Ultraviolet (UV) curable resins market size was estimated to be worth over USD 3.5 billion in 2015 and is expected to exceed USD 8.6 billion by 2023, growing at a CAGR of more than 9.2% from 2016 to 2023.
China UV curable resins market size dominated APAC demand, and accounted for more than 51% of consumption in 2015 followed by Japan, with 25% in the same year. Rapid industrialization and manufacturing sector growth were among the key factors to drive demand in the region.
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North America is expected to grow at a significant rate owing to increase in trend for green technology and growth in the processed food industry. Europe is anticipated to witness moderate growth and coatings & inks are likely to be key applications to drive demand in the region.
Increase in construction spending coupled with need to build sustainable infrastructure is likely to positively influence Middle East & Africa UV curable resins market. Saudi Arabia dominated the regional construction spending at more than USD 1 trillion in 2015.
Ultraviolet curable resins market size is gaining popularity in various industries owing to its emission-free and high performance properties. This is an emerging technology which is used to cause photo-polymerization in wide range of products such as adhesives, coatings, and inks. Global demand is likely to increase owing to increase in need from various end-user industries including graphic arts, industrial coatings, and electronics.
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Applications can be segmented into coatings, adhesives, and inks. Coatings were the dominant application and accounted for more than 60% of the global demand in 2015.
On the basis of end-use, the industry can be bifurcated into graphic arts, industrial coatings, and electronics. Industrial coatings demand was dominant, accounting for over 33% of the global share in 2015. Increase in automotive and manufacturing spending coupled with technology innovation is likely to boost growth.
Coatings are further segmented into field and metal coating; field curing includes coating pertaining to wood floor, concrete floor, vinyl floor, tubs, and countertops. Metal industry consists of automotive, coil, and cans. Growth in the automotive and construction industry is expected to drive field and metal coating demand over the forecast period.
Inks mainly consist of packaging usage and are expected to witness considerable growth due to stringent regulations pertaining to printing on food packaging. Growth in the print industry accompanied by increase in trend for 3D printing is likely to create opportunity for UV curable resins market demand.
Adhesives have applications in the automotive and construction industry as they are chemically cured and resistant to chemical corrosion & heat. They are also flexible to rigid bonds which provide strong bonding between materials. China is expected to be key consumer due to automotive industry growth.
Electronics segment is anticipated to witness notable growth in Asia Pacific owing to increase in manufacturing capacity in the region. Growing need for performance products in order to manufacture electronic equipment is likely to positively influence UV curable resins market demand.
3D printing materials with high flexibility, processability, and stability is likely to create more opportunity in near future. 3D printing materials demand is projected to grow at a rate of over 18% during the forecast period which is likely to make prospect for manufacturers in the future.
Increase in environment regulations in order to control emissions and VOCs in the environment accompanied by rising trend for green technology are among the key driving factors to positively influence UV curable resins market demand. Limited application and high initial investment cost is likely to hamper growth. High competitive price is expected to adversely affect UV curable resin market price trend.
Global UV curable resins market share consists of BASF SE, Allnex Belgium S.A., DSM-AGI, Eternal Materials, Dymax, Miwon Specialty Chemical, Sartomer, IGM., Jiangsu Litian Technology, Jiangsu Sanmu Group, and Hitachi Chemical.
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