PUNE, India, June 28, 2017 /PRNewswire/ --
The report "UV Curable Resins & Formulated Products Market by Composition (Oligomers, Monomers, Photoinitiators, Additives), Chemistry (Non-Acrylated & Oligoamines, Acrylates), Application, Technology, and Region - Global Forecasts to 2022", published by MarketsandMarkets™, the global market is projected to reach USD 5.70 Billion by 2022, registering a CAGR of 9.1% from 2017 to 2022.
Browse 95 market data tables and 28 figures spread through 158 pages and in-depth TOC on "UV Curable Resins & Formulated Products Market"
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Increasing stringent regulations on VOC emissions are leading to the development of eco-friendly technologies, such as 100% UV and waterborne UV, which are replacing solvent-borne UV technology. This, in turn, drives the demand for UV curable resins, as they show 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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Acrylates is the major oligomer chemistries segment in UV curable resins and formulated products (oligomers) market.
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 very 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 in the next five years owing to the huge investments in applications such as 3D printing, digital printing, UV nail paints, and others.
Coatings represent the bulk of the demand for UV curable resins and formulated products.
In the coatings industry, UV curable coatings technology is one of the fastest-growing segments. This high growth is mainly driven by the 'going green' trend and increasing applications. Asia-Pacific dominates the UV Curable Resins & Formulated Products Market in coatings application due to the rapid industrialization and 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 U.K. In Middle East & Africa and South America, the demand for UV curable coatings is expected to grow at a brisk pace in the next few years. Brazil is expected to show exponential increase in the demand for UV curable coatings due to the increasing demand for industrial coatings in the country.
The Asia-Pacific UV curable resins & formulated products market is projected to register the highest CAGR during the forecast period.
China, Japan, and South Korea are the largest consumers of UV curable resins and formulated products in Asia-Pacific. Factors such as evolving environmental & regulatory scenario, increasing consumer awareness (including sensitivity to health and safety), and pressure from flagship companies wanting to improve the environmental performance of their supply chain have all led to the increasing demand for UV curable resins and formulated products in the Asia-Pacific region. Asia-Pacific is the largest market for UV curable resins and formulated products, both in terms of volume and value, followed by Europe and North America.
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Key players in the UV curable resins market
Key players in the global market include Arkema SA (France), Allnex Group (Germany), Toagosei Co. Ltd. (Japan), BASF SE (Germany), Royal DSM N.V. (Netherlands), Covestro AG (Germany), Nippon Gohsei (Japan), Hitachi Chemical Company Ltd. (Japan), IGM Resins B.V. (Netherlands), and Miwon Specialty Chemical Co. Ltd (South Korea).
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