UV Curing Resins Market

UV Curing Resins Market size is forecast to reach $7.63 billion by 2025 after growing at a CAGR of 10% during 2020-2025. Ultraviolet (UV) curing resins are photochemical products in which ultraviolet light is used to dry or cure coatings, inks, or adhesives instantly. The growth of the market of UV curing resins is expected to be driven by the high demand from the packaging industry. 


Report Coverage

The report: “UV Curing Resins Market-Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of UV curing resins industry. 
By Resin Type: Acrylated Epoxies, Acrylated Polyesters, Acrylated Urethanes, Acrylated Silicones, and Others.
By Formulation: Oligomers, Monomers, Photoinitiators, Additives, and Others.
By Application: Adhesives and Sealants, Masking Materials, Printing Inks, Coated Gaskets, Graphic Arts, concrete and plastic coatings, Flexographic printing, and Others
By End Use: Automotive, Packaging, Electronics, Coating Industry, and Others.
By Geography: North America, South America, Europe, APAC, and RoW.


Key Takeaways

  • Asia-Pacific dominates the UV curing resins market owing to increasing demand from coatings and adhesives industry.
  • Increasing demand for UV curable inks is also one among the driving factor for growth of UV cured resins market in the forecast period.
  • High setting up cost of the UV curable resins manufacturing plant will hinder the growth of the market in the forecast period.
  • COVID-19 pandemic has impacted the global chemical industry due to complete or partial shutdown to avoid spread of coronavirus, this is hampering the growth of UV curing resins market in 2020.

By Resin Type-Segment Analysis

Acrylated Epoxies held the largest share in the UV curing resins market in 2019. Acrylated Epoxies are very popular UV curing systems. They undergo fast radical induced crosslinking when exposed to UV radiation. They are extensively used in lithographic inks and varnishes, as well as in printed circuit board, wood, concrete and plastic coatings. They have well all round properties combined with fast cure rates and exceptional adhesion performance due to the presence of polar hydroxyl and ether groups in the epoxy backbone structure. They also have outstanding corrosion resistance. Acrylated Polyesters has second largest share in the UV curing resins market. Acrylated polyesters are produced in a wide range of relativities and viscosities and are mainly used in printing inks, wood and paper coatings. They are very attractive resin systems due to their relative low cost and due to the large number of esters available which allows for a wide variation of properties. This class of UV curing resins has often reasonable all-around performance but only average properties when compared to the other resin systems. They are typically lower in viscosity than epoxy resins and more versatile because they are more compatible with other prepolymers and therefore can be used in a larger variety of formulations.


By Formulation-Segment Analysis

Oligomers held the largest share in the UV curing resins market in 2019 based on formulation. Oligomers are used to formulate adhesives, inks, coatings, and a variety of other products. In addition to their ability to undergo free radical polymerization, these versatile oligomers are the most significant contributor to the physical performance characteristics of the product including flexibility, chemical resistance, hardness, adhesion, and more. Monomers has second largest share in the UV curing resins market. Free radical curing compositions are the most versatile curing systems in regard to product properties of monomers. However, only a limited number of monomers are available for light induced cationic UV curing Resins. These factor will drive the growth of the market in the forecast period.
 

By Application-Segment Analysis

Flexographic printing held the largest share in the UV curing resins market in 2019. UV curing resins are photochemical products in which ultraviolet light is used to dry or cure inks. UV curing resins are often the best choice when fast drying and curing is needed. They have become very popular resin systems due to their high productivity, ease of application, and low impact on the environment. The flexographic process can be used to print on paper, plastics, cellophane, metal and other materials. This growth can be attributed to its ability to print images that are superior in quality and to withstand extreme weather. Mounting commercialization of flexible packaging owing to its widespread application across various consumer items will directly propel the flexographic printing size over the projected period. Food packaging industry in Asia Pacific has shown a surge of 30% in the recent years. Packaging is extensively used in cosmetics, food & beverages, pharmaceuticals and personal care products. It is a key marketing tool that fuels the purchasing decision of the customer. It increases the aesthetic appearance, offers product differentiation and also enhances the company’s brand image. Moreover, strong growth in these aforementioned industries, particularly due to improved consumer spending will eventually drive the growth of the market in the forecast period.

By End Use-Segment Analysis

Automotive sector is the primary market of UV curing resins in 2019 growing at CAGR of 11%. UV curing resins are resistant to heat and corrosion and they are crucial to the automotive industry. It is expected that the amount of UV curing resins used in the production of automobiles will double in the next 15 years. According to International Organization of Motor Vehicle Manufacturers the total production of automobile (commercial as well as Personal) globally in the year 2019 was 91,786,861 units compare to 96,869,020 units in 2018 while in Asia-Pacific in the year 2018 was 52,449,078 units compare to 53,395,211 units in 2017. The increase in the global automobile production is a major factor leading to the growth of UV curing resins in terms of volume across the globe.

The coronavirus pandemic has had far-reaching consequences beyond the spread of the disease and efforts to quarantine it. As the pandemic has spread around the globe, concerns have shifted from supply-side manufacturing issues to decreased business. The current epidemic outbreak has deeply influenced consumers' daily life and in addition to the impact on automotive sector.  South Korea, Italy and Japan are the most affected among the major industrialized economies. Consequently, 80 percent of automotive and related companies report that Coronavirus will have a direct impact on their 2020 revenues. 78 percent of companies do not have enough staff to run a full production line. More than 80 percent of the world’s auto supply chain is connected to China. In January 2020 China’s car sales plunged by 18 percent. The China Passenger Car Association (CPCA) considers that the first two-month sales could decline by 40 percent or more compared to the same period in 2019. Production shortfalls resulting from supply chain disruptions in China will impact global automakers. This factor will hamper the growth of market for the year 2020. After the situation become normal it will grow with a steady rate in the forecast period.


Geography-Segment Analysis  

APAC dominates the UV curing resins market with a share of 38% followed by North America and Europe. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, but with growing foreign direct investment for economic development of South East Asia, the current scenario is changing. Countries in South East Asia are witnessing high growth and it is expected to be the most promising market during the forecasted period. The strong manufacturing industry of coatings, inks and adhesives which are expected to be the major target segments of UV cured resins. Currently, the penetration of UV cured resins is increasing in coatings and inks manufacturing segment at a very high pace around the globe. The key drivers for Asia Pacific region are expected to be the rising demand for green coatings, growing electronics manufacturing and increased use of environment-friendly inks in packaging applications. Moreover, growing technological dominance in these industries is increasing the use of UV cured resins as an adhesive. This factor will drive the growth of the market in the forecast period.

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