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Global UV Adhesives Market to Grow at CAGR of 8.1% from 2014 to 2020
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According to this TMR report, the global UV adhesives market is segmented on the basis of product, application, and geography. On the basis of product, this market is categorized into silicone, acrylic, polyurethane, epoxy, and others such as PVAc, SBC, polyethers, and polyesters. Owing to optical clarity, wide applicability, low price, and high bond strength, acrylics are used extensively in the manufacture of UV adhesives. The segment for acrylic UV adhesives is a robustly growing one and is expected to retain its leading position in the forecasting horizon. In 2013, the segment for epoxy UV adhesives held a large share of the overall market. However, owing to high demand for silicone, polyesters, and acrylic, the market for epoxy UV adhesives will shrink in the years to come. Application-wise, the global UV adhesives market is segmented into pressure-sensitive applications, wood-working applications, assembly applications, packaging and laminating applications, and others.
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From the geographical perspective, this market study classifies the global UV adhesives market into Asia Pacific, Europe, North America, and Rest of the World. In 2013, in consumption terms, North America held the highest share in the overall UV adhesives market, with its market share exceeding 30% of the global market. It is the Asia Pacific UV adhesives market, however, that will expand robustly in the years to come. The Rest of the World region, comprising Africa, Latin America, and the Middle East, will witness steady growth of the UV adhesives market owing to high demand for UV adhesives from the expanding construction industry in this region.
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Sluggish demand for UV adhesives owing to slow rate of adoption of UV adhesives is likely to hamper the growth of this market during the forecast period. The requirement of expensive machinery restricts the demand for UV adhesives.
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