The Global UV Curable Resin Market is estimated to be USD 5.77 Bn in 2023 and is expected to reach USD 8.97 Bn by 2028 growing at a CAGR of 9.23%.Among the various UV curable resins, the Polyurethane acrylate (PUA) has attracted great interest due to unique properties such as outstanding adhesion, excellent flexibility, and good chemical resistance
UV-curable resins are a type of polymer material that can be cured by exposure to ultraviolet light. They are used in a variety of applications, such as coatings, inks, adhesives, 3D printing, and others. It consists of a monomer or oligomer base mixed with a photoinitiator. When exposed to UV light, the photoinitiator absorbs the energy and generates free radicals, which initiate a polymerization reaction that causes the resin to harden. It also tends to have low volatile organic compound emissions and can be more environmentally friendly than other curing methods.
The stringent government regulations related to VOCs are getting used in various applications. The global market is driven by increasing awareness about the environmental impact of traditional curing methods, such as solvent-based coatings, and the advantages of UV-curable resins. UV curable resins have a lower environmental impact, emitting fewer volatile organic compounds and hazardous air pollutants and having a shorter curing time. It results in lower energy consumption and lower greenhouse gas emissions. Governments are also incentivizing UV-curable resins by offering tax credits or other financial incentives to businesses that use environmentally friendly materials and processes.
The market is restrained due to the high setup cost for UV Curable Resins manufacturing plants. Formulating equipment and UV curing machines are more costly than conventional methods and machines.
The global market has an opportunity due to the emergence of 3D printing in various industries. It is a rapidly growing application of UV-curable resins. UV-curable resins are used as the printing material in stereolithography 3D printers. It uses UV light to cure the resin layer by layer to create a three-dimensional object. 3D printing with UV-curable resins is used for bioprinting, which involves printing living cells and tissues to create replacement organs and other medical devices.
- However, the major challenge for the global UV Curable Resin market is finishing defects caused by incomplete drying. Several factors can contribute to the incomplete drying of UV curable resins, including inadequate UV light exposure, insufficient curing time, or improper application techniques. In some cases, the substrate may not be suitable for UV curing, which can lead to incomplete drying. To address this challenge, manufacturers may need to invest in specialized equipment to ensure proper curing of UV-curable resins. This may include equipment for measuring UV light intensity and optimizing exposure time and systems for controlling temperature and humidity during curing.
Market Segmentations
- The Global UV Curable Resin Market is segmented based on Product, Composition, Technology, Applications, Industry, and Geography.
- By Product, the market is classified into Acrylated Epoxies, Acrylated Polyesters, Acrylated Urethanes, Acrylated Silicones, and Others. Acrylated Epoxies dominate the global UV curable resin market. It offers a range of desirable properties and benefits for various applications. Acrylated epoxies are easy to use and require minimal preparation, which makes them a popular choice for manufacturers. They can be cured quickly using UV light, which increases production efficiency.
- By Composition, the market is classified into Oligomers, Monomers, Photoinitiators, and Additives. The Oligomers segment is projected to witness the highest growth as it offers a range of desirable properties, such as high reactivity, low volatility, and excellent mechanical and chemical resistance. The raw material used in producing Oligomers for UV Curable Resin includes trimethylolpropane, neopentyl glycol, and alkoxylates.
- By Technology, the market is classified into Solventborne UV Resins, 100% solid, Waterborne UV Resins, and Powder UV Resins. Waterborne UV Resins have the largest market share in the market. It uses water as a solvent, making them environmentally friendly and easy to apply. In most cases, waterborne UV formulations contain up to 80% water with small quantities of other solvents, such as glycol ethers. Due to their environmentally friendly nature, low VOC emissions, and high-performance properties, these resins are widely used in various applications, such as adhesives, coatings, and inks. Waterborne UV resins are also preferred over traditional solvent-based resins as they offer several advantages, including faster curing times, improved scratch, chemical resistance, etc.
- By Applications, the market is classified into Coating, Packaging, Printing, Adhesives & Sealants, and Others. The Coating segment dominates in the global UV curable resin market size of UV curable resin market. Demand for zero VOC content in the coating increases demand for UV-curable resins. The increasing use of UV-curable resins in dispersants & wetting, powder coating additives, driers, defoamers, and flow & leveling is driving the market growth.
