The UV Curing System Market is Projected to Grow at a CAGR of 15.0% from 2020 to 2025
NEW YORK, July 16, 2020 /PRNewswire/ --
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The UV curing system market is projected to reach USD 6.7 billion by 2025 from USD 3.3 billion in 2020; it is expected to grow at a CAGR of 15.0% during the forecast period. The UV curing system market in APAC is projected to grow at the highest CAGR during the forecast period. Countries such as China, Japan, India, and South Korea are major contributors to the growth of the UV curing system market in APAC. China and Japan are considered as the early adopters of UV technology in the electronics manufacturing industry. The growth prospective of the UV curing system market in APAC is promising with a steady growth rate in the near future. The COVID—19 pandemic has affected the market in APAC, however, a steady recovery by 2021 is expected with the significant chances of market expansion due to the rising exports of the region. The continuous rise in the production of end products for use in APAC and for exports derives a huge demand for UV coatings. The major restraints for the growth of the market are limited depth of curing. Risks related to hazardous effects of mercury present in UV mercury lamps and Slowdown in production of manufacturing industries due to COVID-19 act as major challenges for the growth of the market.
The Mercury lamp technology segment projected to hold a large share of the UV curing system market during the forecast period.
Mercury-based UV lamps employ an electric arc through vaporized mercury to produce UV light.These lamps can disinfect an area in lesser time, as the aperture produced by the lamp is broad.
These lamps can emit UV light of UVA (320 to 400 nm), UVB (280 to 320 nm), and UVC (200 to 280 nm) wavelengths.The intense spectrum of light causes the rapid curing of numerous applications, such as printing, bonding and assembling, and coating and finishing.
These lamps are limited to short lengths, and lamp life is usually less than 1,000 h.Furthermore, mercury lamps need to be handled properly as they consist of high-pressure gas, which may burst if the pressure is increased.
Moreover, the mercury lamp market is expected to grow due to increasing industrial development and stringent government regulations as well as increasing adoption in the medical vertical.
Among end-use vertical, the medical segment to hold the largest share of the UV curing system market from 2020 to 2025.
UV curing systems are used in a variety of medical products such as syringes, catheters, hearing aids, dialysis machines, medication patches, hydrogels, filters, and test strips, for the speed production of coatings, inks, and adhesives.These systems help in reducing costs and provide high-quality products.
The adoption of UV curing in the medical vertical has increased owing to its properties such as rapid processing, cure on demand, ease of automation, low temperature, and lower energy requirements.UV spot cure and UV LED flood cure are mainly used for the assembling of medical electronic components.
The features of UV curing technology, such as precise irradiance control and wavelength selection based on the requirement help medical device manufacturers with organized UV curing in assembly processes. UV curing systems are a key solution for high-volume automated processes, which reduce material and operating costs.
North America projected to hold the largest share of the UV curing system market in 2019.
The North American region is the largest market for UV curing systems with the largest share in 2019 and is expected to lead the market for a few years.North America is home to various large—scale manufacturing industries in different sectors such as automotive, medical, and electronics, and semiconductors.
These sectors are witnessing significant adoption of UV curing technology to meet the increasing demand of the market and are estimated to rise in the near future.The manufacturing facilities in the region are highly automated with high precision manufacturing with minimal time required for production.
The UV curing system market in North America has been further segmented into the US, Canada, and Mexico. The UV curing system market in the region is expected to grow rapidly as the domestic players are focusing on the export market thereby, increasing the global market share.
Breakdown of profiles of primary participants:
• By Company Type: Tier 1 = 50%, Tier 2 = 30%, and Tier 3 = 20%
• By Designation: C-level Executives = 35%, Directors = 30%, and Others = 35%
• By Region: North America = 40%, Europe = 25%, APAC = 20%, and RoW = 15%
Baldwin Technology (US), Dymax (US), Nordson (US), Excelitas (US), Heraeus (Germany), Phoseon (US), Honle (Germany), Ist Metz (Germany), American Ultraviolet (US), and Hanovia (UK) are a few major players in the UV curing system market.
Research Coverage:
This report segments the UV curing system market based on technology, type, pressure type, application, and end user. The report gives a detailed view of the market across 4 main regions: North America, Europe, APAC, and RoW.
Reasons to Buy the Report:
• This report includes statistics pertaining to the UV curing system market based on technology, type, pressure type, application, and end user, and region, along with their respective market sizes
• Major drivers, restraints, opportunities, and challenges for the UV curing system market have been provided in detail in this report
• The report includes illustrative segmentation, analysis, and forecast for the UV curing system market based on its segments and subsegments
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