UV Curing System Market is anticipated to record a valuation of US$ 5,153.2 million by 2028, a recent study by The Insight Partners

According to The Insight Partners latest market study on "UV Curing System Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Application and End User," the market is expected to grow from US$ 2,817.2 million in 2021 to US$ 5,153.2 million by 2028; it is estimated to grow at a CAGR of 9.0% from 2021 to 2028.

Conventional coating processes are subjected to various government regulations because many of these coating applications have health and safety risks. Exposure to them causes several health problems to workers in the paint industry, such as headaches, low sleep quality, muscle weakness, and memory issues. Also, the anticorrosion paints and coatings consist of volatile organic compounds (VOCs) The high pressure of coatings allows molecules to evaporate in the air, leading to diseases such as cancer and other severe health problems. Hence, the governments have implied stringent regulations on these types of coatings. However, as UV curing coatings do not have these drawbacks, strict government regulations strongly support the growth of the UV curing system market for coating and finishing applications.

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UV curing is a method of drying inks, adhesives, and coatings. The UV curing system is a relatively old technology and has been used for a long time. The old UV curing systems used mercury lamps for curing. However, with advancements in technology and the increasing effect of mercury lamps on the workers and environment, UV LEDs are used as a source in the curing systems. The curing method is widely used in many industry verticals, such as automotive, healthcare, electronics, aerospace, graphic & art, and wood coatings. With demand rsising for bonding & assembling, printing, coating, and other process in aforesaid industries, the demand for systems will continue to rise, which in turn will proper the growth of UV curing system market.

The major stakeholders in the global UV curing system market ecosystem include component manufacturers, UV curing system manufacturers, government agencies and regulatory bodies, and end users. Component and hardware providers offer numerous parts and components to UV curing system manufacturers. Any impact on these component manufacturers directly impacts the UV curing system producers as the whole production process is dependent on timely supply of the components. The broad supply chain of UV curing system plays a huge role in boosting the growth of UV curing systems, and thus impacting the Uv curing system market growth.

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Note - The Covid-19 (coronavirus) pandemic is impacting society and the overall economy across the world. The impact of this pandemic is growing day by day as well as affecting the supply chain. The COVID-19 crisis is creating uncertainty in the stock market, massive slowing of supply chain, falling business confidence, and increasing panic among the customer segments. The overall effect of the pandemic is impacting the production process of several industries. This report on 'UV Curing System Market' provides the analysis on impact on Covid-19 on business segments and country markets. The reports also showcase market trends and forecast to 2027, factoring the impact of Covid -19 Situation.

Impact of COVID-19 Pandemic on UV Curing System Market Growth

The European economy was severely impacted by various limitations and restrictions due to the pandemic. The European automotive industry was severely hit and experienced a decline of more than 20% in overall automotive production due to severe supply chain disruption caused by lockdowns, thereby lowering the demand for UV curing systems. The electronics sector was also adversely impacted due to the pandemic's onset. With decreased income levels, buyers opted to purchase necessities, such as household goods and groceries, instead of nonessential, big-ticket purchases, such as home theatres and LCD TVs. However, medical device production was operating on a large scale across the European region, leading to sufficient demand for UV curing systems during 2020. Considering increasing vaccination drives, demand for UV curing systems was recovering from the Q3 of 2020, with companies investing in making operations efficient and productive.

The UV curing system market is segmented on the basis of application, end user, and geography. Based on application, the UV curing system market is segmented into bonding & assembling, disinfection, coating & finishing, and painting. By end user, the UV curing system market is segmented into automotive, healthcare, electronics, and others. Based on geography, the UV curing system market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America.

Phoseon Technology, Nordson, Heraeus, Dymax, and IST Metz GmbH are key players operating in the UV curing system market. Several important market players were analyzed during this study to get a holistic view of the market and its ecosystem. Due to highly fragmented nature of global UV curing system market with presence of a large number of regional and local players worldwide catering to the local demand, some global players, and players focusing only on one specific product category, the listing of five key players based on a common criterion such as revenue is not feasible.

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