BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Global UV Curable Resins and Formulated Products Market size at USD 4.85 billion in 2021. During the forecast period between 2022 and 2028, BlueWeave expects the size of global UV curable resins and formulated market to grow at a CAGR of 10.5% reaching a value of USD 9.73 billion by 2028. Ultraviolet (UV) curable resins are materials that cure and polymerize using energy from UV devices. When UV light is applied to inks, adhesives, and coatings, the technology allows for instant drying and curing via photopolymerization. Due to the expanding applications and use in numerous fields, including coatings, overprint varnishes, printing inks, adhesives, and others, the demand for UV curable resins and specially formulated products is expected to rise. However, high cost of setup could limit the market growth.
Global UV Curable Resins and Formulated Products Market – Overview
Polymerized substances with the help of energy that is extracted and then radiated from irradiation devices providing ultraviolet (UV) rays, UV curable resins and formulated products are quickly cured. Most industrial materials use UV-curable resins and specially formulated products for coating, bonding, and sealing. They are also utilized by the paint and coatings industry in addition to ink and adhesive industries. For curing and quick drying, UV curable resins and specially formulated products are thought to be the best option. During forecast period of 2022 to 2028, global market for UV curable resins and formulated products is expected to grow due to rising demand for these products.
The increased awareness about safety and use of UV resins, health regulations, and guidelines related to use of UV cured resins have all contributed to market growth. Use of UV cure resins and formulated products have grown in popularity in recent years. Certain benefits and advantages include less energy consumption, less equipment space, less VOC released, good flexibility, minimal heat and emission released, curing at low temperatures, and high output and efficiency. The unique feature of resin is coated on UV and having the ability to be applied on virtually any substrate, such as plastic, metal, and composites is the main factor responsible for the market growth.
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Global UV Curable Resins and Formulated Products Market – Technology Advancements
Global UV curable resins and formulated products market has been divided into Monomer, Oligomers, Photoinitiators, and Additives based on the composition; into Non-Acrylated Oligomers, and Acrylate Oligomers based on the chemistry; and as Coatings, Overprint Varnish, Printing Inks, Adhesives, 3D Printing, and Others based on the technology. Currently, coatings under the technology category dominate the market, accounting for a majority of share.
Technology advancements are also propelling the market growth. Sartomer, an Arkema subsidiary business unit, introduced innovative resin solutions that advance UV/EB curing performance for 3D printing, graphic arts, coatings, electronics, and personal care applications at the RadTech UV+EB 2020 Technology Expo and Conference in February 2020. Sartomer will also release three new N3xt Dimensions engineered resins for UV curable 3D printing. Moreover, working with waterborne products allows one to create Zero VOV lacquers for spraying applications due to their chemical resistance and quick curing efficiency. 3D printing, digital printing, and printed circuit applications are examples of opportunities that are expected to boost the market growth.
Impact of COVID 19 on Global UV Curable Resins and Formulated Products Market
COVID-19 affected global demand for UV curable resins and formulated products due to a drop in end-use applications. COVID-19 disrupted the UV curable resins value chain beginning in 2020. The pandemic had a significant impact on China, which ordered the closure of 21 provinces. Wuhan and Hubei provinces, which are major industrial and commercial hubs, were placed under lockdown. This had an effect on the supply chain for UV curable resins and formulated products. The pandemic later spread to Europe and North America. Because many countries were locked down, the workforce could not be deployed in manufacturing facilities. Demand from various applications decreased as a result of strict lockdown regulations. However, with relaxations on pandemic induced restrictions in place, the market is expected to be back on its growth trend.
Competitive Landscape
Prominent players in global UV curable resins and formulated products market include Allnex Group, Wanhua Chemical Group Co., Ltd., Arkema SA, Showa Denko Materials Co., Ltd., Royal DSM, GM Resins, Covestro AG, Nippon Gohsei, Hitachi Chemical Company Ltd., IGM Resins B.V., Toagosei Co. Ltd., Miwon Specialty Chemical Co. Ltd., BASF SE, Double Bond Chemical Ind. Co. Ltd., Jiangsu Sanmu Group Corporation, and Alberdingk Boley GmbH. These companies use R&D, expansions, acquisitions, and new product releases to improve their market position.
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