The global ultraviolet curable resins market size was USD 2.21 billion in 2015. The industry is expected to witness remarkable growth over the next few years. Increased consumption in various end-use industries such as wood coating, industrial, automotive, and graphics art is expected to have a direct impact on industry growth. The growing demand for eco-friendly curable resins is expected to augment market expansion.
The new developments in the technologies coupled with low-cost manufacturing equipment will drive the demand for these products in comparison to other conventional drying methods. The technology developments have given ease in the manufacturing process. Increasing emphasis on safe, odor-free, sustainable, and green materials by various regulatory authorities across the globe has resulted in the surge in need for these products.
Mounting demand for ultraviolet (UV) curable resins is a result of the performance rendered by the product. They increase production speed, reduce reject rates, improve scratch and solvent resistance, & facilitate superior bonding. Moreover, they also provide high productivity, the line on sight cure, and eliminate mixing errors. In addition, they are also cost-effective, durable, dependable, has low maintenance costs, and many such advantages over traditional drying methods.
Various governments across the world have formed regulations regarding the use of plastics products owing to harmful effects on the environment. These curing resin coatings are believed to be an essential part of the plastic coatings industry. Due to these regulations, UV curable resin demand is anticipated to witness a slight decline over the next eight years.
UV curing method requires infrared or high conventional heat for the process. This is one of the major complications faced by these products. For various components, melt temperature has to be reduced and mixed with a water-based solvent, which results in the change in the composition of the component.
The industry requires a huge initial investment and R&D cost. Moreover, volatile raw material prices are expected to restrain the expansion. However, development of alternative & renewable raw materials and technology advancement is expected to open new avenues for the industry participants over the forecast period.
Companies have been developing new photoinitiators for more promising results. The photoinitiator demand by 2024 is expected to be over 90 kilotons. Advancement of these new photoinitiators technology is also expected to result in the development of new resins and expand the breadth of objects to be cured.
The monomer composition held the largest share in 2015 and accounted for over 45% of the total industry volume. Monomers have been the key components for manufacturing UV curable resins, which are used in coatings, inks, and adhesives. Oligomers and other compositions such as additives, pigments & fillers are expected to have a stable growth owing to their unique properties and characteristics.
The industrial application accounted for around 40% of the total worth in 2015. The UV curable resins widely find their usage in packaging, plastics & metal coatings, optoelectronics, electrical & electronics, and adhesives. The industrial application has dominated the industry for the past few years. The sector is growing at a significant pace resulting in industry growth.
Wood coatings are also witnessing a notable growth owing to the development of construction & housing business. These industries are growing mainly in developing & emerging countries such as India, Thailand, Indonesia, Malaysia, and others.
The automotive and graphic art had a uniform growth over the past few years and is anticipated to show the same trend from 2016 to 2024. Rising environmental concerns regarding VOC emissions will result in increasing demand for the product. They have low emissions and volatility in comparison to other cures.
The other application market of revenue for UV curable resins was worth USD 53.8 million in 2015. Other applications include medical application, general electronics, decorative glazes laboratories, R&D, plastic containers, metal decorations, resistors/capacitors semiconductors sheet decorating, and many others. These applications are expected to witness stable growth in the future.
North American UV curable resins market led the global industry and accounted for 32.1% of global demand in 2015. The region is one of the leading producers and consumers of these products with the presence of the latest innovation and technology. The U.S. accounted for over 80% of the overall demand in North America.
Europe is the hub of the world automotive industry. The growth in the automotive industry in the region is expected to push the demand for UV curable resins products. In Europe, the UV curable resins market volume was 140.3 kilotons in 2015 and is estimated to grow at a CAGR of 6.1% over the forecast period.
Asia Pacific is anticipated to become the largest demand center for UV curable over the forecast period in terms of consumption. The presence of developing & emerging countries such as China, Malaysia, India, Thailand, Indonesia, and Sri Lanka makes the region a potential market. The region is witnessing major growth in the wood coatings, construction, and automotive industries which are resulting in the augmented demand for the product.
The global ultraviolet curable resins market is highly fragmented and competitive in nature. There is a presence of fewer numbers of big and experienced players. This results in high competition among the local and unorganized industry participants across the globe to gain their market share in terms of revenue generation and product portfolio.
Major industry participants include BASF SE, Covestro AG, Ltd, Allnex Belgium SA/NV, Hitachi Chemical Co., Ltd, IGM Resins B.V., Eternal Materials Co., Ltd., Sartomer, Jiangsu Sanmu Group Corporation, DSM N.V, SolTech Ltd., and Toagosei C.
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