UV Curable Resin Market Outlook 2019-2026:
Global UV Curable Resin Market key players are Hitachi Chemical, BASF SE, DSM-AGI, Jiangsu Litian Technology, Allnex Belgium S.A., Sartomer, IGM, Eternal Materials, Dymax, Miwon Specialty Chemical, and Jiangsu Sanmu Group.
Global UV Curable Resin Market was valued at $4,745.6 million in 2018 and is estimated to reach $9,769.7 million by 2026, growing at a CAGR of 9.4% from 2019 to 2026.
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The use of UV curable resins has grown significantly, as they have several advantages over conventionally cured resins in terms of less energy consumption, reduced waste, zero emission of volatile organic compound (VOCs), and higher productivity (fast curing).
UV curable resins do not contain any organic solvents, which could have adverse environmental effects. However, the light penetration depth, which depends on the wavelength and spectral distribution, does not exceed a few millimeters. Thus, the application of UV-curable resins is restricted to inks, coatings, and adhesives.
The UV curable resin market is segmented based on resin type, application, and region. On the basis of resin type, the global UV curable resin market is fragmented into acrylated epoxies acrylated polyesters, acrylated urethanes, acrylated silicones, and others. The acrylated epoxies UV-curable resin segment is expected to dominate the market, owing to its fast cure rates and good adhesion performance because of the presence of polar hydroxyl and ether groups in the epoxy backbone structure. However, the acrylated urethane UV curable resin segment is expected to grow at the highest CAGR during the forecast period.
Based on application, the market is categorized into coating, packaging, printing, adhesives & sealants, and others. The coating application is expected to dominate the market and printing application is expected to grow with the highest CAGR in the market.
Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific dominates the market owing to the growth in paints and coating industry which is the primary consumer of UV curable resins. Asia-Pacific is further expected to maintain its dominant position in the near future.
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According to Eswara Prasad, Manager, Material and Chemical at Allied Market Research, “UV-LED curing technology has undergone significant advancements in the past few years. This technology serves as an environmentally friendly solution, as UV-curable resins ensure zero VOC emission, thereby significantly fueling their demand across the globe.
Key Findings of the UV-Curable Resin Market:
- The North America segment accounted for a share of nearly 33% in the UV curable resin market in 2018.
- The Printing segment is anticipated to grow with the highest CAGR throughout the forecast period.
- In UV curable resin market share, Acrylated urethanes accounted for more than 29% share in the UV curable resin market in 2018.
- The Asia-pacific is anticipated to grow at the highest rate in the UV curable resin market during the forecast period, followed by North America.
- In UV curable resin market size, the China accounted for more than 34% share 2018 and is anticipated to grow with a CAGR of 10.7% during the forecast period.
To stay competitive in the market, these market players are adopting strategies such as product launch and business expansion. For instance, Hitachi Chemicals introduced TA series of UV-curable resins, which are cured quickly under UV light after applied to substrates. In addition, it has silicon-modified type and other product lined-up for release.
On December 2016, BASF SE announced to broaden its UV resins portfolio by including five new standard epoxy acrylates from the Laromer EA product family for radiation curable coatings and printing inks.