According to the new market research report “UV Curable Resins & Formulated Products Market by Composition (Oligomers, Monomers, Photoinitiators, & Additives), Chemistry (Non-Acrylates & Oligoamines, & Acrylates Oligomers), Application, Technology, and Region – Global Forecasts To 2025“, The global UV curable resins & formulated products market is estimated to be USD 4.2 billion in 2020 and is projected to reach USD 6.6 billion by 2025, at a CAGR of 9.5% from 2020 to 2025. Increasing stringent regulations on VOC emissions leading to the development of eco-friendly technologies, such as 100% solids UV and waterborne UV are replacing solvent-borne UV. This, in turn, is driving the demand for UV curable resins, as they display high performance, owing to superior mechanical properties. These factors contribute to the growth of the UV curable resins & formulated products market.
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Epoxy acrylates and polyester acrylates are some of the most commonly used UV oligomers. Fast curing, good chemical resistance, high gloss, and relatively low cost are the advantages of epoxy acrylates. Polyester acrylates have a broad raw material base, which allows for a wide variety of backbone structures and functionalities. They can have low-to-very high functionality and can have very hydrophilic to extremely hydrophobic backbones. The demand for acrylate oligomers such as silicone acrylates and acrylic acrylates is expected to increase over the next 5 years, owing to huge investments being made in expanding applications such as 3D printing, digital printing, UV nail paints, and others.
In the coatings industry, UV curable coatings segment is one of the fastest growing application segments. This high growth is mainly driven by the “go green” trend and its increasing use of applications in various industries. Asia Pacific leads the UV curable resins & formulated products market in coatings application due to rapid industrialization and the increasing demand for flexible packaging in countries, such as China, Japan, South Korea, and Taiwan. In Europe, the demand for UV curable coatings is fueled by wood coating, plastic coating, and paper coating applications, especially, in countries such as Germany, Sweden, and the UK. In regions such as the Middle East & Africa and South America, the demand for UV curable coatings is expected to grow at a fast pace over the next few years. Brazil is expected to witness an exponential increase in demand for UV curable coatings due to the increasing demand for industrial coatings in the country.
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The global UV curable resins & formulated products market size is estimated to be USD 4.2 billion in 2020 and is projected to reach USD 6.6 billion by 2025, at a CAGR of 9.5% during the forecast period. Government regulations in Europe and North America, especially that concerning air pollution, will continue to drive the adoption of the low-emission UV curing technology over the next 5 years. The report analyzes key growth strategies adopted by the market players between 2011 and 2018 to expand their global presence and increase their market share. Allnex (Germany), Alberdingk Boley (Germany), Toagosei (Japan), BASF (Germany), DSM-AGI (Netherlands), Covestro (Germany), Nippon Gohsei (Japan), Hitachi Chemical Company (Japan), IGM Resins (Netherlands), and Miwon Specialty Chemical (South Korea) are the key leading players of the market.
New product launches, expansions, and mergers & acquisitions are the key strategies adopted by the industry players to grow in the UV curable resins & formulated products market. These strategies accounted for a share of 62%, 21%, and 18%, respectively, of the total growth strategies adopted by the market players. The rising demand for environment-friendly wood coatings and the high growth of the plastic coatings industry in developed countries is encouraging companies to adopt these strategies. Market players are focusing on entering new markets by launching technologically advanced and innovative resins for different applications. Allnex Group (Germany), BASF SE (Germany), Alberdingk Boley (Germany), DSM-AGI (Netherlands) and Covestro (Germany), are some of the leading market players that have adopted these strategies to develop their business.
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Allnex has a strong foothold in the UV curable resins & formulated products market and has adopted various strategies, such as mergers & acquisitions, expansions, and new product launches. The company has adopted new product launches as its major business strategy, which further has helped the company to enhance its global presence. In December 2017, Allnex launched UCECOAT 7230, its first waterborne UV curable dispersion, which can be used on a wide variety of plastic substrates. The product is expected to serve a multitude of application segments, including automotive and industrial plastics, plastic films and sheets, consumer electronics, and flooring.
In September 2016, Allnex and Nuplex Industries collaborated to form one company. The company is a strong global player in UV curable resins & formulated products market, with over 30 manufacturing sites and about 24 research and technology support facilities around the world.
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