NEW YORK, May 17, 2019 (GLOBE NEWSWIRE) -- The global ultraviolet (UV) curable resins market is likely to expand from USD 4,325.4 million in 2018 to USD 8,576.8 million by 2025, witnessing a CAGR of 9.6% over the forecast period. The growth can be primarily attributed to the increasing use of UV curable resins in 3D printing applications coupled with the excellent performance offered by these resins. Also, growing emphasis on safe and sustainable materials across the globe has led to the implementation of various stringent regulations that promote the use of eco-friendly products.
Key players are focusing on high-end research and technological advancements in order to ease the manufacturing process as well as provide better performance as compared to the conventional drying method. A few examples of innovation in this field include; LED UV curing technique; development of self-curing resins and low extractables & odor (LEO) resins; among others. UV curable resins offer high production speed, improve solvent & scratch resistance, facilitate superior bonding, while reducing reject rates.
Key findings from the report:
- The global UV curable resins market is likely to reach USD 8,576.8 million by 2025
- Oligomers segment held a substantial share of the market in 2018, and the trend is likely to continue over the next seven years
- Coatings segment accounted for the major share of the market in 2018, and is likely to witness a healthy CAGR during 2019-2025
- Waterborne UV curable resins are likely to offer significant growth opportunities over the forecast period
- Asia Pacific dominated the global market in 2018, and is expected to witness considerable growth over the forecast period
- Some of the key companies operating in the industry include BASF SE; Covestro AG; DSM; Arkema SA; Hitachi Chemical Company Ltd.; Allnex Group; Nippon-Gohsei; Soltech Ltd.; DIC Corporation; Dymax Corporation; Eternal Materials Co. Ltd.; IGM Resins B.V.; Jiangsu Litian Technology Co. Ltd.; Parson Adhesives, Inc.; Miwon Specialty Chemical Co. Ltd.; and Jiangsu Sanmu Group Corporation.; among others
- As of April 2019, Allnex Group has announced an expansion project in North Augusta, South Carolina to provide a new oligomer reactor train in order to support the growth of the Radcure business. The new reactor train would produce polyester acrylates (PEA), used primarily in the food packaging, graphic arts, and industrial coatings segments while also supporting other segments as intermediate material building blocks. The additional capacity at North Augusta would not only meet the local demand of North & South America but also support the Asian and European markets.
Coatings segment drives the global market demand
UV curable resins are used in key applications that include coatings, adhesives and inks across various industries such as medical, automotive, electronics, automotive, cosmetics, and graphic arts, among others. The coatings segment accounted for the largest share of the global market in 2018, and the trend is expected to continue over the coming years. The growth can be attributed to the growing use of UV curable resins in plastic, metal, and wood & paper coatings to provide excellent durability and surface finishing with little or no VOC emission. Also, these resins are used to formulate high quality adhesives, which are mostly used by electronics manufacturers. UV curable adhesives are also used in numerous applications to bond composites, surface treated metal, glass and plastics.
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UV curable resins market - Regional insight
Asia-Pacific dominated the global market for UV curable resins in 2018, and is projected to maintain its dominance over the next seven years. The aforementioned growth can be primarily attributed to rapid industrialization along with high growth in the manufacturing and electronic sector of China, India, and Japan. Moreover, the region is witnessing considerable growth in the construction, wood coatings, and automotive industries, which is expected to further propel the market demand over the next seven years.
The report segments UV curable resins market on the basis of composition, type, application, technology, end-use, and region.
By Composition
- Monomers
- Photoinitiators
- Oligomers
- Coinitiators
- Others
By Type
- Acrylate radical polymerization
- Epoxy denatured acrylate
- Polyester denatured acrylate
- Urethane denatured acrylate
- Silicone denatured acrylate
- Epoxy cationic polymerization
By Application
- Inks
- Coatings
- Adhesives
- Others
By Technology
- Waterborne UV curable resins
- Powder UV curable resins
- Solventborne UV curable resins
- Others
By End-Use
- Electronics
- Graphic Arts
- Industrial Coatings
- Medical
- Cosmetics
- Automotive
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Central & South America (CSA)
- Middle East & Africa (MEA)
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