The global UV curable resins & formulated products market is estimated to be USD 4.00 Billion in 2018 and is projected to reach USD 6.31 Billion by 2023, at a CAGR of 9.5% from 2018 to 2023.
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The report "UV Curable Resins & Formulated Products Market by Composition (Oligomers, Monomers, Photoinitiators, Additives), Chemistry (Non-Acrylates & Oligoamines, Acrylates), Application, Technology, and Region - Global Forecast to 2023",
Increasing stringent regulations on VOC emissions leading to the development of eco-friendly technologies, such as 100% solids UV and waterborne UV are replacing solvent-borne UV.
This, in turn, is driving the demand for UV curable resins, as they display high performance, owing to superior mechanical properties. These factors contribute to the growth of the UV curable resins & formulated products market.
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Acrylates are the major oligomer chemistries in UV curable resins & formulated products (oligomers) market.
Epoxy acrylates and polyester acrylates are some of the most commonly used UV oligomers. Fast curing, good chemical resistance, high gloss, and relatively low cost are the advantages of epoxy acrylates.
Polyester acrylates have a broad raw material base, which allows for a wide variety of backbone structures and functionalities. They can have low-to-very high functionality and can have very hydrophilic to extremely hydrophobic backbones.
The demand for acrylate oligomers such as silicone acrylates and acrylic acrylates is expected to increase over the next 5 years, owing to huge investments being made in expanding applications such as 3D printing, digital printing, UV nail paints, and others.
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Coatings application segment accounted for the largest share of the UV curable resins & formulated products market.
In the coatings industry, UV curable coatings segment is one of the fastest growing application segments. This high growth is mainly driven by the “go green” trend and its increasing use of applications in various industries.
Asia Pacific leads the UV curable resins & formulated products market in coatings application due to rapid industrialization and the increasing demand for flexible packaging in countries, such as China, Japan, South Korea, and Taiwan. In Europe, the demand for UV curable coatings is fueled by wood coating, plastic coating, and paper coating applications, especially, in countries such as Germany, Sweden, and the UK.
In regions such as the Middle East & Africa and South America, the demand for UV curable coatings is expected to grow at a fast pace over the next few years. Brazil is expected to witness an exponential increase in demand for UV curable coatings due to the increasing demand for industrial coatings in the country.
Asia Pacific UV curable resins & formulated products market is expected to grow at the highest CAGR during the forecast period.
China, Japan, and South Korea are the largest consumers of UV curable resins & formulated products in Asia Pacific. Factors such as evolving environmental & regulatory scenario, increasing consumer awareness (including sensitivity to health and safety), and pressure from flagship companies to improve their environmental performance of supply chain have resulted in an increased demand for UV curable resins & formulated products in the Asia Pacific region.
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Key players in the UV curable resins & formulated products market
Asia Pacific is the largest market for UV curable resins & formulated products, both in terms of volume and value, followed by Europe and North America. Key players in the global UV curable resins & formulated products market include Arkema (France), Allnex (Germany), Toagosei (Japan), BASF (Germany), Royal DSM (Netherlands), Covestro (Germany), Nippon Gohsei (Japan), Hitachi Chemical Company (Japan), IGM Resins (Netherlands), and Miwon Specialty Chemical (South Korea).
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