Photoinitiator Market worth $2.6 billion by 2026 | Key players Atlas IGM Resins (The Netherlands), Zhejiang Yangfan Material Co., Ltd. (China), Tianjin Jiuri New Materials Co., Ltd. (China).

According to recent market research the "Photoinitiator Market with COVID-19 Impact Analysis by Type (Free Radical & Cationic), End-use Industry (Adhesives, Ink, Coating), and Region (North America, Europe, APAC, Middle East & Africa, South America) - Global Forecast to 2026", size is expected to grow from USD 1.6 billion in 2021 to USD 2.6 billion by 2026, at a CAGR of 10.3% during the forecast period. Photoinitiators are extensively being used in adhesives, inks, coating, and other end-use industries.

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Free radical photoinitiators are widely preferred in various applications due to their efficiency in the curing process. After absorbing UV light, these photoinitiators form free radicals, which form cross-linking with monomers and oligomers. In this way, free radical photoinitiators convert the liquid resin system into cured and dry products. These photoinitiators are used for various applications, such as adhesives, coating on plastic, wood coating, metal coating, UV curable inks, electronics, composites, and many more.
The COVID-19 pandemic resulted in a decline in industrial activities in the first half of 2020 across the globe. It resulted in reduced demand for photoinitiators from various end-use industries.

In the coating industry, UV curable coatings technology is one of the fastest-growing segments, driven mainly by the "going green" trend and its increasing applications in various industries. The use of UV coatings has increased significantly over the last decade in the electronics industry for mobile phones, laptops, and game console coatings, thereby increasing the demand for photoinitiators. The main reason for this growth is the excellent performance of photoinitiators in UV coatings, especially good wear resistance, outdoor durability, and resistance against household chemicals. With an increasing demand for high-performance and long-lasting electronic components, combined with the global shift toward more environmentally friendly coating technology, the use of photoinitiators in the coating application is expected to witness excellent growth.
The demand for photoinitiators from the coating end-use industry is declined in 2020 due to halts in the first half of 2020. Also, major manufacturers temporarily closed their plants during the lockdown. The demand is expected to recover after the COVID-19 pandemic is under control.

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APAC is projected to register the highest CAGR in terms of value in the global photoinitiators market during the forecast period. The growth of the photoinitiators industry in this region is supported by the recovery in end-use industries, the advancement of industrial technology solutions. The photoinitiators market in APAC is driven by the increasing consumption in the coating, ink and other sectors. The increased urbanization and industrial development in countries such as China, India, and Japan are also driving the market 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.

The key players in the photoinitiators market include IGM Resins (The Netherlands), Zhejiang Yangfan Material Co., Ltd. (China), Tianjin Jiuri New Materials Co., Ltd. (China), ADEKA Corporation (Japan), and Lambson Ltd. (UK), are some of the key players in the photoinitiator market. Evonik Industries AG (Germany), Rahn AG (Switzerland), and Changzhou Tronly New Electronic Material Co., Ltd. (China), TCI Chemicals (Japan), Environ Speciality Chemicals (India), are among others. These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the photoinitiators market. These players have taken different organic and inorganic developmental strategies over the past five years.

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IGM Resins is one of the leading manufacturers and suppliers of various photoinitiators, monomers, oligomers, additives, and a wide variety of customized specialties for the energy curing industry. The company's various products have applications in industrial coatings, graphics arts, 3D printing, and adhesives. IGM opened a new manufacturing unit in China to increase its geographical presence and manufacturing capacity. It also launched two new photoinitiators to meet the demands of the coating and ink industries.

Zhejiang Yangfan Material Co., Ltd. is one of the leading manufacturers of a wide variety of photoinitiators. The company has a wide product portfolio to cater to multiple needs of various applications and end-use industries, including ink, coating, composites, electronics, and many more. It is expanding business through opening new distribution networks and channels to meet the growing demand for photoinitiators. The increasing investment by the firm is a good sign for the market in the coming days.

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