UV Adhesives Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Polymer Type (Epoxy, Acrylic, Others), By Substrate (Glass, Plastic, Metal, Others), By Application (Medical Devices, Structural Bonding, Electronics Assembly, Automotive Components, Others), By Industry Vertical (Automotive, Medical & Healthcare, Building & Construction, Electrical & Electronics, Others), And By Geography - Forecasts From 2023 To 2028
- Published : Jan 2023
- Report Code : KSI061614270
- Pages : 138
UV or ultraviolet adhesives are adhesives based on polymers such as acrylic or epoxy which use light or radiation to initiate permanent bonding without heating. Such adhesives provide rapid curing and high-quality bondage with stability owing to which they have major applicability in structural bonding, medical & automotive components assembling, and electronics assembling. Growing construction activities have provided a positive outlook to the UV adhesives market. For instance, according to Eurostat, in February 2022, production in building construction increased by 8.6% in the Euro area. Furthermore, according to US Census Bureau, in June 2022, residential construction increased by 1.4% in comparison to 2021 for the same month. Moreover, the growing number of chronic diseases such as diabetes due to genetic & environmental factors and insulin resistance has increased the usage of medical devices such as syringes, catheters, and medical filters all of which involves the usage of UV adhesive. For instance, as per the International Diabetic Federation (IDF) approximately 61 million adults in the Europe region were having diabetes in 2021. Moreover, according to Diabetes Canada, the number of people having type I, type II diagnosed, and undiagnosed diabetes is expected to reach 7,277,000 in 2023
Based on polymer type, the UV adhesives market is segmented into epoxy, acrylic, and others. The acrylic polymer is projected to hold a decent market share during the forecast period. Acrylic UV adhesive is solvent-free, highly corrosion-resistant, and hardens very quickly when exposed to visible light energy. The thermal and moisture resistant feature of acrylic UV adhesive ensures proper adhesion in shadowed areas owing to which it is used in electrical component bonding such as PCB bonding, and in the bonding of medical devices such as catheter tubing, syringes, and filters and oxygenators. Such advantageous features of UV acrylic adhesives coupled with their growing applicability in the electrical & electronics and medical sector are anticipated to increase its market demand in the future thereby providing a significant boost to the overall market growth of the UV adhesives market during the forecast period.
Bolstering growth in automotive production is creating a surge in the market demand for UV adhesives. Rich features of UV adhesives such as fast drying, and thermal and corrosion resistance have made it an efficient raw material to be used during large-volume manufacturing and assembling of automobiles. Technological adoption and growing trade shows have increased the demand for new automotives globally, thereby increasing the scale of automotive production. According to the European Automobile Manufacturer Association’s data, in 2021, global automotive production showed an increase of 1.3% in comparison to 2020, and as per the same data, automotive production at regional levels such as in South America increased by 15.6% whereas, in Middle & Africa, it saw a 10% increase. Such an increase in the productivity of the automotive sector has accelerated the UV adhesive’s demand in the sector for components bonding and assembling applications, thereby augmenting the overall market growth during the forecast period.
- In August 2020, Henkel Adhesives Technologies expanded its UV adhesives capability through the establishment of a new production facility of UV-curable acrylic pressure-sensitive adhesives at the Salisbury site in North Carolina. The facility that became operational would enable the company to meet the growing demand for sustainable UV curable adhesives for label and tapes application.
- In November 2019, Eurobond Adhesive Ltd launched an epoxy-based UV curing adhesive namely “Vitralit UC1535”, which easily hardens within a few seconds and is designed to be used in the production and assembly of medical, electronic, optomechanical, and semiconductor applications.
- In September 2019, industrial adhesive supplier Techsil launched a UV-curable adhesive product namely, “Vitralit 50004” which is produced by Panacol and is designed to be used for screen display bonding and laminating optics.
The UV adhesives market witnessed a decrease in growth due to the COVID-19 pandemic as the lockdown restrictions decreased the demand for UV adhesives in sectors such as automotive and construction owing to the decrease in their production output. For instance, according to the International Organization of Motor Vehicle Manufacturers data, in 2020, global automotive production stood at 77.7 million units which saw a decrease of 13% in comparison to the 92.2 million units produced in 2019. Moreover, as per International Construction and Infrastructure Surveys, the construction and infrastructure activities across the world went down in Q1 of 2020 with China in the Asia-Pacific region having the sharpest workload contraction followed by U.S. and UK. However, the ease in restrictions and necessary assistance through investments shown by the governments has enabled in a steady recovery of such sectors owing to which the demand for UV adhesives is anticipated to increase in them, thereby positively impacting the UV adhesives market outlook during the forecast period.
- By Polymer Type
- By Substrate
- By Application
- Medical Devices
- Structural Bonding
- Electronics Assembly
- Automotive Components
- By Industry Vertical
- Medical & Healthcare
- Building & Construction
- Electrical & Electronics
- By Geography
- North America
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Asia Pacific
- South Korea
- North America
1.1. Market Overview
1.2. Covid-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Driver
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of End-Users
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. UV ADHESIVES MARKET, BY POLYMER TYPE
6. UV ADHESIVES MARKET, BY SUBSTRATE
7. UV ADHESIVES MARKET, BY APPLICATION
7.2. Medical Devices
7.3. Structural Bonding
7.4. Electronics Assembly
7.5. Automotive Components
8. UV ADHESIVES MARKET, BY INDUSTRY VERTICAL
8.3. Medical & Healthcare
8.4. Building & Construction
8.5. Electrical & Electronics
9. UV ADHESIVES MARKET, BY GEOGRAPHY
9.2. North America
9.3. South America
9.4.3. United Kingdom
9.5. Middle East and Africa
9.5.1. Saudi Arabia
9.5.3. United Arab Emirates
9.6. Asia Pacific
9.6.3. South Korea
10. COMPETITIVE ENVIRONMENT AND ANALYSIS
10.1. Major Players and Strategy Analysis
10.2. Emerging Players and Market Lucrativeness
10.3. Mergers, Acquisitions, Agreements, and Collaborations
10.4. Vendor Competitiveness Matrix
11. COMPANY PROFILES
11.1. Henkel Corporation
11.2. Ashland Inc.
11.4. Vitrochem Technologies
11.5. Epoxy Technologies Inc.
11.7. Excelitas Technologies Corp.
11.8. Permabond LLC.
11.9. Fasto Advance Adhesives Technologies
Epoxy Technologies Inc.
Excelitas Technologies Corp.
Fasto Advance Adhesives Technologies
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