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UV Adhesives Market Growth by 2023, Segmentation, Growing Coutries Data, Business Insights and Demand to 2030 | 3M Company, Ashland, Inc., H.B. Fuller Company

12-05-2023 12:53 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Coherent Market Insights

UV Adhesives Market

UV Adhesives Market

The global UV Adhesives market is estimated to be valued at US$ 126.48 Mn in 2022 and is expected to exhibit a CAGR of 6.62% over the forecast period (2023-2030).

Market Overview:

UV adhesives are used to bond dissimilar substrates using an adhesive that cures upon exposure to UV light. They are primarily used in electronics, medical devices, packaging and labelling applications.

Market Dynamics:

The UV adhesives market is driven by increasing demand from the electronics industry. Electronics application segment dominated the global UV adhesives market in 2021 and the trend is projected to continue over the forecast period. Rapid growth of smartphone, consumer electronics, wearables and other electronics has propelled the demand for UV adhesives from this segment. Secondly, UV adhesives offer advantages over solvent-based adhesives such as lower VOC emission and instant curing which reduces bonding time. This has increased its popularity over other adhesives.

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Major market players included in this report are:

★ 3M Company
★ Ashland Inc.
★ H.B. Fuller Company
★ Henkel AG & Co. KGaA
★ BASF SE
★ Huntsman Corporation
★ Avery Dennison Corporation
★ Adhesives Research Inc.
★ The Dow Chemical Company
★ Bostik SA.

*Disclaimer: Major Players are sorted in no particular order.

Detailed Segmentation:

By Product Type:
✦Acrylic
✦Polyurethane
✦ Epoxy
✦ Silicone
✦ Others

By Application:
✦ Pressure sensitive applications
✦ Packaging & Laminating
✦ Wood-working
✦Assembly
✦ Others

Regional Analysis:

• North America (U.S. and Canada)
• Latin America (Mexico, Brazil, Peru, Chile, and others)
• Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
• Eastern Europe (Poland and Russia)
• Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
• The Middle East and Africa (GCC, Southern Africa, and North Africa)

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✦ Growing Demand from APAC and North America is Driving the Growth of UV Adhesives Market

The UV adhesives market in Asia Pacific and North America has been growing significantly over the past few years. In Asia Pacific, countries like China, Japan, and South Korea are majorly contributing to the increasing demand. This is attributed to booming industries like automotive, consumer electronics, and medical devices in these countries. China, in particular, is one of the largest consumers of UV adhesives owing to the vast presence of manufacturing facilities in the country. The demand in North America is primarily coming from the United States, where UV adhesives find widespread use in various end-use industries.

✦ Replacement of Traditional Adhesives Boosts UV Adhesives Usage

UV adhesives offer various advantages over traditional adhesives like solvent-based adhesives. They require less curing time and provide instant bonding along with being more environment-friendly as they don't release any toxic volatile organic compounds. Due to such benefits, many industries are replacing conventional adhesives with UV adhesives. For example, in the automotive industry, UV adhesives are increasingly being used instead of epoxies and plastic welding for bonding automotive components. They also find increasing acceptance in consumer electronics like smartphones for bonding display screens and other components. All these factors are fueling the replacement of traditional adhesives with UV adhesives across different end-use industries.

✦ Stringent Environmental Regulations Restrain Market Growth

Despite various advantages, UV adhesives are subjected to strict environmental regulations regarding their production and usage. They contain photoinitiators that can pose health hazards if not handled properly during the manufacturing process. Many countries have imposed regulations regarding the use of certain toxic photoinitiators. This has compelled adhesive formulators to invest in developing eco-friendly photoinitiators. However, such initiatives increase the overall production cost. Additionally, environmental agencies have guidelines for the disposal of adhesives and their containers. All such stringent norms increase compliance cost, restraining the UV adhesives market growth.

✦ Developing Eco-friendly Variants Present Significant Opportunity

While complying with regulations increases the production cost, developing sustainable variants also presents a massive opportunity for manufacturers. The end-users are increasingly demanding green adhesive solutions. Capitalizing on this trend, manufacturers are investing in extensive R&D to offer bio-based, recyclable, and eco-friendly UV adhesive product ranges. For instance, some players have launched plant-based UV adhesives that cure with the same speed and strength as their petroleum-based counterparts. Such sustainable initiatives are earning manufacturers a competitive edge in the market. It is further helping to overcome barriers imposed by stringent environmental regulations. Hence, focusing on eco-friendly product development can unlock profitable opportunities for UV adhesive manufacturers.

