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UV Adhesives Market size to exceed USD 1,258.3 million by 2027

  • Published Date: December 20, 2021

According to a new research report by Global Market Insights Inc., the UV Adhesives Market size to reach USD 1,258.3 million by 2027. Along with the medical industry, promising developments in the automotive and electronics industries will present growth prospects for the market expansion.
 

UV adhesives are bonding elements that cure upon exposure to UV rays to achieve solvent-free bonding in various applications in these sectors. In addition, these adhesives emit a low amount of VOCs, which substantially contribute to their adoption in a wide range of applications.
 

However, the availability of product substitutes pose threat to the market development. Moreover, the market witnessed a significant decline in 2020 owing to supply chain disruptions caused by the COVID-19 outbreak. Although product demand was not severely hampered, restrictions on manufacturing operations and automotive activities negatively influenced revenue generation. Nevertheless, the global UV adhesives market is anticipated to observe healthy progress underpinned by the strong outlook of medical and electronics sectors triggered by the coronavirus outbreak.
 

Browse key industry insights spread across 200 pages with 390 market data tables & 26 figures & charts from the report, “UV Adhesives Market By Product (Silicon, Acrylic, Polyurethane, Epoxy), By End-user (Medical, Electronics, Automotive, Cosmetic, Industrial Assembly), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Landscape & Forecast, 2021 – 2027”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/uv-adhesives-market

 

Superior characteristics of silicon-based UV adhesives to fuel product adoption

Silicon-based UV adhesives market segment will observe a CAGR of 12% through 2027. The high rate of product adoption can be ascribed to its ability to produce bonds that are resistant to chemicals, remain flexible, and can withstand high temperatures. Silicon-based UV adhesives possess excellent electrical properties that can be formulated to be highly conductive or conversely insulative with high dielectric strength. Furthermore, due to the non-corrosive nature of some special formulations, they are also used as a conformal coating for circuit boards. With increasing research & development activities to develop lighter transport vehicles, the product is extremely helpful; hence, its demand will increase in the coming years.
 

The electronics sector to generate significant demand for UV adhesives

The electronics sector accounts for a major revenue share with a robust growth outlook in the UV adhesives market during the assessment period. In 2020, the sector captured almost half of the market share due to the extensive usage of these adhesives in a wide variety of applications such as electronic component assembly and circuit protection. UV adhesives are designed to offer insulating properties, rendering them ideal for various operations such as thermal management, ruggedizing & reinforcement, encapsulation, conformal coating, and bonding of optical displays. In addition to the electronics sector, the growing product penetration in automotive, aerospace, and defense applications will catapult demand over the coming years.

 

Favorable developments in North America to spur the market size

North America holds over 20% share in the global market. The region boasts the largest health industry and spends a significant portion of its GDP on healthcare. For instance, healthcare spending in the U.S. reached USD 3.8 trillion in 2019, an increase of 4.6% from the previous year. The country’s healthcare expenditure accounts for around 17% of its GDP and spends as much as twice compared to other countries. This is certain to have a positive influence on the medical equipment industry, thereby augmenting the UV adhesives market size.
 

Geographical expansion and product launches to strengthen the foothold of industry participants

Major market players are focusing on strategic developments such as product launches and geographical expansion. For instance, in 2017, DELO Industrial Adhesives expanded its operations in Japan by opening a new subsidiary in the region. Similarly, Dymax Corporation introduced a new product to expand its sales revenue.

 

The major UV adhesives industry players include 3M, H.B. Fuller, Henkel, Permabond Engineering Adhesives, BASF SE, DowDuPont (Dow Corning), Epoxy Technology, Inc., Cartell UK Ltd., Excelitas Technologies Corp., Panacol-Elosol GmbH, DELO Industrial Adhesives, Dymax Corporation, Ashland Inc., Sika AG, and Avery Dennison Corporation, among others.
 

Authors: Kiran Pulidindi, Soumalya Chakraborty