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UV Curable Resins Market Overview
The global UV curable resins market was valued at $3,473.9 million in 2017 and is expected to reach $5,403.9 million in 2023, advancing at a CAGR of 7.7% during the forecast period. The market growth is mainly driven by the increasing use of environment-friendly industrial coatings and growing demand for UV curable inks for packaging purposes.
GLOBAL UV CURABLE RESINS MARKET, BY FORMULATION, KILO TONS (2013-2023)
UV curing is a subset of energy/radiation curing, where a light source is used to cure the products including coatings, inks, and adhesives. The resins employed for formulating such products are termed as UV curable resins.
Based on formulation, the UV curable resins market is categorized into oligomers, monomers, photoinitiators, and others (additives and pigments). Among all types, oligomers recorded the highest volume sales in the market, accounting for more than 45.0% share in 2017. The superior properties of oligomers over other formulations, such as fast curing, good chemical resistance, high gloss, and relatively low cost are attributing to its largest share.
On the basis of application, the UV curable resins market is categorized into coatings, inks, adhesives, and others (masking materials, filling materials, soldering materials, and staping motor protective layers). Of these, coatings was the largest application area in the market, accounting for more than 45.0% volume sales share in 2017. The use of UV coatings has increased significantly over the years in the electronics industry for laptops, mobile phones, and game console coatings. The main reason for this growth is its excellent performance such as outdoor durability, good wear resistance, and resistance against household chemicals.
In terms of end user, the UV curable resins market is segmented into industrial coatings, graphic arts, electronics, and others (aerospace, defense, and mining industries). Of these, industrial coatings constituted the largest category in the market, accounting for more than 55.0% volume sales share in 2017. With legislators focusing on reducing solvent emissions from the coating process through laws such as the Solvent Emissions Directive (SED) and Decopaint Directive (DPD), there is a rising trend toward the use of environment-friendly industrial coating systems, thus fueling the market growth of the category.
Asia-Pacific is the largest UV curable resins market, followed by North America and Europe. The market in the region is expected to record high growth during the forecast period, owing to the increasing demand of these resins from the electronics sector, growing consumer awareness and environmental concerns, and the subsequent adoption of stringent volatile organic compound (VOC) emission norms.
UV Curable Resins Market Dynamics
The major trend witnessed in the UV curable resins market is its increased use in 3D printing applications. The increasing use of environment-friendly industrial coatings and the growing demand of UV curable inks for packaging purposes are the major drivers identified in the market.
The major trend witnessed in the UV curable resins market is the increased use of these resins in 3D printing. 3D printing is emerging as a major manufacturing technology with immense potential. The 3D printing process is executed in many industries and uses UV curable inks; for example, in the electronics industry, these inks are highly used because of their properties of wear-resistance, robustness, and flexibility. Countries such as China, the U.S., Korea, and Japan are using this technology for different applications. This increasing use of 3D printing is in turn propelling the consumption of UV curable resins globally.
One of the main drivers identified in the UV curable resins market is the increasing use of environment-friendly industrial coatings. It is seen that traditional inks, adhesives, and coatings contain hydrocarbon solvents, which upon curing release hydrocarbons in the atmosphere. However, these hydrocarbons have VOCs, which is carcinogenic and cause health problems. This has resulted in the government making stringent norms for controlling the release of VOCs in the environment.
UV curable products do not have much negative impact on the environment, unlike conventional products. The radiation curable adhesives, inks, and coatings, with electron beam (EB) and UV are emerging as the viable alternatives to traditional inks due to zero emissions. This prompt industries to use UV cured resins which are greener alternatives to conventional products. Hence, the increasing use of environment-friendly industrial coatings is expected to drive the UV curable resins market growth.
High setting up cost of the UV curable resins manufacturing plant has been identified as a major restraint in the UV curable resins market. It is seen that the initial cost of formulating an equipment can be higher than the cost incurred on conventional coating technologies. Also, the UV curing machine is costlier than the conventional one. The intensity of this challenge is especially higher in Asian countries, as they are more cost-sensitive. Hence, high setting-up cost of these manufacturing plants hampers the UV curable resins market growth.
UV Curable Resins Market Competitive Landscape
Some of the major players operating in the global UV curable resins market are BASF SE, Toagosei Co. Ltd., Koninklijke DSM N.V, The Nippon Synthetic Chemical Industry Co. Ltd., Covestro AG, Wanhua Chemical Group Co. Ltd., Miwon Specialty Chemical Co. Ltd., Hitachi Ltd., Arkema Group, and DIC Corporation.