Ultraviolet Curable Resin Market Size, Share & Trends Analysis Report By Product (Monomers, Oligomers), By Application (Wood Coatings, Graphics Art Industrial), By Region, And Segment Forecasts, 2024 - 2030

Ultraviolet Curable Resin Market Trends

The global ultraviolet curable resin market size was valued at USD 4.14 billion in 2023 and is projected to grow at a CAGR of 10.5% from 2024 to 2030. The increasing focus on reducing volatile organic compounds (VOCs) emissions has resulted in the demand for ultraviolet (UV) curing technology. This offers an eco-friendly alternative compared to conventional thermal curing methods. The fast curing time offered by UV-curable resins and enhanced chemical resistance is propelling the market growth.

The increasing disposable income is inclining customers to purchase products, which enhances the aesthetics and functionalities of products, leading to a high demand for UV-curable coatings. They are widely utilized in plastic paints for household items. Moreover, it is used in optical films with materials such as calcium fluoride, UV-fused silica, and sapphire, leading to higher accessibility, affordability, and easy fabrication than many other UV-transmitting materials.

Product Insights

The monomer segment dominated the market and accounted for a share of 48.4% in 2023. Monomers provide a wide variety of functional properties for the development of resins including traits that are customized for specific application requirements. The development in research to incorporate new monomers into UV resins leads to improved products that are broadening potential users with special characteristics. The lower production cost incurred in the use of monomers is fueling the segment growth.

The photoinitiator segment is expected to register the fastest CAGR of 11.8% during the forecast period. Photoinitiators enhance the curing efficiency by enabling a quick curing process, decreasing energy usage, and increasing production speed. This results in higher output and lower operational costs. The manufacturers lower resin expenses to maintain performance by choosing the most suitable photoinitiator. It is also utilized in several industries such as paper production, wood furniture, electronic components, adhesives, and others, leading to its higher demand in the market.

Application Insights

The industrial segment accounted for the largest market revenue share in 2023. The use of UV-curable resins in several industrial applications such as inks, coatings, sealants, and adhesives contributes to the growth of UV-curable resin market. The packaging industry's demand for improved and speedy production of products, UV curable inks, and coatings helps in attaining these products. The rising demand for fuel-efficient and lightweight vehicles has resulted in fueling the UV-curable resins market in 3D printing applications, coatings, and adhesives.

The graphics art segment is expected to register a significant CAGR during the forecast period. The graphic arts uses UV curable resins to improve the efficiency, quality, and environmental impact of their products. It is widely used in inks, coatings, adhesives, and other applications such as digital decoration and screen painting. UV-curable adhesives are used in producing labels for securely bonding various substrates, effectively binding books and magazines, guaranteeing strong adhesion and adaptable binding.

Regional Insights

North America UV curable resins market dominated the market in 2023 owing to rising environmental concerns that is driving businesses towards the use of UV-curable resins.

U.S. Ultraviolet (UV) Curable Resins Market Trends

The U.S. UV curable resins market held a substantial share in 2023. UV curing offers quicker production cycles, immediate curing, and increased output. This results in a reduced amount of wasted material, leading to increased profitability and efficiency.

Europe Ultraviolet (UV) Curable Resins Market Trends

Europe UV curable resins market was identified as a lucrative region in 2023. The growing environmental consciousness has resulted in demand for eco-friendly products. The UV-curable wood coatings offer environmentally safe biodegradable features that is driving the market growth.

The UK UV curable resins market is expected to grow rapidly in the coming years due to the growing economy. The economic growth in Europe helped the expansion of multiple industries, resulting in a higher need for adhesives and coatings. The growing industrial applications such as automotives, packaging, and others, and changing consumer preferences is driving the growth of the UV curable resins market.

Asia Pacific Ultraviolet (UV) Curable Resins Market Trends

Asia Pacific UV curable resins market is anticipated to witness significant growth during the forecast period. Market growth is anticipated to be fueled by rapid industrialization in the Asia-Pacific region. Moreover, the expansion of sectors such as electronics, automotive, paints & coatings, and construction is resulting in the increased demand for UV-curable resins.

Key Ultraviolet Curable Resin Company Insights

Some of the key companies in theUV curable resins market include BASF SE, Astorg (IGM Resins), Covestro AG, DSM,Resonac Holdings Corporation, and others.

• BASF SE specializes in chemicals. The company is grouped into six segments chemicals, materials, industrial solutions, surface technologies, nutrition & care, and agricultural solutions. It offers coating products in automotive OEM, marine, off road & commercial vehicle, vehicle refinish, and other coatings & finishes. 

Recent Developments

• In March 2024, Panacol launched UV curable, black epoxy resin adhesives. These can be cured in thick layers by using UV light and eliminate the need for a secondary curing mechanism.

• In October 2023, Arkema initiated the production of Sartomer specialty UV/LED curing resins. The production has begun at its expanded facility in China. This is expected to support the development of sustainable solutions, for application such as electronics, in the Asian market. 

Ultraviolet Curable Resin Market Report Scope

Global Ultraviolet Curable Resin Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global ultraviolet curable resin market report based on product, application, and region.

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Monomers

  • Oligomers

  • Photo initiators

  • Others

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Wood Coatings

  • Graphics Art

  • Industrial

  • Automotive

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Thailand

    • Indonesia

    • Malaysia

    • Australia

  • Latin America

    • Brazil

    • Argentina

  • Middle East and Africa (MEA)

    • Saudi Arabia

    • South Africa