UV Curable Resin Market Growth Rate with Forecast to 2028 | Hitachi Chemical, BASF SE, DSM-AGI
In 2018, the global UV Curable Resin Market was worth USD 4745.6 mn. And, the value is set to increase considerably over the forecast period of 2018-2028 as per a Transparency Market Research (TMR) study. This would be a result of an impressive CAGR (Compound Annual Growth Rate).
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UV Curable Resin market is set to grow due to increase in use in various industries. The material that is polymerized through energy from UV devices is used a s raw material in sealing, coating and also bonding. They provide enhanced chemical resistance and curing time is minimum. This allows them to be preferred in manufacturing coating.
Global UV Curable Resin Market: Notable Development
The market is going through significant transformation. Some of the major developments, shaping the landscape of the forecast period is outlined below.
December 2016: BASF SE came up with the announcement to expand their portfolio. The announcement included mention if five new standard proxy acrylates. These belong to Laromer EA product family, which are used for tradition coatings and inks used for printing. This brings to fore the focus of major players towards launching new products in order to stay ahead of the curve.
DSM partnered with Nanjing Cosmos Chemical Co. to expand associated filters portfolio. Also, Arkena launched 3D printing solutions to come up with specialty products. This, once again directs us to how serious players in global UV curable resin market are towards product development and innovation
The global UV curable resin market is slightly fragmented. Some of the prominent names in the market landscape include Hitachi Chemical, BASF SE, DSM-AGI, Jiangsu Litian Technology, Allnex Belgium S.A., Sartomer, IGM, Eternal Materials, Dymax, Miwon Specialty Chemical, and Jiangsu Sanmu Group. To have an edge over competition, player use a number of strategies. Some of the major ones are merger and acquisitions and nosiness expansions. Others include investing in innovation to come up with better products.
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Global UV Curable Resin Market: Key Trends and Drivers
The global UV Curable Resin market is currently being shaped by a number of factors. For one, it is all set to explore its full potential in the forecast period. Use in 3D printing and barrier films will give impressive push to the overall market and so will use in digital printing and packaging.
As awareness about environment is catching up on with the masses, there is surge in demand for green products. And so it comes as no surprise that environmental friendly products are asked for. Manufacturers, across the globe, are hustling to meet this increase in demand for sustainable variants. The surge is particularly observed in curable inks in packaging application.
Improvements in photosensitive wavelength and band and solubility form the new focus for manufacturers in order to improve performance. While this required heavy investments from manufacturers, the need to be up on toes is real in order to not miss fair share of market growth. Therefore, players can expect more investments in innovation over the forecast period. And, as demonstrated with the examples outlined above of BASF SE, DSM and Arkena, a fair share of new products will be hitting the global UV curable resin market.
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Global UV Curable Resin Market: Regional Analysis
The notable growth of paints and coating industry all set to mark the Asia Pacific market. This means good news for the region and even better one for global UV curable resin market. Besides, the automotive industry will hold key to future growth for the said market.
Another market worth observing would be North America and Europe owing to a strong automotive sector, that will drive the market forward in a big way.
UV curable resin market Segments:
By Resin Type
Adhesives & Sealants
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