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Projected to grow at a CAGR of more than 9%, UV Curable Resin market is to witness a significant growth over the forecast period owing to strict government regulations on VOC emission into the environment and technological progress in chemical curing market. Conventional adhesives have hydrocarbon solvents which upon curing release hydrocarbon in the environment.
UV resins offer sustainable and dynamic coating in the market. The growing demand for green coatings is to have a positive impact on the industry. These ultraviolet resins coatings are made from specific resins such that they cure under UV light or artificial UV bright light. This gives extra durability and finish to variety of substances. It comes in various colors and depends on color and layer’s thickness that how much time it will take to cure under the UV light. Since it does not involve heating, it emits less carbon than other conventional solutions. The aforementioned points drive the market growth over the forecast period.
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Many other resins such as epoxy resins, polyester resins and acrylic pouring medium are becoming unpopular as they require for curing and has poor UV resistance, especially in US and Europe region where government is strict about the emission norms. The growing use of ink in packaging applications is to drive the market in next eight years. UV curable resins are now being used in field applications as well which has lead in improvements in curable equipments and technological innovation in finished products leading to the market growth. Moreover, growing electronics market is also to have a positive impact as these resins provides good abrasion resistance, adhesion and non-yellowing properties to electronic components.
Other growth drivers are growing demand for resins in various end-use industries and manufacturers expanding the product portfolios related to these resins. Further, rapid industrialization in Asia-Pacific and Latin American regions demanding for coatings is to lead to market growth as well.
However, fluctuating crude oil prices, need for technological innovations in UV resin and reducing export demand pose a threat to this market. Its application limitation, health effects owing to UV rays exposure and continuous scrutiny of petrochemical based resins by regulatory agencies pose a major challenge to the growth of UV resin market. Also, this product is not attractive in price competitive market.
Increasing penetration in 3D printing and metal coatings market is to offer opportunities in this market. As market demand for 3D material is growing, it is to have positive impact on resins market as well. Moreover, potential markets with low capacities and diversifying target segments also provide opportunities to UV curable resin market.
The industry can be segmented on the basis of composition, application and end-user. On the basis of composition the market is divided into monomers, oligomers and photoinitiators. On the basis of application, the market includes inks, coatings and adhesives. On the basis of end users, the industry is divided into graphic arts, industrial coatings and electronics. Industrial coatings dominated the market in the recent past due to its various applications in plastics, paper, wood and glass manufacturing.
North America being characterized by advanced processing technologies has a high demand for adhesives and coating. US being a major processed food hub require more of UV resins for packaging applications which is to fuel the growth of this market over the forecast period. Declining industrialization in Western Europe is to have a negative impact on European resin’s market. Asia-Pacific on account of its growing automobile sector has increased the consumption of resins in the near past. China dominated the market of UV resins followed by Japan. This market is to witness a significant growth over the forecast period owing to electronic products growth.
Key players in this market are DSM-AGI Corporation, Miwon Specialty Chemical Co. Ltd., Dymax Corporation, Hitachi Chemical Company Ltd., Allnex Belgium SA, Jiangsu Litian Technology Co. Ltd., Jiangsu Sanmu Group Corporation, Sartomer USA LLC, Eternal Chemical Co. Ltd., BASF SE and IGM Resins B.V. Merger & Acquisitions are strategic initiatives used by these companies.
In January 2014, Arkema and Jurong Chemical announced the creation of Sunke which is a joint venture to accelerate the development of its coating solutions segment in China and in Asia and to assist its customers in particular in fast-growing markets such as superabsorbent, paints, adhesives, water treatment, etc.
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