UV Curable Resins Market Provides Comprehensive Understanding Of The Market With The Help Of Informed Market Outlook
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.
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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.
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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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.
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.