According to a new research report by Global Market Insights Inc., the Global UV Curable Resins Market size is set to surpass USD 8.5 Billion by 2026.
UV curable resins are matters that are polymerized & cured in short time by energy imparted by ultraviolet irradiation devices. This product offers persuading characteristics including fast curing, low temperature curing and provide good workability. Types of UV curable resin-based products includes industrial coatings, adhesives and inks. These products find immense application in industries including wood, automotive, electronics, plastics & packaging, ship building and graphic arts. Thus, these factors should drive the UV curable resins market demand.
However, the widespread impact of COVID-19 globally has resulted in governments imposing lockdowns to contain the outbreak. Owing to such restrictions, manufacturing units and other economic activities have come to standstill affecting production and supply chain operations. These situations may restrict manufacturers in catering demand resulting in plummeting profit margins, therefore hampering the UV curable resins market growth.
Increasing Polyester Acrylates based UV curable resins utilization due to low cost benefits will stimulate industry growth
Polyester acrylates-based UV curable resins is anticipated to grow over 9% through 2026. Increasing demand for high performance, and stable UV resin solutions is likely to boost UV curable resins market segment. These products are economical in nature and provide greater degree of resistance under sunlight, moisture, and water. Therefore, promoting product demand.
They are widely used in manufacturing high quality coatings solutions as they not only aid in increasing strength but also improve aesthetics by proving minimalistic and glossy look. Industry are rapidly investing in research to provide high quality and targeted coatings solution in an attempt to gain brand recognition in market and broaden consumer base.
For instance, In November 2018, Sartomer Arkema introduced its latest polyester acrylates based UV curable resins. This product is majorly used for coatings and ink application. This product offers high reactivity, excellent pigment wetting and adhesion which should accelerate the UV curable resins market.
Browse key industry insights spread across 240 pages with 305 market data tables and 20 figures & charts from the report, “Global 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), By Front-Industry (Automotive, Wood Industry, Ship Building, Graphic Arts, Electronics, Plastic & Packaging), Industry Analysis Report, Regional, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Superior characteristics posed by UV curable photo initiators resins should boost product demand
Global UV curable photoinitiators resins market is anticipated to reach over USD 520 million by 2026. Rising technological advancement allowing the development of new and enhanced photoinitiators should drive the UV curable resins market growth. Innovation in photoinitiators improves the effectiveness of curable resins and widens the breadth of objects which can be cured.
“As per market forecast, wood industry is expected to grow at CAGR of over 10% from 2020 to 2026.”
Cationic type photoinitiators find widespread usage in UV curable resins as they provide long-term chemical stability, allows polymerization in the absence of light or at lower UV doses. Increasing efforts by manufacturers to enhance the solubility of photoinitiators and expand photosensitive wavelength bands should improve performance of UV curable resins.
Growing environmental consciousness and initiatives to improve product sustainability should stimulate the adoption of photoinitiators. These formulations contain minimal amount of solvent and reduce volatile organic compound (VOC) emissions. Thus, these aforementioned factors should boost the UV curable resins market growth.
“As per industry forecasts, Europe UV curable resins industrial coatings sector is anticipated to grow over 10% from 2020 to 2026 owing to rapidly expanding automotive sector in the region”
Booming European automotive industry will result in stimulating UV curable resins market growth
Europe is likely to surpass USD 2 billion by 2026. Expanding regional automotive industry coupled growing automobile exports globally should foster the UV curable resins market and is likely to register significant gains owing to the expansion of the automotive industry. Europe has witnessed a significant rate of economic recovery and a decline in unemployment rates which has led to growing sales of automobiles.
This product finds application in manufacturing automotive components including coatings, electronic components, underhood metal & plastic components, exterior glass, and metal parts.
Major market players in UV curable resins industry are Allnex Belgium S.A., BASF SE, Eternal Materials, Dymax, DSM-AGI, Sartomer, Miwon Specialty Chemical, Jiangsu Litian Technology, IGM., Hitachi Chemical and Jiangsu Sanmu Group.
As per industry analysis, market players are implementing strategic initiatives including acquisitions & mergers, partnerships, collaborations and new product launch to increase their market share and improve product offerings. For example, In July 2019. Arkema announced acquisition of Lambson, a company that offers UV curable photoinitiators catering electronics, digital ink, composites, 3D printing and high-performance coatings market.