- By Industry, the market is classified into Electronics, Industrial Coatings, Medical, Automotive, and Packaging. Industrial coatings have a significant portion of the UV-curable resin market, particularly in the automotive, aerospace, and electronics sectors. UV curable coatings offer several advantages, such as faster curing times, better scratch resistance, and improved durability, which make them a preferred choice in many industrial applications.
- By Geography, the market is classified into the Americas, Europe, Middle-East & Africa, and Asia-Pacific. Asia-Pacific region is a growing market for UV curable resins, with a rapidly growing demand for various applications such as adhesives, coatings, and inks. The increasing industrialization, urbanization, and rising demand for sustainable and high-performance products drive the region's growth. Additionally, key players in the region and government initiatives to promote environmental sustainability contribute to the UV curable resin market growth in Asia-Pacific.
Recent Development
- Covestro Ag entered into an acquisition agreement with Royal to expand its Business in Coating Resins. - April 2021
- PTTGC International B.V. acquired Allnex Netherlands B.V. to strengthen its market position in Coating Resins. - July 2021
Company Profiles
The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for the publicly listed companies in the market. The report also offers detailed information on the companies' recent development and competitive scenario. Some of the companies covered in this report are DIC Corp., Dymax Corp., Eternal Materials Co. Ltd., Hitachi Chemical Co. Ltd., etc.Countries Studied
- America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
- Europe (Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Luxemburg, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
- Middle-East and Africa (Egypt, Israel, Nigeria, Qatar, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
- Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)
Competitive Quadrant
The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.Ansoff Analysis
- The report presents a detailed Ansoff matrix analysis for the Global UV Curable Resin Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
- The publisher analyses the Global UV Curable Resin Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
- Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.
Why buy this report?
- The report offers a comprehensive evaluation of the Global UV Curable Resin Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
- The research report also provides a detailed market size analysis and projections in volume and value terms. The projections are calculated using verified research methodologies.
- Excel data sheet for the market size will also be provided with the report.
- The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
- The report includes an in-depth market analysis using Porter’s 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.
- The report includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
- The report includes Self-Assessment Form, which helps customers evaluate their position in the market compared to their competitors
- The report offers customized research - tailored uniquely to our customers with a quick turnaround time. We offer a 15% customization option at no extra charge to all our clients for any of our syndicated reports.
Report Highlights:
- A complete analysis of the market, including the parent industry
- Important market dynamics and trends
- Impact Analysis - a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
- Market segmentation
- Competitive Analysis: Comparative analysis of competitor
- Historical, current, and projected size of the market based on value and volume
- Market size of the US states
- Market shares and strategies of key players
- Recommendations to companies for strengthening their foothold in the market
Table of Contents
1 Report Description
2 Research Methodology
3 Executive Summary
4 Market Dynamics
5 Market Analysis
6 Global UV Curable Resin Market, By Product
7 Global UV Curable Resin Market, By Composition
8 Global UV Curable Resin Market, By Technology
9 Global UV Curable Resin Market, By Applications
10 Global UV Curable Resin Market, By Industry
11 Americas' UV Curable Resin Market
12 Europe's UV Curable Resin Market
13 Middle East and Africa's UV Curable Resin Market
14 APAC's UV Curable Resin Market
15 Competitive Landscape
16 Company Profiles
17 Appendix
Companies Mentioned
- Allnex Belgium SA
- Arkema Group
- BASF SE
- Covestro Ag
- DIC Corp.
- Dymax Corp .
- Eternal Materials Co. Ltd.
- Hitachi Chemical Co. Ltd.
- IGM Resins B.V.
- Jiangsu Litian Technology Co., Ltd.
- Koninklijke DSM N.V.
- Mitsubishi Chemical Corp.
- Miwon Specialty Chemical Co., Ltd.
- Nippon Synthetic Chem Industry Co., Ltd.
- Qualipoly Chemical Corp.
- Rahn Ag
- SOLTECH Ltd.
- Toagosei Co., Ltd.
- Toyo Ink SC Holdings Co., Ltd.
- Wanhua Chemical Group Co.,Ltd.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 184 |
| Published | February 2024 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value ( USD | $ 5.77 Billion |
| Forecasted Market Value ( USD | $ 8.97 Billion |
| Compound Annual Growth Rate | 9.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 20 |
