NEW YORK, May 29, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Market Research, global UV curable resins market is projected to reach $5,403.9 million by 2023, the market growth is mainly driven by increasing preference for environment-friendly coatings in different industries such as electronics and automotive.
Based on formulation, the UV curable resins market is categorized into oligomers, monomers, photoinitiators, and others (additives and pigments. Of these, oligomers is expected to be the fastest growing category in the market, advancing at respective volume and value CAGRs of 7.2% and 8.1% during the forecast period. Oligomers are regarded as one of the key components for manufacturing UV curable resins, which are used in various applications such as coatings, inks, and adhesives. This is driving the demand of oligomers in the market, globally.
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On the basis of application, the UV curable resins market is categorized into coatings, inks, adhesives, and others (masking materials, filling materials, soldering materials, and staping motor protective layers). Coatings was the largest application area in the market, accounting for more than 45 .0% revenue in 2017. The largest share of the application category is attributable to the high demand of coatings from various industries such as electronics, automotive, and construction.
In terms of end user, the UV curable resins market is segmented into industrial coatings, graphic arts, electronics, and others (aerospace, defence, and mining). In terms of value, electronics is expected to be the fastest growing end user in the market, with a CAGR of 8.6% CAGR during the forecast period. The growing demand for UV curable resins for UV LEDs from the electronic industry, owing to its benefits such as low operational costs, reduced power consumption, and easy disposal is driving the market growth.
During the forecast period, the fastest growth in volume sales of these resins is expected in Asia-Pacific (APAC), with a CAGR of 7.9%. Countries such as China, India, and Indonesia are some of the leading APAC nations which have a fast-growing construction industry. These countries are also witnessing rapid increase in the production of automobiles, with China emerging as the largest automobile manufacturer in the world. The large-scale construction activities and automobile production are likely to boost the consumption of coating materials in which UV cured resins are widely used; thus, fueling the UV curable resins market growth in the region.
There has been seen an increasing demand for UV curable products from the electronics industry for applications such as inks in manufacturing of printed circuit boards (PCBs), in the display of mobile phones and other consumer gadgets, and as adhesives in phone and electronic manufacturing assembly. Also, UV resins offer hardness, without compromising on flexibility, due to which it can be used in the wearable electronics, a new trend coming up in the electronics industry. Thus, the increased demand from the electronics industry is expected to provide ample opportunities for the UV curable resins market growth.
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Growing demand of UV curable inks for packaging applications is a major driver identified in the UV curable resins market. The UV curable inks are safe and have zero emission, which is propelling their use in the packaging industry. The UV cured products are also Food and Drug Administration (FDA) approved, hence it is being increasingly adopted. Also, rise in the economic standards and growing demand for packaging applications in countries such as China and India have led to the increased use of UV cured inks, resulting in their increased sales.
Some of the major players operating in the global UV curable resins market are BASF SE, Toagosei Co. Ltd., Koninklijke DSM N.V, he Nippon Synthetic Chemical Industry Co. Ltd., Covestro AG, Wanhua Chemical Group Co. Ltd., Miwon Specialty Chemical Co. Ltd., Hitachi Ltd., Arkema Group, and DIC Corporation.
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