Published: September 2019 | Report Code: SE11733 | Available Format: PDF | Pages: 143
The global ultraviolet (UV) curing system market valued $1.4 billion in 2018 and is expected to register a CAGR of 8.8% during the forecast period. The market for UV curing systems is mainly driven by the growing demand for products such as consumer electronics, automobiles, and healthcare devices across the world.
Among all regions, Asia-Pacific (APAC) was the largest market for UV curing systems in 2018 and is also projected to be the fastest-growing regional market during the forecast period. This can be mainly attributed to the high demand for UV curing systems in China, which dominates the manufacturing industry globally with the largest industrial output.
Factors Governing UV Curing System Market
Increasing adoption of UV curing systems for furniture manufacturing can be viewed as an emerging trend observed in the UV curing system market. These systems are increasingly being used for curing coatings of various substrates, include wood, for high-quality finishing and quick drying applications, further resulting in improved productivity. Moreover, UV-cured coatings provide protection to substrates against external agents, such as corrosion, moisture, and accidental chemical spills. These are observed to be critical factors for the increased deployment of UV curing systems in industrial manufacturing.
The growing adoption of UV curing systems for packaging applications is one of the major factors driving the market growth. With competition intensifying in the food and beverages (F&B) industry, companies are leaving no stone unturned to gain an edge over others by focusing on food packaging, which is considered a critical factor for developing a point of difference in the market. Since UV curing systems are ideal for coating, adhesive, and printing applications without compromising the safety and quality of the food, they are increasingly being deployed in the F&B industry. Thus, the growing emphasis on UV curing in the F&B industry is driving the UV curing system market across the world.
UV Curing System Market Segmentation Analysis
Based on type, conveyor curing held the largest share in the UV curing system market in 2018, accounting for over 30% revenue. Conveyor curing offers uniform ink curing, as the constant speed of the conveyor ensures each component is cured for the same amount of time. This increases the throughput and facilitates mass production. Among all regions, the APAC region generated the highest demand for UV curing conveyor systems in 2018, wherein it accounted for around 35% revenue.
Among various technologies, conventional UV was observed to be the most sought-after technology during the historical period, accounting for over 65% revenue in the UV curing system market in 2018. Conventional UV offers various advantages, including the ability to cure various types of substrates and produce various UV bandwidths for deeper-level curing. These are the prime factors for the high adoption of this technology in the F&B industry, wherein it is majorly used for packaging applications.
Under segmentation on the basis of pressure, medium-pressure UV curing systems held the major share in the market in 2018. These systems are largely used for applications such as adhesion/bonding, varnishing, metal decoration, PCBs curing, and glass decoration. Thus, the wide application area of these systems contributes to their market dominance.
Coating applications generated the highest demand for UV curing systems in 2018, accounting for over 32% revenue in the UV curing system market. In coating applications, UV curing protects the substrate from external agents such as moisture, dust, chemicals, and extreme temperatures. UV curing is fast and helps enhance the throughput and reduce work-in-progress (WIP) time, thereby leading to greater manufacturing efficiency at lower cost.
The automotive industry was the largest end-user category, followed by the electronics industry, wherein the deployment of UV curing systems accounted for a combined market share of over 40% in 2018. This can be attributed to growing adoption of electric vehicles and consumer electronics across the globe.
Geographical Analysis of UV Curing System Market
Globally, APAC held the largest share, accounting for 35.3% revenue, in the market in 2018. This can be mainly attributed to the significant growth in the electronics and automotive industries, as well as the increased demand for UV curing systems for wood, plastic, and metal finishing applications, in the region. The region is also projected to be the fastest-growing UV curing system market, advancing at a CAGR of 10.0% during the forecast period. This can be ascribed to the rapid economic growth complemented by the growth in the F&B industry and industrial manufacturing in the region. In addition, rising disposal income in developing countries, such as India, Thailand, Vietnam, and Indonesia, is resulting in the substantial increase in demand for consumer electronics, which, in turn, is propelling the growth of the APAC UV curing system market.
UV curing conveyors generated the highest revenue in the APAC UV curing system market in 2018. This can be attributed to the large-scale adoption of UV curing conveyor systems in the electronics industry, primarily in China, India, South Korea, and Japan. Furthermore, with the increase in demand for electronics, including consumer electronics and PCBs, the demand for UV curing conveyor systems is expected to grow in the region during the forecast period.
During the forecast period, the APAC UV curing system market is expected to witness the fastest growth in India. This can be attributed to the rapid growth observed in the electronics industry in the country. According to the India Brand Equity Foundation (IBEF), the electronics market in the country stood at $100 billion in 2016 and is projected to advance at CAGR of 41.4% between 2016 and 2020, to reach $400 billion. This is suggestive of the huge potential for the growth of the UV curing system market players in the country.
Competitive Landscape of UV Curing System Market
The UV curing system market is highly competitive in nature and is characterized by the presence of companies such as Heraeus Holding GmbH, Nordson Corporation, Dymax Corporation operating as key players. In 2018, the market players witnessed an increase in their sales volume, primarily in the APAC and LATAM regions, predominantly due to the increase in demand from the industrial manufacturing end-user category. This growth in demand is further projected to intensify the market competition during the forecast period.
Recent Strategic Developments of Major UV Curing System Market Players
Major players in the global UV curing system market are focusing on mergers and acquisitions, partnerships, product launches, and client wins to gain a competitive edge in the market. For instance, in April 2019, Heraeus Noblelight GmbH launched BlueLight Hygienic System, a system designed for food packaging applications. The UV light disinfection unit ensures safe and reliable food processing, further enhancing the shelf-life of F&B products. Besides, the system facilitates faster curing, which further results in lower production cost.
Furthermore, in May 2018, Heraeus Noblelight GmbH launched Light Hammer 10 Mark III, an IoT-enabled UV curing system. The system features a cloud-based advanced integrated monitoring system (AIMS) that enables remote monitoring in real time, further resulting in reduced downtime and total cost of ownership.
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