August 24, 2020
As per the report titled ‘Global UV Curable Resins Market Size By Composition, By Raw Material, By Product, By Front-Industry, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026’, available with Market Study Report LLC, global UV curable resins market is anticipated to accrue significant returns by the year 2026.
Global UV curable reins market is driven by ongoing technological advancements and product’s applicability in various industries owing to its exceptional chemical resistance and physical properties. However, difficulty in curing in presence of oxygen is negatively impacting the market outlook, cites the study.
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For those unfamiliar, majority of UV curable resins including silicones, polyethers, epoxies, urethanes, and polyesters are available commercially and have wide ranging applications in adhesive, coating, and ink industries. Minimal impact on environment, high productivity, and ease of use are encouraging the use of these resins.
Elaborating on raw material, epoxy acrylates segment is projected to witness gains of over 9.9% during the analysis period. Owing to their favorable properties such as strong chemical & abrasion resistance, hardness, flexibility, and durability, these resins are utilized in several applications such as primers for multilayer coatings on plastic or metal surfaces, furniture coatings, and flooring top coatings & sealings.
Whereas, urethane acrylates segment currently holds about 23.6% market share and is poised to showcase strong growth trends in the coming years. Meanwhile, others segment is projected to grow by 7.6% by the end of 2026.
Based on product, global UV curable resins market is divided into industrial coatings, adhesives, inks, and others, wherein inks segment accounted for 22.4% market share in 2019. As per trusted projections, others segment is anticipated to witness 9.1% growth over the forecast duration.
Speaking of the front industry, global UV curable resins market share from ship building segment is estimated to record a growth of 9.5% by the end of the forecast timeframe, attributable to high use of epoxy coatings in shipbuilding and maintenance & repairs of various ship parts.
Wood segment currently accounts for more than 28.5% of the market share and is likely to experience a positive growth trend in the coming years, fueled by growing demand for furniture worldwide. On the other hand, graphic arts segment holds over 25.1% market share and is slated to register a healthy CAGR through 2026. Parallelly, electronics segment is reckoned to expand by 8.9% over the predicted course.
Considering the geographical outlook, APAC UV curable resins market is forecast to record a growth of over 9.1% by the end of assessment period with surging production of electronics propelling the demand for coatings in the region.
Leading players in global UV curable resins market are Soltech Ltd., Toagosei Co. Ltd., Jiangsu Sanmu Group, Hitachi Chemical, IGMM, Dymax, Eternal Materials, Arkema, Hitachi Chemical, DSM N.V., Allenex AB, Miwon Specialty Chemicals, and BASF SE.