According to the analysis of MRFR, the major market forces and trends driving growth of the global UV curable resins and formulated products market includes growth of construction sector and the burgeoning growth in the automobile industry. The demand from the end use industries is a major factor driving the growth of the global UV curable resins market. Some of the major applications of UV curable resins include wood and paper coatings, plastic coatings, and adhesives among others. The global market for UV curable resins is a lucrative market is expected to expand at an encouraging CAGR during the forecast years. The low cost, productivity, durability and low maintenance make it ideal for the many end-user industries, which is a major factor driving the market growth positively.
Top Market Players:
Some of the major players operating in this UV curable resins market are Arkema SA (France), BASF SE (Germany), Allnex Group (Germany), Toagosei Co. Ltd. (Japan), Royal DSM N.V. (Netherlands), Covestro AG (Germany), Nippon Gohsei (Japan), Hitachi Chemical Company Ltd. (Japan), IGM Resins B.V. (Netherlands), and Miwon Specialty Chemical Co. Ltd (South Korea). Geographical Analysis
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UV Curable Resins Market – Information:
UV curable resins are a class of resins that extensively helps in curing radiations of materials such as coatings, inks, and adhesives among others. UV curable resins are free-from organic solvents and include monomers, co-initiators, oligomers, and variety of additives such as antioxidants, pigments, stabilizers, and plasticizers. These resins are ideal for applications that require fast drying and instant curing.
UV curable resins are used in various end-user industries such as building and construction, automobile, and electrical and electronics. The growing demand from the developing region across the globe is the major factor driving the global UV curable resins market. Furthermore, growing government investments in the infrastructural development coupled with the augmenting demand from the automobile sector are significantly contributing to the growth of the market. Industrial segment is the dominant segment and expected to show the same trend during the forecast years. The growing usage of UV curable resins in the packaging, electronics, adhesives and plastic and metal is contributing significantly to the growth of the segment.
Among the various composition type in UV curable resins market, the photoinitiators are the fastest growing segment and are anticipated to witness the same trend over the forecast period. This growth is attributed the growing advancement in the photoinitiators technology and the innovations of new resins. The photoinitiators composition segment is anticipated to be the fastest growing segment, whereas the monomer composition is the largest segment and is expected to show the same trend during the forecast years. Monomer composition is extensively used in inks, coatings, and adhesives. The monomer composition segment is the dominant segment and is expected to dominate during the forecast years. The growing demand for various applications such as coatings, adhesives and inks among others. Oligomers is expected to have a moderate growth during the assessment period.
Among the applications, the Industrial segment is expected to be the largest segment and is expected to grow at a considerable CAGR. The growing usage of packaging, electrical and electronics, and adhesives are expected to the major contributor to the growth of the market.
UV Curable Resins Market – Segmentation:
The global UV curable resins market is segmented into composition and application. On the basis of composition, the market is segmented into oligomers, monomers, photoinitiators, and additives. On the basis of application, the global UV curable resins market is segmented into wood and paper coatings, plastic coatings, metal coatings, overprint varnish, printing inks, adhesives, 3D printing, industrial, automotive and other applications.
Industry Updates:
19th January 2018- Allnex announced the expansion of its amino resin plants located in Brazil. The new expansion is set to include the production of CYMEL, CYREZ, and SETAMINE a new addition to their UV resin product portfolio. This expansion is also expected to move their place in the top position as a largest multinational producer of amino resins in the South American region.
5th October, 2017– Allnex announced the development of a new product to their UV curable resin product portfolio. This new product UCECOAT@ 2501, is a UV curable polyurethane dispersion mainly for the application in the wood flooring and furniture.
Intended Audience
- UV curable resins market manufacturers
- Traders and Distributors of UV curable resins market
- Production Process Industries
- Potential Investors
- Raw Material Suppliers
- Nationalized Laboratory
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Regional Insights:
The UV curable resins market is segmented across five regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major share of the market and is expected to be the dominant market at a healthy CAGR during the forecast period. The rapid growth of industries and urbanization is fuelling the growth of the UV curable resins market in the developing countries of Asia Pacific. Moreover, the favorable government regulation in the region has attracted many industry players to enter the lucrative market of Asia Pacific, which, in turn, is fuelling the market growth. Furthermore, the presence of most populated countries such as India and China has augmented the construction and automobile sector, which is further contributing to the market growth. China, India, and Japan are the largest consumer of UV curable resins in this region.
North America is another dominant region in the market. The developed end-user industries such as construction, transportation, and electronics among others are significantly driving the market growth. Moreover, the newly elected government has brought in a new wave of investment in development and renovation of residential and commercial infrastructure, which is expected to boost the demand for UV curable resins in the construction industry.
Europe is a lucrative market, whose growth is driven by the developed electrical & electronics, construction, and automobile sector. Moreover, the stringent environmental regulations regarding the VOC content coupled with the increasing infrastructural development are the major factor attributing to the growth of the market. Additionally, the growing technological advancement in the region further augmented the use of UV curable resins.
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