The global UV Curing System Market size is expected to reach over USD 9.1 billion by 2028, exhibiting a CAGR of 17.5% during the forecast period.
UV curing technology prospects for growth in new applications and increasing trend for UV technologies for packaging and print labels because of COVID-19 pandemic is creating growth opportunities for the market, states Vantage Market Research, in a report, titled “UV Curing System Market by Technology (Mercury Lamp, Microwave Lamp, Arc Lamp, UV LED), by Type (Spot Cure, Flood & Focused Beam, and Conveyor), by Pressure Type (High Pressure, Medium Pressure, Low Pressure), by Application (Bonding & Assembling, Printing, Coating & Finishing, Others), by Industry Vertical (Automotive, Aerospace & Defence, Energy, Marine, Semiconductor, Industrial & Machinery, Life Science & Medical, Transportation, Medical, Construction & Architectural, Others), and by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028) .
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List Of Prominent Players in the UV Curing System Market:
Driver: Increasing Trend of Eco-friendly Products
Market for UV curing system is increasing due to rising demand for better uniformity and quality finished product. Market for UV curing system is being driven by determinants for instance, stringent regulations with respect to the use of curing systems which are lamp based and rising awareness about environment. Furthermore, the increasing use of UV Curing systems in end-use industries applications such as consumer electronics, transportation, automotive, medical, and machinery and the increasing demand for UV LEDs will improve the growth rate of the market. Another substantial driver such as greater advantages related with the market for UV curing system when compared to conventional curing system will drive the market’s growth rate.
Restraint: High Investments Involved
However, huge investments associated with UV curing systems coupled with restricted depth of curing is hindering the market’s growth. Risks associated with harmful effects of mercury which is present in UV mercury lamps and decline in the level of production in manufacturing sector due to COVID-19 pandemic will further impose a challenge to the UV Curing System market.
The UV curing system market growth in North America is hugely fuelled by large-scale programs funded by the government. Furthermore, the technological advancements and increasing adoption rate also facilitates the growth of the market for UV curing system in North America. North America dominates the market as the region is home to key players such as Phoseon (US), Dymax (US), and Baldwin Technology (US). Strict regulatory policies by agencies such as Environment Protection Agency (EPA) and others is playing a major role in the commercialization and monitoring of UV curing technology. The growth of the market is owing to the increasing demand from the electronics & semiconductor sector and from the medical industry. Emerging countries in Asia Pacific have a huge growth potential and a favourable environment for manufacturers of the product. Hence, the market for UV curing system in APAC is likely to rise at the substantial rate during the coming years.
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The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the UV Curing System Market. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
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The report on UV Curing System Market highlights:
This market titled “UV Curing System Market” will cover exclusive information in terms of Geographic Segmentation, Regional Analysis, Forecast, and Quantitative Date – Units, Key Market Trends, and various others as mentioned below:
Report Attribute: Details
Base Year: 2020
Historic Years: 2016 – 2019
Forecast Years: 2021 – 2028
Segments Covered: Technology, Type, Pressure Type, Application, End-User, and Geography
Quantitative Data – Units: Revenue in USD Million/Billion and CAGR from 2021 to 2028
Regions Covered: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered: U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered: 10 companies with scope for including additional 15 companies upon request
Report Coverage: Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
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