Press release
How is Rising Product Demand for Packaging Applications Driving the Growth of UV Curing System Market Globally?
In addition to this, the competition in the industry is becoming intense, due to which companies are focusing on providing the best service that they can to gain an edge over their competitors.
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One aspect that the companies in the market are particularly paying attention to is the packaging of their products, as with globalization, the trend of ready-to-eat food is spreading.
As per the European Commission report, A European Strategy for Plastics in a Circular Economy, more than 95% of the food sold in the European market in 2017 was packaged. Since packaged food items are becoming increasingly popular, the printing techniques utilized in the packaging process are being considered seriously.
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In order to ensure the safety of the packaged food items, ultraviolet (UV) curing systems are emerging as the ideal choice for adhesive, coating, and printing applications.
The use of these systems makes sure that the quality and safety of food items is not compromised, while keeping in check the production speed. In simple terms, UV curing initiates a petrochemical process by making use of UV light, which cures or dries the ink, adhesive, or coating on different substrates, including plastic, semiconductor, glass, metal, or wood.
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As per a study conducted by P&S Intelligence, the UV curing system market attained a value of $1.4 billion in 2018 and is predicted to witness an 8.8% CAGR in the coming years.
As per the Institute of Electrical and Electronics Engineers, about 18 million connected devices would be in use in 2020, globally, and this number is predicted to increase during the forecast period. Therefore, the demand for UV curing systems is set to rise with the high adoption of electronic devices.
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About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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