Seoul, South Korea, July 13, 2022 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, has published its latest report called “Photoinitiator Market”, which says that the global Photoinitiator market would be worth US$ 1.86b Billion in 2022 and clock a CAGR of 8.2% between 2022 and 2032. With adhesives, coatings, and composites being increasingly consumed, Fact.MR is stating that stupendous growth of photoinitiator market would happen in the forecast period.
Photoinitiators are cost-effective, as far as process of synthesis is concerned. This does make them one of the most-preferred choices in end-use applications. As such, the Photoinitiator market is expected to reach US$ 4 Bn by the year 2032.
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The procurement of chemicals involved in photoinitiator manufacturing and the high cost of the equipment involved are factors that are expected to have a restraining effect on the overall market growth. Moreover, security concerns over the use of toxic chemicals that are harmful to human health are also expected to slow down the manufacturing process.
Which Regions Should Photoinitiator Suppliers Target?
“Asia Pacific Leads Demand for Photoinitiators”
Industrialization has increased exponentially in the APAC region over the past few years and this trend is expected to rife throughout the forecast period. Rapidly evolving construction, electronic manufacturing, and automotive manufacturing industries are expected to favour photoinitiator market potential in this region.
The growth in the Asia Pacific region is expected to be led by China and India across the forecast period owing to rising support from the government to bolster the manufacturing sector and boost economic development.
China currently accounts for a dominant market share of 31% and accounts for a revenue total of US$ 577 million in 2022. Presence of robust manufacturing facilities and supportive government initiatives to boost photoinitiator market growth in the country throughout the forecast period.
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Key Segments Covered in Photoinitiator Industry Survey
- Photoinitiator Market by Type :
- Free Radical
- Cationic
- Free Radical
- Photoinitiator Market by End-use Industry :
- Adhesives
- Inks
- Coatings
- Others
- Adhesives
- Photoinitiator Market by Region :
- North America
- Latin America
- Europe
- APAC
- MEA
- North America
Market Developments
Organic growth is on the agenda of key players in the Photoinitiator market. Customization is another factor doing the rounds.
• California-based T3DP has come up with an innovative 3D printer, which is expected to twice or thrice enhance power output of the solar cells. A photoswitchable photoinitiator is used for directing polymerization, that too at intersection of the two diverse wavelengths for creating 3D component of higher resolution.
• IGM Resins, in August 2020, did announce launching its new-fangled photoinitiator manufacturing plant at Anqing (China). The basic purpose of this expansion was to increase its presence in the market of the Asia-Pacific for the photoinitiators.
• Eutec Chemical Co., Ltd., in April 2021, inked an agreement with Eustar Functional Material Technology, Inc. with the objective of introducing additives for nucleating systems, blue light absorbers, particularly for electronic and automotive industries.
• Lambson Ltd., in October 2019, was acquired by Arkema.
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Key players in Photoinitiator Market
- IGM Resins
- Tronly
- Eutec
- Lambson
- Hongtai
- Arkema
- Gurun
- BASF
- JKT
- Tronly
Key Takeaways from Photoinitiator Market Study
- Europe holds 22% of the overall market share.
- Germany and Italy lead the Photoinitiator market for Europe.
- North America holds more than 20%% of the market share.
- Eco-friendly photoinitiators to be the future trend.
- Being Water-soluble to be the unique selling point of photoinitiators.
About the Industrial Goods Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial Goods team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the Industrial Goods across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
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