The global UV cured resins market is expected to grow and reach $5650 million by 2022, growing at a CAGR of 9% in the forecast period.
The global UV-cured resins technologies market is segmented on the basis of application, composition, and end user. On the basis of application, the market is categorized into masking materials, adhesives, inks and pre-coated gaskets market. Among which the inks market dominates the UV cured resin market in terms of application, due to the technological advancements in the printing technology. Adhesives are the fastest growing market in this application segment. In terms of end users, the market is divided into graphic arts, packaging, industrial coating, electronics, and healthcare market. Amongst which the industrial coating market is the largest segment owing to the growing investments in manufacturing and industrial sectors. On the basis of composition, the global market is segmented into photo initiators, monomers and oligomers market.
Due to growing demand from electronics industry, there has been a huge growth in the UV cured resins market as it has a wide application in the electronics industry. Its applications are in game console coatings, laptops, mobile phones, automobiles and so on, which fuels the market growth. Another market driver is the increasing demand for UV curable inks. Packaging industry has a huge impact on the growth of UV curable inks. Stringent government regulations that are present related to the emission of volatile organic compounds has boosted the market growth and increased the adoption of UV curable inks in the publication sector due to properties like time and cost savings, high image quality, ideal for varied applications and increased productivity. Due to rising environmental concerns across the globe there has been a shift towards the eco-friendly resins boosting the UV cured resins market. Ever increasing technologies and the rapid innovations that come up in the chemical curing market is also a key factor responsible for the growth of UV cured resins market. Rising demand from Asia Pacific region due to rapid industrialization, acts a huge factor boosting the market growth.
UV cured resins are expensive when compared to the conventional resins that are available due to its high manufacturing cost and fluctuating cost of raw materials which greatly impacts the demand for the global UV-cured resins market. The main reason for the expensive nature of the UV curable ink is the high cost of raw materials, which restrains the market growth. Other factors restraining the market growth are the unattractive prices that are available in the market, as the price of UV cured resins is higher its growth is restrained due to presence of various other cheaper competitive products. Also, the low temperature resistance capability of the UV cured resins acts as an hindrance to growth.
There exists opportunities in the market which helping the market to grow and tap the untapped segments. Due to the continuous innovations in the 3D printing technology, there has been an increase in the use of UV cured resins in posters, billboards, window graphics, indoor signage, banners, and more. Another opportunity available in the market is development in the epoxy and polyester acrylates, which has led to the growth of the UV cured resins market. Also, the presence of various emerging economies across the globe provides a huge opportunity to tap these markets. Europe is an emerging market for establishing the UV cured resins market.
There are various challenges that are available in the market, like the low export demand of UV cured resins. The fluctuations in the crude oil prices are likely to have a negative impact on the growth of this market. The harmful effects of the UV radiation can adversely affect the market growth. Also, there has been a declining phase of industrialization in Europe, due to the contraction in manufacturing sector.
North American region is the largest market for the UV cured resins, owing to the increasing demand from various end user application industries like the packaging, automotive, and electronics. US hold the maximum market share owing to the growth of automotive & packaging industry. Europe is the second largest market for UV cured resins, due to the growing usage in the consumer electronics, wood coatings and graphic arts markets. Asia Pacific is the fastest growing market, with China and Japan being the key consumers of UV cured resins while the countries like South Korea and Taiwan have comparatively small consumption levels. The Middle East & African markets due to growth in the construction sector, is expected to grow in the forecast period.
Some of the major market players are BASF SE, Allnex Belgium SA, DSM-AGI Corporation, Dymax Co., Eternal Materials, Hitachi Chemical Company, Ltd. and many more.