UV Curable Resins & Formulated Products Market Size – USD 3.89 Billion in 2018, Market Growth - CAGR of 9.1%, UV Curable Resins & Formulated Products Industry Trends – Advancement in technology and high demand from the APAC region.
New York, Sept. 10, 2019 (GLOBE NEWSWIRE) -- The market for UV Curable Resins & Formulated Products is driven by environmental concerns and rising stringent regulations on Volatile Organic Compound (VOC) emission.
The global UV Curable Resins & Formulated Products market is forecast to reach USD 7.90 Billion by 2026, according to a new report by Reports and Data. UV curable resins help in curing radiation of materials such as inks, coatings, and adhesives among others. These resins are free from organic solvent and include a variety of additives such as pigments, antioxidants, plasticizers, and stabilizers.
The use of UV curable resins & formulated products has risen over the past couple of decades. UV induced cure has several benefits such as less energy consumption and equipment space, less emission, reduced waste, low-temperature treatment, and higher productivity.
Moreover, these resins do not contain any organic solvents that could impact the environment adversely. A large number of UV light curable resins have been developed to meet the stringent regulations in North America and Europe to reduce the level of air pollution as well as energy consumption.
The Asia Pacific region is forecasted to grow with the highest CAGR of 10.1% during the forecast period. The rapid growth of industries and urbanization is propelling the growth of the market. Favorable government regulations, highly populated countries such as China and India, and expansion of the automotive and construction sector are driving the market. Japan, China, and India are the largest consumers of the UV curable resins & formulated products.
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Further key findings from the report suggest
- Oligomers held a market share of 29.8% in the year 2018. Oligomers such as acrylates are used for overprint varnish, in ink application and wood coating. Some of the common types of Oligomers are Epoxy Acrylate, Aliphatic urethane acrylate, Aromatic urethane acrylate, polyester acrylate, and Acrylic acrylate.
- Aliphatic urethane acrylate and Aromatic urethane acrylate type of oligomers increases toughness, flexibility, multifunctional reactivity, chemical resistance, hardness, and also reduces cost.
- Polyester acrylate is used for pigment wetting, adhesion, oligomer of choice for litho inks due to water balance and printability. In addition to oligomers being employed in radiation cure formulations, they can be nonfunctional, monofunctional or multifunctional and are used to enhance performance or environmental properties.
- Epoxy Oligomers are one of the most commonly used UV curing industry as they are hard, fast curing, offer excellent abrasion and chemical resistance. The hardness of the oligomers have quite a few side effects as well, such as high viscosities, poor adhesion and it turns yellow over time. Acrylate Oligomers held a larger market share of 67.9% in the year 2018.
- Coatings are one of the most common applications of UV curable resins and formulated products. It is forecasted to hold a market share of 26.1% in the year 2026. The trend of “go green” adopted by many governments across the globe are increasing the use of it in various industries.
- North America is forecasted to hold a market share of 31.9% in the year 2026. North America is a developed region and established end-user industries such as logistics, constructions, and electronics are boosting the market.
- Key participants Arkema SA, BASF SE, Toagosei Co. Ltd., IGM Resins B.V., Covestro AG, Nippon Gohsei, Alberdingk Boley GmbH, Wanhua Chemical Group Co., Ltd., Lambson Limited, and Eternal Chemical Co. Ltd, among others.
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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented into the global UV Curable Resins & Formulated Products market on the basis of composition, chemistry, application, and region:
Composition Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
Chemistry Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- Non-Acrylates & Oligoamines
- Acrylate Oligomers
Application Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- Overprint Varnishes
- Printing Inks
- 3D Printing
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Regional Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
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