The global ultraviolet (UV)
curable resins market is expected to reach USD 4.67 billion, according to a new
report by Grand View Research, Inc. Rise in the industrial sector especially in
Asia Pacific is one of the major driving factors for the growth of UV curable
resins market.
 |
| U.S. ultraviolet (UV) curable resins market volume by composition, 2014-2024 (Kilo Tons) |
Increasing concern regarding
growing VOC emissions has resulted in the development of new low emission
products. UV curable resins emit minimal to zero VOCs and are not volatile in
nature. These resins produce less shrinkage, the line of sight curing and
provide many advantages over traditional methods. Development of renewable raw
materials for manufacturing these curable resins is anticipated to drive the
market.
UV curable resins are widely
used in wood coatings, graphics art, automotive and industrial application.
With the increase in industrialization across the globe, there is a surge in
the demand for eco-friendly products. Manufacturing companies across the world
are focusing and investing in R&D activities for the innovation of new
technologies to produce environmental - friendly products.
Ultraviolet curable resins in
industrial application are expected to be the fastest-growing segment and are
anticipated to hold over 40% of the total demand by 2024. Growth in the
construction and electronics & electrical industry particularly in emerging
markets of Asia Pacific & Latin American is expected to drive the UV
curable resins demand in industrial segment.
In depth research report on Ultraviolet (UV) Curable
Resins Market
Further key findings from the report suggest:
•
The global ultraviolet curable
resins market demand was 465.9 kilo tons in 2015 and is expected to exceed 1
million tons by 2024, growing at a CAGR of 9.2% from 2016 to 2024
•
In 2015, monomers held the
largest market and were worth over USD 1.00 billion. Monomers are the major
components in manufacturing UV curable resins which are further used in
coatings, adhesives, and inks.
•
Photoinitiators are expected to
witness the fastest growth rate over the next eight years. The companies are
trying to develop new photoinitiators for manufacturing curable resins and
expand the breadth of objects to be cured.
•
In 2015, North America was the
largest market and accounted for 32.1% of total market volume in 2015. The huge
investment in R&D for new photoinitiators technology development in the
U.S. is the major factor for the regional industry growth.
•
Asia Pacific is expected to be
the fastest growing market over the next eight years. The region has been
witnessing a remarkable growth in the construction and electrical &
electronics industry, especially in India, Indonesia, Thailand, South Korea and
other countries in the region. The growth in these industries is the major
factor in the rising demand for these curable resins in the region.
•
Key companies in the industry
include BASF SE, Covestro AG, The Nippon Synthetic Chemical Industry Co., Ltd,
Allnex Belgium SA/NV, Hitachi Chemical Co., Ltd, IGM Resins B.V., Eternal
Materials Co., Ltd., Sartomer, Jiangsu Sanmu Group Corporation, DSM N.V,
SolTech Ltd., and Toagosei Co., Ltd.
Grand View Research has
segmented the ultraviolet (UV) curable resins market on the basis composition,
application and region:
Composition Outlook (Volume, Kilo Tons; Revenue, USD
Million, 2014 - 2024)
•
Monomers
•
Oligimers
•
Photoinitiators
•
Others
Application Outlook (Volume, Kilo Tons; Revenue, USD
Million, 2014 - 2024)
•
Wood Coating
•
Graphics Art
•
Industrial
•
Automotive
•
Others
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million,
2014 - 2024)
•
North America
o
U.S.
•
Europe
o
Germany
o
France
o
UK
o
Italy
o
Netherlands
•
Asia Pacific
o
China
o
India
o
Japan
o
South Korea
•
Middle East & Africa
o
Brazil
•
Central & South America
o
Kuwait
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About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market intelligence
studies ensuring relevant and fact-based research across a range of industries
including technology, chemicals, materials, healthcare and energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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