The global UV curable resins market is expected to witness a CAGR of 7.03% to reach US$6,156.196 million in 2024 from US$4,095.699 million in 2018. UV-curing resins are materials that are polymerized and cured in a short time by the energy radiated from Ultraviolet irradiation devices. They are widely used as industrial materials for sealing, bonding, ink, and coating. UV-induced cure has many advantages over conventional cure in terms of less energy consumption and equipment space, reduced waste, less emission, higher productivity (fast cure), and lower temperature treatment which is expected to drive the market growth. There are stringent regulations on VOC emissions which are expected to fuel the market growth. However, the limited application of UV curable resins and its high initial cost is expected to hamper the market growth.
By composition, the oligomers segment is expected to hold a significant market share due to superior properties of oligomers such as fast curing, good chemical resistance, high gloss, and relatively low cost. By application, the coating segment is estimated to a significant market share as UV coating is increasingly used in the electronic industry due to excellent performance such as outdoor durability, good wear resistance, and resistance against household chemicals. By geography, the Asia Pacific market is expected to have a notable growth rate due to increasing use in the electronic industry and growing environmental concerns.
DRIVERS
• Growing demand for industrial coating, packaging, and electronics industry due to superior properties.
• Increasing preference for environment-friendly products.
RESTRAINTS
• Limited applications
• High initial cost
INDUSTRY UPDATES
• In July 2019, Arkema completed the acquisition of ArrMaz, a global leader in specialty surfactants for crop nutrition, mining, and infrastructure markets. The acquisition of this profitable, resilient and low capital intensive business, is another milestone in Arkema’s growth journey towards specialties.
• Private equity firm Arsenal Capital Partners has completed the sale of IGM Resins, a global manufacturer of ultraviolet (UV) curable materials, to French private equity firm Astorg Partners in July 2018.
• Royal DSM, a global science-based company active in health, nutrition, and materials, announced on August 9, 2017, that it has concluded the acquisition of the outstanding 49% of shares in its DSM-AGI joint venture, thereby gaining sole ownership of the Taiwan-based supplier of innovative, high-quality and environmentally-friendly UV-curable resins and other specialty chemicals.
SEGMENTATION
The UV curable resin market has been analyzed through the following segments:
By Composition
• Oligomers
• Monomer
• Photoinitiator
• Others
By Application
• Adhesives and Sealants
• Coatings
• Ink
• Others
By Geography
• North America
o USA
o Canada
o Mexico
• South America
o Brazil
o Argentina
o Others
• Europe
o Germany
o France
o United Kingdom
o Spain
o Others
• Middle East and Africa
o Saudi Arabia
o Israel
o Others
• Asia Pacific
o China
o Japan
o South Korea
o India
o Others
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