The global UV curable resins & formulated products market size is estimated to be USD 4.2 billion in 2020 and is projected to reach USD 6.6 billion by 2025, at a CAGR of 9.5% during the forecast period. Government regulations in Europe and North America, especially that concerning air pollution, will continue to drive the adoption of the low-emission UV curing technology over the next 5 years. The report analyzes key growth strategies adopted by the market players between 2011 and 2018 to expand their global presence and increase their market share.
China, Japan, and South Korea are the largest consumers of UV curable resins & formulated products in Asia Pacific. Factors such as evolving environmental & regulatory scenario, increasing consumer awareness (including sensitivity to health and safety), and pressure from flagship companies to improve their environmental performance of supply chain have resulted in an increased demand for UV curable resins & formulated products in the Asia Pacific region.
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Allnex (Germany), Alberdingk Boley (Germany), Toagosei (Japan), BASF (Germany), DSM-AGI (Netherlands), Covestro (Germany), Nippon Gohsei (Japan), Hitachi Chemical Company (Japan), IGM Resins (Netherlands), and Miwon Specialty Chemical (South Korea) are the key leading players of the market.
New product launches, expansions, and mergers & acquisitions are the key strategies adopted by the industry players to grow in the UV curable resins & formulated products market. These strategies accounted for a share of 62%, 21%, and 18%, respectively, of the total growth strategies adopted by the market players. The rising demand for environment-friendly wood coatings and the high growth of the plastic coatings industry in developed countries is encouraging companies to adopt these strategies. Market players are focusing on entering new markets by launching technologically advanced and innovative resins for different applications. Allnex Group (Germany), BASF SE (Germany), Alberdingk Boley (Germany), DSM-AGI (Netherlands) and Covestro (Germany), are some of the leading market players that have adopted these strategies to develop their business.
Allnex has a strong foothold in the UV curable resins & formulated products market and has adopted various strategies, such as mergers & acquisitions, expansions, and new product launches. The company has adopted new product launches as its major business strategy, which further has helped the company to enhance its global presence. In December 2017, Allnex launched UCECOAT 7230, its first waterborne UV curable dispersion, which can be used on a wide variety of plastic substrates. The product is expected to serve a multitude of application segments, including automotive and industrial plastics, plastic films and sheets, consumer electronics, and flooring.
In September 2016, Allnex and Nuplex Industries collaborated to form one company. The company is a strong global player in UV curable resins & formulated products market, with over 30 manufacturing sites and about 24 research and technology support facilities around the world.
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