✦ Rising Popularity of Light Curing Technology Drives Market Trends

The curing method used for UV adhesives is one of the major differentiating factors in this market. In addition to existing heat curing and moisture curing technology, light curing has been gaining immense popularity. The key reason behind this increasing preference for light curing is the faster curing capability. With light curing technology, bond formation happens instantly on exposure to UV light without any additional heat source. It allows rapid production cycles, reducing processing times. Many manufacturers are incorporating light curing technology, especially for applications requiring quick bonding like in electronics. Market trends suggest light curing will dominate global demand in the coming years due to its numerous advantages over heat curing and moisture curing technology.

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FAQ'S:

☛ What is the expected growth rate of the market for the forecast period of 2023-2030? What will the market size be in the anticipated time frame?
☛ What will the market size be in the anticipated time frame?
☛ What are the major factors influencing the UV Adhesives market over the forecast period?
☛ What are the market leaders' winning strategies for establishing a significant presence in the UV Adhesives industry?
☛ What are the major market trends influencing the growth of the UV Adhesives market across the globe?
☛ What are the major threats and challenges that are likely to stymie the growth of the UV Adhesives market? What are the most significant market opportunities?
☛ What are the most critical opportunities for market leaders to succeed and profit?

Table of Contents with Major Points:

1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2023-2030 (USD Billion)
1.2.1. UV Adhesives Market, by Region, 2023-2030 (USD Billion)
1.2.2. UV Adhesives Market, by Type, 2023-2030 (USD Billion)
1.2.3. UV Adhesives Market, by Application, 2023-2030 (USD Billion)
1.2.4. UV Adhesives Market, by Verticles, 2023-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption

2. Global UV Adhesives Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates

3. Global UV Adhesives Market Dynamics
3.1. UV Adhesives Market Impact Analysis (2023-2030)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities

4. Global UV Adhesives Market Industry Analysis
4.1. Porter's 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter's 5 Force Model (2023-2030)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion

5. Global UV Adhesives Market, by Type
5.1. Market Snapshot
5.2. Global UV Adhesives Market by Type, Performance - Potential Analysis
5.3. Global UV Adhesives Market Estimates & Forecasts by Type 2023-2030 (USD Billion)
5.4. UV Adhesives Market, Sub-Segment Analysis

6. Global UV Adhesives Market, by Application
6.1. Market Snapshot
6.2. Global UV Adhesives Market by Application, Performance - Potential Analysis
6.3. Global UV Adhesives Market Estimates & Forecasts by Application 2023-2030 (USD Billion)
6.4. UV Adhesives Market, Sub-Segment Analysis
6.4.1. Others

7. Global UV Adhesives Market, by Verticles
7.1. Market Snapshot
7.2. Global UV Adhesives Market by Verticles, Performance - Potential Analysis
7.3. Global UV Adhesives Market Estimates & Forecasts by Verticles 2023-2030 (USD Billion)
7.4. UV Adhesives Market, Sub-Segment Analysis

8. Global UV Adhesives Market, Regional Analysis
8.1. UV Adhesives Market, Regional Market Snapshot
8.2. North America UV Adhesives Market
8.3. Europe UV Adhesives Market Snapshot
8.4. Asia-Pacific UV Adhesives Market Snapshot
8.5. Latin America UV Adhesives Market Snapshot
8.6. Rest of The World UV Adhesives Market

9. Competitive Intelligence
9.1. Top Market Strategies
9.2. Company Profiles
9.2.1. Keyplayer1
9.2.1.1. Key InDurationation
9.2.1.2. Overview
9.2.1.3. Financial (Subject to Data Availability)
9.2.1.4. Product Summary
9.2.1.5. Recent Developments

10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes

Contact Us:

Mr. Shah
Coherent Market Insights Pvt Ltd,
533 Airport Boulevard, Suite 400, Burlingame, CA 94010, United States
Email: sales@coherentmarketinsights.com
United States of America: +1-206-701-6702
United Kingdom: +44-020-8133-4027
Japan: +050-5539-1737
India: +91-848-285-0837

About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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