Almost $1 Billion Growth Predicted for UV Curing System Market by 2024
The competition in the food and beverage (F&B) industry keeps increasing, which is why companies are focusing on packaging to raise the appeal of their products.
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Additionally, emerging economies, such as Brazil, India, Thailand, and Mexico, are predicted to account for almost 80% of the F&B demand by 2025, which will significantly increase the usage of packaging materials. With a strong focus
on packaging safety and security, ultraviolet (UV) curing is witnessing a surging adoption.
Thus, with the increasing usage of F&B packaging, the UV curing system market is expected to grow to $2.4 billion by 2024, from $1.4 billion in 2018, at an 8.8% CAGR during 2019-2024 (forecast period).
During UV curing, ultraviolet radiation is used to dry adhesives, inks, coatings, or paints on plastic, glass, semiconductor, metallic, or wooden surfaces. However, the largest end-user of the process among the automotive, electronics, industrial manufacturing, aerospace and defense, and healthcare domains is the automotive industry.
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During vehicle production, inks, coatings, and adhesives are widely cured on various components. For instance, curing the coating applied on the polycarbonate plastic lenses with UV rays results in a higher resistance to scratches.
Additionally, the process is faster compared to curing done via the conventional ways, which involve heat, which is another reason for its heavy
usage in automobile production. Further, with the industry growing rapidly in Indonesia, India, Vietnam, Thailand, and Brazil, the process is expected to see even wider adoption in the coming years.
For instance, India manufactured 5.2 million automobiles in 2018, compared to 4.8 million in 2017, thus increasing at a year-on-year (YoY) growth rate of 8%. Similarly, the YoY automobile production growth rates of Indonesia, Thailand, and Brazil, for the same period, were 10.3%, 9%, and 5.2%, respectively.
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Apart from automotive, the electronics sector in these countries is also prospering, which is, in turn, leading to an increasing usage of UV curing. For instance, India has targets to increase its electronics and semiconductors revenue to $400 billion, by 2025.
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