Latest Photoinitiator Market with COVID-19 Impact Analysis by Type ( Free Radical & Cationic), End-use Industry ( Adhesives, Ink, Coating), and Region

The global photoinitiator market size is projected to grow from USD 1.6 billion in 2021 to USD 2.6 billion by 2026, at a CAGR of 10.3% between 2021 and 2026.

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“Cationic type of photoinitiators is the fastest-growing type of photoinitiators, in terms of value.”

Cationic photoinitiators are expected to grow with a significant growth rate in the upcoming years. Cationic curing is comparatively small but is growing in the UV curing industry. This is mainly due to inherently expensive materials used in cationic curing compared to the free radical system. However, it brings new parameters and different chemistry to a wider scope and various applications for the UV curing industry.

“Ink is the fastest-growing end-use industry of photoinitiators, in terms of value.”

Photoinitiators are widely used in the formation of inks, as there are many advantages that UV curable ink offer over normal ink. In the printing ink and wood components industries, UV-cured inks can be used to speed up their processes. Most print processes apply printing inks based on UV/EB technology. The most important characteristic, which is common to these inks and which distinguishes them from other ink systems, is their ability to change almost instantaneously from the fluid phase to a highly crosslinked solid phase. This phase change is enabled by means of a chemical reaction initiated by photoinitiators after exposure to UV light.

“APAC is the fastest-growing photoinitiator market.”

The Asia Pacific market for UV curable resins and formulated products is segmented into China, Japan, India, Korea, and Rest of APAC. It is one of the world’s fastest-growing markets for photoinitiators. The market is projected to register the highest CAGR in the next five years. The region offers significant commercial opportunities for the growth of photoinitiators and their end-use industries.

Evolving environmental & regulatory scenarios, increasing consumer awareness (including sensitivity to health and safety), and pressure from flagship companies that wish to improve the performance of their supply chain in terms of environmental compliance, have led to the increasing demand for UV curable resins and photoinitiators in the region.

Due to COVID-19, numerous industries and companies have halted their production sites across various countries that has led to reduced demand for photoinitiators in APAC countries. The recovery in the end-use industries with restoration in the supply chain would drive the photoinitiators demand during the forecast period.

This study has been validated through primaries conducted with various industry experts, globally. These primary sources have been divided into the following three categories:

By Company Type- Tier 1- 40%, Tier 2- 33%, and Tier 3- 27%
By Designation- C Level- 50%, Director Level- 20%, and Others- 30%
By Region- North America- 20%, Europe- 50%, APAC- 15%, Latin America-5%, MEA-10%,

The report provides a comprehensive analysis of company profiles listed below:

IGM Resins (The Netherlands)
Zhejiang Yangfan Material Co., Ltd. (China)
Tianjin Jiuri New Materials Co., Ltd. (China)
ADEKA Corporation (Japan)
Lambson Ltd. (UK)
Evonik Industries AG (Germany)
Rahn AG (Switzerland)
Changzhou Tronly New Electronic Material Co., Ltd. (China)
TCI Chemicals (Japan)
Environ Speciality Chemicals (India)
Research Coverage

This report covers the global photoinitiator market and forecasts the market size until 2026. The report includes the market segmentation –By type (free radical & cationic), End-use industries (adhesives, ink, coating, and Others) and Region (Europe, North America, APAC, South America, and MEA).

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