LONDON, Dec. 7, 2016 /PRNewswire/ -- The global UV curable resins market has picked up momentum during the last 10 years, due to its enhanced performance characteristics. On account of promising demand for higher performance and long-lasting parts, along with the ongoing shift towards more sustainable and environment-friendly coating solutions, the UV products may have optimistic prospects. A highly precise etching can be achieved by employing UV curable formulations, which make them perfect product for manufacturing printed circuit boards. Also, the highly efficient protective coating property has increased the penetration of UV coatings in manufacturing displays of consumer electronics. The major current and potential applications of UV curable products in the electronics end-user segment are flexible electronics, automotive electronics, disk drives, optical storage, consumer electronics bonding, cell phone camera assembly, digital projector assembly, displays, encapsulants, light emitting diodes, printed circuited boards, surface mount, computer chips, semiconductor manufacturing, printed electronics, liquid crystal displays, organic light emitting diodes.
The high growth in the electronics industry is driving the demand for UV curable products all around the world. The UV curable products account for large number of applications in the electronics industry, such as inks in manufacturing of printed circuit boards (PCBs); as adhesives in the phone and electronic manufacturing assembly, and in displays of mobile phone and other consumer electronics, such as laptops and portable tablets. Furthermore, the UV curable products offer excellent hardness without compromising the flexibility, and hence are suitable for even wearable electronics, which is an important growth area for electronics industry in the coming years. These products are also customizable and offer various attributes, which can be modified as per the demands of the end user or products. Other properties, such as quick hardening/curing also help to speed up the manufacturing process by clearing up the assembly line. Superior abrasion resistance results in the longevity of the electronic products. The emerging application within the electronics industry also includes LED curing for electronics in the automotive industry.
The current impact of the above driver is high on the growth of the market and is expected to remain high during the forecast period, as the electronics industry continues to evolve and wearable electronics continue to hold preference among the consumers.
During the forecast period, the coatings application segment is expected to witness the fastest growth with a CAGR of 9.7%, in the global market. The coatings segment also accounted for the largest market size, among all the application segments of UV curable resins market. Among the various end-user industries, the industrial coatings segment held the largest market size and is expected to grow at a CAGR of 10.3%, during the period 2015-2020.
The global UV curable resins market was valued at $3,555.8 million in 2014, and it is expected to grow with a CAGR of 9.4% during 2015 - 2020. Asia-Pacific accounted for the largest share of the global UV curable resins market, with 302.5 kilo tons consumed in 2014. The major reasons behind the growth of the UV curable resins market in the region is the strong growth in manufacturing sector. In 2014, Europe accounted for the second largest share in the global UV curable resins market, in terms of value and volume. The region was at front in exploring the advantages of UV curable resins to increase the product quality, as well as helping to reduce carbon footprint.
The key companies operating in the global UV curable resins market include Allnex Belgium S.A., BASF SE, DSM-AGI Corporation, Dymax Corporation, Eternal Materials Co. Ltd., Sartomer, Hitachi Chemical Company Ltd., IGM Resins B.V., Jiangsu Litian Technology Co. Ltd., Jiangsu Sanmu Group Corporation, and Miwon Specialty Chemical Co. Ltd.
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