Market Overview: A new report from Reports and Data predicts that the global UV Curable Resins & Formulated Products market is set to achieve a valuation of USD 7.90 Billion by 2026. These resins are known for their rapid drying and immediate curing properties, and their substantial demand from various end-use industries is a significant driving force behind the growth of this market. Key applications include wood and paper coatings, adhesives, and plastic coatings, among others.
Market Growth Factors: The market for UV Curable Resins & Formulated Products is experiencing growth due to increased demand resulting from industrialization and urbanization. This market presents lucrative opportunities, with factors like cost-effectiveness, high productivity, durability, and low maintenance positively impacting its expansion.
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The adoption of environmentally friendly industrial coatings and the rising need for UV curable inks in packaging applications are contributing to the growth of these products. The increased use of UV curable resins in applications such as Barrier Films, 3D Printing, packaging, digital printing, and printed circuits is expected to further fuel market growth.
North America, as a developed region with well-established end-user industries like logistics, construction, and electronics, is driving market growth. Government initiatives aimed at renovating residential and commercial infrastructure are also contributing to this expansion.
Key Report Highlights:
- The report provides global statistics for the UV Curable Resins & Formulated Products market from 2016 to 2026, with historical data for 2016 and 2017, using 2018 as the base year, and forecasting from 2019 to 2026.
- The market's size is estimated, along with an analysis of historical and projected trends.
- Different product types are analyzed, and statistical analysis is conducted to determine their individual market share.
- The report estimates the share of different compositions, such as Oligomers, Monomers, Photoinitiators, and Additives.
- It includes regional research and application outlooks.
- Demand and supply gap analysis is provided.
- Competitive pricing strategies of regional competitors are discussed.
- Market share analysis of leading industry players is included.
- The report offers strategic recommendations for new market entrants.
- It covers market trends, including drivers, constraints, opportunities, threats, challenges, investment opportunities, and recommendations.
- Strategic recommendations for key business segments are provided based on market estimations.
- The report includes a competitive landscape analysis and profiles of companies with details on their strategies, financials, and recent developments.
Notable Market Trends:
- The development of innovative photoinhibitors is a prominent trend in the UV curable resins & formulated products market. This includes expanding the photosensitive wavelength band and enhancing photoinitiator solubility in traditional photoinitiators for improved performance.
- Government regulatory authorities worldwide are emphasizing the use of odor-free, safe, sustainable, and eco-friendly materials, leading to increased demand for UV curable resins.
- Many UV light curable resins have been developed to comply with strict regulations in North America and Europe aimed at reducing air pollution and energy consumption.
- The limited penetration depth of UV curable resins is a hindrance to market growth, as their application is typically restricted to coatings, inks, and adhesives.
- The APAC region is witnessing rapid market growth due to increased industrialization and urbanization, favorable government regulations, and the expansion of the automotive and construction sectors. Japan, China, and India are the largest consumers of UV curable resins & formulated products.
- In December 2016, BASF SE added five new standard epoxy acrylates from the Laromer EA product family to broaden its UV resins portfolio for radiation-curable coatings and printing inks.
Profiled Companies in the Market: Companies such as Arkema SA, BASF SE, Toagosei Co. Ltd., IGM Resins B.V., Covestro AG, Nippon Gohsei, Alberdingk Boley GmbH, Wanhua Chemical Group Co., Ltd., Lambson Limited, and Eternal Chemical Co. Ltd, among others, have been profiled in this market study. These companies have adopted various strategies, including mergers, acquisitions, and partnerships to drive ongoing innovation and new developments in the market.
Market Statistics:
- The UV Curable Resins & Formulated Products Market was valued at USD 3.89 Billion in 2018 and is projected to reach USD 7.90 Billion by 2026.
- Monomers are expected to grow at a CAGR of 9.3% during the forecast period, primarily due to their impact on curing speed, viscosity, shrinkage during polymerization, film properties, shelf life, cost, odor, volatility, and toxicity. Acrylates are the most widely used reactive diluents.
- Non-Acrylates & Oligoamines are forecasted to grow at a CAGR of 8.9% during the forecast period, with urethane acrylate oligomers being a significant component of coatings that determine the properties of cured and liquid coatings.
- Photoinhibitors held a market share of 19.3% in 2018 and are used to protect and decorate substrates like wood, plastics, and metal.
- 3D printing had a market share of 17.4% in 2018, with the growth of technologies like inkjet utilizing UV curable technology for technical advantages.
- The European market is primarily driven by developments in construction, electronics, and automobiles. Stringent VOC emission regulations in the region are encouraging the demand for UV curable resins & formulated products, and technological advancements are further contributing to market growth.
Market Segmentation: The report segments the global UV Curable Resins & Formulated Products market based on composition, chemistry, application, and region.
Composition Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026):
- Oligomers
- Monomers
- Photoinitiators
- Additives
Chemistry Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026):
- Non-Acrylates & Oligoamines
- Acrylate Oligomers
Application Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026):
- Coatings
- Overprint Varnishes
- Printing Inks
- Adhesives
- 3D Printing
- Others
Regional Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026):
- North America (U.S.)
- Europe (UK, France)
- Asia Pacific (China, India, Japan)
- MEA
- Latin America (Brazil)
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