Ultraviolet (UV) curable resins market size was estimated to be worth over USD 3.5 billion in 2015 and is expected to exceed USD 8.6 billion by 2023, growing at a CAGR of more than 9.2% from 2016 to 2023.
Ultraviolet curable resins market size is gaining popularity in various industries owing to its emission-free and high performance properties. This is an emerging technology which is used to cause photo-polymerization in wide range of products such as adhesives, coatings, and inks. Global demand is likely to increase owing to increase in need from various end-user industries including graphic arts, industrial coatings, and electronics.
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Applications can be segmented into coatings, adhesives, and inks. Coatings were the dominant application and accounted for more than 60% of the global demand in 2015.
Coatings are further segmented into field and metal coating; field curing includes coating pertaining to wood floor, concrete floor, vinyl floor, tubs, and countertops. Metal industry consists of automotive, coil, and cans. Growth in the automotive and construction industry is expected to drive field and metal coating demand over the forecast period.
Inks mainly consist of packaging usage and are expected to witness considerable growth due to stringent regulations pertaining to printing on food packaging. Growth in the print industry accompanied by increase in trend for 3D printing is likely to create opportunity for UV curable resins market demand.
Adhesives have applications in the automotive and construction industry as they are chemically cured and resistant to chemical corrosion & heat. They are also flexible to rigid bonds which provide strong bonding between materials. China is expected to be key consumer due to automotive industry growth.
On the basis of end-use, the industry can be bifurcated into graphic arts, industrial coatings, and electronics. Industrial coatings demand was dominant, accounting for over 33% of the global share in 2015. Increase in automotive and manufacturing spending coupled with technology innovation is likely to boost growth.
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Electronics segment is anticipated to witness notable growth in Asia Pacific owing to increase in manufacturing capacity in the region. Growing need for performance products in order to manufacture electronic equipment is likely to positively influence UV curable resins market demand.
3D printing materials with high flexibility, processability, and stability is likely to create more opportunity in near future. 3D printing materials demand is projected to grow at a rate of over 18% during the forecast period which is likely to make prospect for manufacturers in the future.
This latest Ultraviolet (UV) Curable Resins Market research report offers in-depth analysis, key industry insights, market sizing & forecast on a granular level for key products, applications across number of regional markets. The report also analyzes the Ultraviolet (UV) Curable Resins industry from business strategy perspective, describing in detail growth drivers, pitfalls &challenges for participants, accompanied by a detailed competitive benchmarking including company market share analysis and detailed business profiles.
Browse key industry insights spread across market data tables, figures & charts from the report, “Ultraviolet (UV) Curable Resins Market Size, Industry Analysis Report, Regional Outlook (U.S., Germany, UK, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2016 – 2023.” in detail along with the table of contents.
Key Insights in this Report
- Global Ultraviolet (UV) Curable Resins Market size & forecast by product & application
- Growth drivers, pitfalls & industry challenges
- Key Ultraviolet (UV) Curable Resins Market growth opportunities & emerging business models
- Competitive benchmarking with market share analysis and company profiles
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