UV Curable Resin Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market for UV curable resin market is expected to grow at a CAGR of greater than 7%. Major factors driving the market studied are increased usage of environment-friendly industrial coatings and rising demand for UV curable resins in packaging applications. High initial capital cost along with unfavourable conditions arising due to COVID-19 outbreak are restraining the market growth.

Key Highlights

• Increasing applications in 3D printing, digital printing and printed circuits offer various lucrative opportunities for the growth of the market.
• Acrylated epoxies is predicted to dominate the segment compared to other resins on account of good adhesion and outstanding corrosion resistance.
• Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the consumption from countries such as China, India, and Japan.

Key Market Trends

Increasing Demand for Acrylated Epoxies and Urethanes

• Acrylated epoxies dominates the global UV curable resin market. It has rapid cure rates and good adhesion and is widely used in paints and varnishes. Additionally, they have outstanding corrosion resistance. Acrylated urethanes is anticipated to gain significant growth. This type of resins has excellent film hardness, elasticity and cure speed based on the prepolymer used. They are extensively used in resilient floor coatings and as coatings for flexible packaging on account of their superior durability and flexibility.
• Owing to such properties, major applications of these resins are in the coating (wood, paper, plastics, and metal), industrial (packaging, optoelectronics, and adhesives), graphics art (printing inks, plates, and overprint varnishes) and automotive.
• Increased application of these resins in 3D printing, barrier films, digital printing, packaging, and printed circuit is expected to boost the growth of the market. 3D printing materials with high flexibility, processability, and stability is likely to create more opportunities in future.
• Industrial sector and eco-friendly products are key consumers for UV curable resins. The increasing significance of safe, odor-free, sustainable and green materials by various government regulatory authorities globally has resulted in the surge in the demand.

Asia-Pacific Region to Dominate the Market

• Rapid industrialization in Asia Pacific is expected to drive the market growth in this region. The growth of industries such as paints & coating, construction, electrical & electronics, and automotive in the region will result in the growth of UV curable resins.
• An economic slowdown in China has led to the shift of foreign investment in other Southeast Asian countries, resulting in growth of these industries.
• Owing to industrialization, the packaging sector is evolving at a rapid pace. Attributable to its instant drying properties, the usage of UV curable resins in the packaging industry is rising.
• Also, the automotive industry consumes UV curable resins in automotive part for finishes and is anticipated to boost the growth of market. Asia-Pacific is anticipated to hold more than 30% of global curable resin market share with the largest consumption coming from developing and emerging countries such as China, Malaysia, India, Thailand, Indonesia, Brazil, Sri Lanka, among others.
• The aforementioned factors, along with supportive government regulations is contributing to the increased demand for UV curable resins in the region.

Competitive Landscape

The global UV curable resin market is fragmented, with both major and minor competitors. Some of the major companies include Arkema Group, BASF SE, Covestro AG, Hitachi Chemical Co., Ltd., DSM, and Allnex are among the major key players.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support