Home > Pressrelease > UV Curable Resins Market size to reach $11 Bn by 2032
UV Curable Resins Market size to reach $11 Bn by 2032
- Published Date: January 30, 2023
UV Curable Resins Market size is expected to reach over USD 11 billion by 2032, according to a new research report by Global Market Insights Inc.
The rising production of connected home appliances will stimulate UV-curable resin production. The acceleration in household electronics demand will bolster the requirement for UV-curable solutions such as urethane acrylates for metal and plastic coatings in electric and home appliances. Likewise, the integration of embedded control systems in mobile radios and other multifunctional devices will boost the development of electronics UV curable resins.
Wear resistance & other key properties may escalate usage of UV-curable resin additives
The additives segment is slated to exhibit nearly 6% growth rate through 2032, on account of the product’s capability to regulate the surface quality of substrates. Additives can also impart reinforcing, non-stick, wear-resistance, and lubricity properties to UV curable resin formulations. In addition, they can enhance substrate wetting, slip, and coating flow, making UV-curable resins suitable for paper, plastics, and metal substrates. This will, in turn, add impetus to UV curable resins market growth.
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Rise in residential building construction to stimulate consumption of epoxy acrylate-based UV curable resins
The epoxy acrylates raw material segment is anticipated to surpass USD 5 billion by 2032. This raw material has gained acceptance in electronics, inks, coatings, potting compounds, adhesives, and sealants, given its high chemical resistance and reactivity. Rapid urbanization and an increase in new home construction will therefore escalate the use of epoxy acrylates UV curable resins in end-use industries such as coatings and sealants, especially in developing nations.
Browse key industry insights spread across 400 pages with 305 market data tables and 20 figures & charts from the report, “UV Curable Resins Market Size 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), COVID-19 Impact Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2023 - 2032” in detail along with the table of contents:
Growing decarbonization efforts will promote the use of automotive-grade UV curable resins
UV curable resins market revenue from the automotive front industry segment will cross USD 1.5 billion by 2032. This is attributed to the mounting adoption of decarbonization strategies and the increasing acceptance of electric vehicles worldwide. Based on data from the IEA, in 2021, global consumers spent over USD 250 billion on EV purchases. As a result, the need for UV-curable resins for molded auto parts, alloy wheels, body panels, and headlamp coating applications is likely to grow and consequently, strengthen the industry outlook.
Expansion of beverage manufacturing facilities will impact UV curable industrial coating demand
The industrial coating product segment is projected to register 7% gains between 2023 and 2032, owing to low environmental impact, high productivity, and resistance to coating thickness loss, among other benefits. Investment in food and beverage facilities is also surging rapidly. For instance, in January 2023, Nestlé Health Science spent USD 43 million on a U.S.-based facility to increase the manufacturing of its ready-to-drink nutritional and breakfast drinks, as well as other consumer products. Such initiatives will augment the requirement for UV resin curing machines for beverage canning and other industrial coating applications.
Growing demand for flexible packaging to fuel UV-curable resin development in North America
North America UV curable resins market is poised to depict approximately 8% CAGR through 2032. The shifting preference toward packaged foods due to busy lifestyles and the subsequent rise in flexible packaging demand are among the key growth drivers. Based on data from the Network Science Institute of Northeastern University, 73% of the food supply is ultra-processed in the U.S., thereby boosting the requirement for packaging solutions. Furthermore, the increasing R&D spending on photoinitiator technology will promote the development of UV-curable resins in the region.
Business expansion strategies to define competitive outlook
ALLENEX, Miwon Specialty Chemicals, Soltech Limited, Toagosei Co. Ltd., Jiangsu Sanmu Group, Hitachi Chemical, Jiangsu Litian Technology, Eternal Materials, Arkema, and Hitachi Chemical are some of the prominent players profiled in the report. These companies are incorporating strategies such as product range expansions, mergers, acquisitions, and business developments to strengthen their presence in the global UV curable resins market.