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UV Curable Inks Market Forecast to Reach $4 Billion by 2025


UV Curable Inks Mark

iCrowdNewswire   Oct 27, 2020  12:00 PM ET

Ultraviolet (UV) curing process is based on a photochemical reaction in which ultraviolet light is used instead of heat to cure or dry inks. The UV curable inks consist of four components such as monomers, oligomers, pigments, and photoinitiators. Whereas, in the UV curing process the liquid monomers and oligomers are mixed with a small percentage of photoinitiators, and then are exposed to UV energy. The use of UV curable inks has a widespread acceptance across various industry verticals like automotive, publication and printing, and medicals due to its various benefits in the form of time savings, better print quality, reduced energy costs, and environmental benefits due to solvent free technology.

UV Curable Inks Market is forecast to reach $4 billion by 2025, after growing at a CAGR of 13% during 2020-2025. The changing environment regulations, increasing demand for the safety of packaged food, and growing digital printing market globally are the major factors responsible to enhance the overall market demand for UV Curable Ink during the forecast period.

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Type – Segment Analysis

Free radical segment held the largest share in the UV Curable Inks market in 2019 and is projected to hold throughout the forecast period. The free radical type of UV curable inks offers various competitive advantages over cationic type such as its reaction mechanism is faster than that of cationic and consume less energy during the curing process. Hence, the adoption of free radical inks are growing from various printing applications such as offset and lithographic, which in turn drives the growth of UV Curable Inks market.

Application – Segment Analysis

Among various types of applications, the packaging segment is projected to witness a highest growth during the forecast period due to increasing uses of flexographic printing in packaging industry mostly for flexible packaging. Furthermore, the growing population and increasing disposable income from the emerging nations such as China and India are also contributing for the growth of this market. Additionally, rising concern over the safety of packaged food products further drives the demand for UV curable inks market during the study period.

Geography – Segment Analysis

Among the regions, in 2019, APAC dominated the UV Curable Ink market with a share of more than 40%, followed by North America and Europe. The growing e-commerce sector, rising demand and sales of electric vehicle (EV), and rapid expansion of end-use market across the region are driving the growth of this market in APAC. Furthermore, the Countries in South East Asia are witnessing high growth in the automotive industries. The growth in automotive sector will further drives the demand for UV Curable Inks market. According to OICA, APAC automotive sales witnessed a growth of over 6.52% during 2012-2018, with South East Asian countries having huge potential to grow.

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Drivers – UV Curable Ink Market

The continuous growth of 3D printing market globally due to its growing adoption across various industries such as automotive, packaging, electronics, and aviation is expected to boost the demand for UV Curable Inks market. For instance, in 29th August 2017, Mimaki Engineering Co., Ltd. (Mimaki) introduced a 3D full coloring printer by UV LED curable inkjet system that enabling the full color modeling of over 10 million colors mainly used in manufacturing, education, construction, and medical business segment.

Governments globally are now adopting environment regulations which are specifically address the content of ink on every products and their impact on environment. Hence, they are promoting to use of volatile organic compounds (VOC) free and no solvent inks which are having positive impact on environment. For instance, in year 2019, China’s Ministry of Environment and Ecology (MEE) launched a program to reduce emission of VOC and their effects across key industries such as petrochemicals, packaging and printing, and transportation by 10% by the end of 2020. Furthermore, the European Printing Ink Association and the Underwriter’s Laboratories are also contributing to have a positive impact on industry growth and environment.

Challenges – UV Curable Ink Market

There are various internal as well as external factors responsible for the fluctuation of raw material prices and their impact on the shortage of raw material and possible supply disruptions. For instance, the trade war between the world’s two largest economies such as China and the USA that results into the fluctuation of raw material prices. Furthermore, according to the article published on 9 May 2018, by the Felipe Mellado, CMO & Board Member of Sun Chemical, regarding the global raw material shortage and its impact on UV curing inks. According to Felipe Mellado, the supply distribution occurs due to the unplanned shutdowns of UV raw material capacity in China and a tighter regulatory environment in Europe. Hence, this shortage increasing the cost of remaining photoinitiators material significantly and alternative materials are also affected.

Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the UV Curable Inks market. In 2018, the market of UV Curable Ink has been consolidated by the top five players accounting for xx% of the share. Major players in the UV Curable Inks Market are T&K Toka Corporation, Tianjin Angel Chemicals, Ricoh, Flint Group, Hewlett-Packard, Gans Ink & Supply, NUtec Digital Ink, Siegwerk, Hanghua Toka, Letong Ink, Yip’s Ink, Toyo Ink Group, Kingswood Inks, among others.

Acquisitions/Technology Launches

Key Takeaways

Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the UV Curable Inks market. In 2018, the market of UV Curable Ink has been consolidated by the top five players accounting for xx% of the share. Major players in the UV Curable Inks Market are T&K Toka Corporation, Tianjin Angel Chemicals, Ricoh, Flint Group, Hewlett-Packard, Gans Ink & Supply, NUtec Digital Ink, Siegwerk, Hanghua Toka, Letong Ink, Yip’s Ink, Toyo Ink Group, Kingswood Inks, among others.

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