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UV curable resin is an experimental product that reduces air pollution and energy consumption. Increasing necessity for the reduction in energy-consumption is leading to prominence of UV curable resins, especially in the contemporary coating industry. It is creating a significant opportunity for the energy-curable resin producers to increase their UV-curable resins market share. Therefore, this resin is primarily used in diverse applications of the ink, adhesive, and coating industries. This is because of their high productivity, ease of application, and low impact of UV curable resin on the environment. They have become an ideal choice when fast drying and curing is needed because these resins have excellent chemical resistance and faster curing rates compared to conventional drying techniques. In the inks industry, this resin is mostly applied for UV flexo, lithographic printing, overprint varnishes, screen, optical fibers, and as a part of encapsulation and potting in various electronic elements such as sensors, capacitors, connectors, switches, inductors, and relays. Additionally, concrete, plastic coatings, scratch-resistant wood, and UV curable acrylic adhesives are some of the other important applications of UV curable resins. In addition to this, less volatile organic compound (VOC) emission regulations and standards are strengthening the demand for low VOC coatings. Therefore, UV curable resins are highly accepted as they provide low thermal stressing on substrates, high scratch, and chemical resistance, and decrease the use of VOC.
The global UV curable resins & formulated products market size was evaluated at $4.1 billion in 2018, set to grow with a CAGR of 10% throughout the forecast period 2019-2025.
The Predominance of Coatings Application in the UV Curable Resins & Formulated Products Market:
Epoxy acrylates, polyester acrylates, aliphatic urethane acrylate, and aromatic urethane acrylate are the key acrylate oligomers in use today. The growing prevalence of wood & paper, plastic, and metal coating application is leading to growth of the UV curable resins market size. Thus, coatings application is identified as the fastest-growing among overprint varnishes, printing inks, adhesives, and 3D printing applications, and it is set to grow at a CAGR of 5% over the forecast period. Novel properties of UV-curable resins such as improved outdoor resistance along with notable adhesion on metals and plastics are aiding for the growth of new waterborne UV-curable coatings in the global UV curable resins market. In this contemporary world, architectural and decorative coatings are gaining traction of consumers. This is because it has become an ideal choice for interior wall coatings at schools and hospitals. Waterborne coatings have become an ideal choice to solvent-borne coating in case of interior wall coatings. Furthermore, growing commercial businesses are boosting the need for protective coatings aimed at asset protection against rust oxidation and corrosion. All these factors together are enhancing the adoption of UV-curable resins in coating applications.
APAC UV Curable Resins & Formulated Products Marketplace:
An increase in urbanization at a faster pace is influencing the rise in the number of automotive vehicles in the world. Therefore, coatings are used in large quantities to cope up with the escalating automotive production. The rapid expansion of the automotive and manufacturing industries in China and India are amplifying the necessity of coatings in the APAC region. Increment in automotive production of Indonesia from 1.1 million in 2016 to 1.2 million in 2017 is attributing the growth of the coatings market in this county. Hence, APAC held a dominating share of 43% among other regions in the global UV curable resins market during 2018.
UV Curable Resins & Formulated Products Market – Competitive Landscape
Arkema S.A., Allnex, Toagosei Co., Ltd., BASF SE, Koninklijke DSM N.V., Covestro AG, Nippon Gohsei Limited, Hitachi Chemical Company, Ltd., IGM Resins, and Miwon Specialty Chemical Co. Ltd. are noted as UV Curable Resins & Formulated Products top 10 companies, globally.
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