The photoinitiator market is projected to grow at a CAGR of 6.75% between 2025 to 2030.
Photoinitiators are small molecules that transform light energy into chemical energy to induce chemical reactions. There has been a rise in demand for photoinitiators due to their excellent properties such as relative stability and range of light absorption. Rising demand for UV-cured coating photoinitiators in the electronic assembly is boosting the growth of the photoinitiators market.
Advancements in light-cure adhesive technology will further continue to drive the growth of photoinitiators market during the next five years. Geographically, APAC holds a significant market share owing to the rising end-user industries including electronics, packaging, and automotive.
DRIVERS
Strict regulations regarding VOC emissions
Rising demand for UV-cured coating
RESTRAINTS
Fluctuations in raw material prices
INDUSTRY UPDATE
Recently in August 2019, IGM has announced the global expansion of its photoinitiator manufacturing by setting up a new Greenfield site in China while upgrading the Mortara, Italy’s manufacturing facility.
European private equity group Astorg acquired IGM Resins from Arsenal Capital Partners in 2018.
The major players profiled in the photoinitiator market include IGM Resins[1], Hubei Gurun Technology Co., Ltd., Tronly, Photo High Technologies, Lambson, and Merck KGaA.
Segmentation
The Photoinitiator Market has been analyzed through the following segments: