SAN FRANCISCO, July 18, 2016 /PRNewswire/ -- The global UV curable inks market is expected to reach USD 5.13 billion by 2024, according to a new report by Grand View Research, Inc. Ultraviolet curable inks are increasingly substituting various solvent-based inks in automotive, packaging and publishing applications owing to low environmental impact and high performance efficiency.
Technological innovations related to the use of UV LED systems to enable curing of inks are expected to enhance quality, which in turn is expected to propel demand over the forecast period. Additionally, efficient air-cooling techniques have also lowered the amount of technological infrastructure and equipment required to support the curing process, thus saving energy and improving cost efficiency.
Growing demand for inks in printing application is expected to be the key driver for UV curable ink market over the forecast period. Furthermore, faster drying times coupled with high saturation properties of the product enables use over rigid surfaces, thus promoting application in printing. However, the high cost of the product as compared to its counterparts is likely to restrain market growth over the next eight years.
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- Free radical UV curable inks accounted for over 90% of the revenue share in 2015.High flexibility coupled with increased depth of cure and low cost are expected to drive demand over the next eight years. However, the growth is limited by the emergence of cationic technology providing improved adhesion properties as compared to free radical inks.
- Publication application of ultraviolet curable inks accounted for the largest revenue share in 2015, and this trend is expected to continue over the forecast period owing to rising need for environment-friendly ink in this sector. However, growing electronic content replacing publication printing is likely to limit growth over the forecast period.
- Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
- Free Radical
- Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
- Market Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- North America
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.
SOURCE Grand View Research, Inc.