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UV Curable Resins Market | Top Key Players- Arkema, Allnex Toagosei, BASF, Covestro, Royal DSM, Hitachi Chemical Company
UV Curable Resins Market
In May 2020, DKSH Business Unit Performance Materials, a prominent UK curable resins market player, entered into an exclusive partnership with Keyland Polymer. Reportedly covering South Korea, Europe, Australia, India, Taiwan, Japan, and New Zealand, the collaboration is intended at increasing the valuation of the company’s extensive resin portfolio.
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As per the terms of the agreement, DKSH will dispense exclusive distribution for the innovative UV curable resins furnished by Keyland Polymer, with a primary focus on the powder coatings industry. UV resins are utilized in powder coatings for composites, metals, carbon fiber, and plastics, and are especially suitable for heat-sensitive applications where curing and process temperatures cannot go beyond 130°C.
Prominent players in the UV curable resins industry comprise IGM, Allnex Belgium S.A., DSM-AGI Sartomer, BASF SE, Miwon Specialty Chemical, Eternal Materials, Dymax, Jiangsu Sanmu Group, Hitachi Chemical, and others.
Few pivotal trends driving UV curable resins market growth include:
Escalating demand from paints & coatings industry in LATAM
The scaling paints & coatings market in Latin America on account of the extensive demand from industrial and automotive sectors is set to push UV curable resins market share over the anticipated span. The regional industry size is projected to escalate by more than USD 340 million through 2026.
An increase in the infrastructural development initiatives by regulators in the region is likely to foster the growth of the building & construction sector, boosting the demand for paints having UV curable resin ingredients. Citing an instance, in 2019, the Ministry of Infrastructure, Brazil, announced plans for the development of more than 50 infrastructure projects comprising highways, ports, and airports.
Rising adoption of UV curable resins based industrial coatings
The UV curable resins based industrial coatings provide beneficial characteristics comprising waste reduction, resistance to loss of coating thickness, and improved productivity in lesser time. This has been instrumental in stimulating the adoption of coatings with UV curable resin composition at the global level.
The segment is estimated to grow by more than 9 per cent through 2026. The escalating demand for chemical resistant finishes, wood coatings, and low pollution coatings is likely to propel segment expansion over the assessment period.
Surging popularity of UV curable additives resins
The UV curable additives resins are prominently utilized in the electronics, plastics & packing, as well as automotive industries. Their increasing popularity is ascribed to the presence of multiple properties comprising lubricity, superior reinforcing, non-stick properties, and wear resistance.
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The UV curable additives resins market accounted for a valuation of USD 187.83 million in 2019 and is estimated to grow at a commendable rate of more than 8 per cent through 2026.
In a nutshell, the escalating demand for wooden furniture from residential and commercial segments is set to augment UV curable resins market expansion, stimulating revenue growth over the ensuing years.
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