UV Curable Resin Market Size, Share, Opportunities, COVID 19 Impact, And Trends By Composition (Oligomers, Monomer, Photoinitiator, Others), By Application (Adhesives And Sealants, Coatings, Ink, Others), And Geography - Forecasts From 2019 To 2024

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 have 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

Frequently Asked Questions (FAQs)

Q1. What will be the UV curable resins market size by 2024?
A1. The global UV curable resins market is expected to reach a market size of US$6,156.196 million in 2024. 

Q2. What are the growth prospects for the UV curable resins market?
A2. The UV curable resins market is expected to witness a CAGR of 7.03% over the forecast period. 

Q3. What is the size of the global UV curable resins market?
A3. UV Curable Resins Market was valued at US$4,095.699 million in 2018. 

Q4. What factors are anticipated to drive the UV curable resins market growth?
A4. The 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.  

Q5. Which region holds the largest market share in the UV curable resins market?
A5. The Asia Pacific market is expected to have a notable growth rate in the UV curable resins market due to increasing use in the electronic industry and growing environmental concerns.