
Impact of COVID-19 pandemic on UV curable resins market trends
The economic crisis and supply disruptions caused by the COVID-19 outbreak asserted a negative influence on various global industry verticals including automotive. Despite the slowdown in market operations, however, vehicle demand remained strong, especially in developing nations. Based on Japan-based Suzuki, in the Q2 of 2022, the automaker’s sales rose to 27.9% Y-o-Y to 380,000 vehicles in India, following the gradual ease in lockdowns and other restrictions. Such trends will create lucrative prospects for UV-curable coating developers and consequently expedite industry expansion over the forthcoming years.
The UV curable resins market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons and revenue in USD Million from 2018 to 2032 for the following segments:
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Market, By Composition
- Monomers
- Oligomers
- Photo initiators
- Additives
Market, By Raw Material
- Epoxy acrylates
- Polyester acrylates
- Urethane acrylates
- Others
Market, By Product
- Industrial coating
- Adhesives
- Inks
- Others
Market, By Front Industry
- Automotive
- Wood industry
- Ship building
- Graphic arts
- Electronics
- Plastic & packaging
- Others
Market, By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Russia
- Poland
- Spain
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Indonesia
- Thailand
- Latin America
- Brazil
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa