LONDON--(BUSINESS WIRE)--The global UV curable resins market is expected to grow at a CAGR of close to 9% during the forecast period, according to Technavio’s latest market research.
In this market research report, Technavio covers the market outlook and growth prospects of the global UV curable resins market for 2017-2021. The market is further categorized into three segments based on type, including monomers, oligomers, and photoinitiators of which the monomers segment dominated the market with 46% of the overall market share in 2016.
“The global UV curable resins market is anticipated to grow steadily during the forecast period, owing to the high penetration of UV cured resins in coatings of consumer electronics and increasing stern regulations on VOC emissions. The demand for UV curable resins is backed by the growing demand for green coatings, and advantages that UV curing holds over traditional dying methods, along with new developments in UV curing equipment,” says Kshama Upadhyay, a lead plastics, polymers, and elastomers research expert from Technavio.
Technavio’s research analysts segment the global UV curable resins market into the following regions:
- APAC
- EMEA
- Americas
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UV curable resins market in APAC
APAC accounts for the world’s fastest growing and largest market for the consumption of UV curable resins with countries like China and Japan emerging as the key consumers. The high demand for UV curable resins in this region stems from the growing demand from end-user segments such as electronics and industrial coating. Moreover, increasing demand for green electronics and coatings in APAC is expected to act as a major driver for the market, particularly in the packaging industry.
APAC is the largest consumer of electronic products in the world, particularly in the smartphone segment. APAC accounts for 47% of the smartphone market, followed by the Americas and EMEA, thereby offering an attractive market for the global UV curable resins market. The industrial coatings market in APAC is expected to witness a rapid growth during the forecast period. Another strong driving factor for the market in the region is the healthy growth of the manufacturing sector with UV curable resins finding extensive application in wood, foils, and PVC flooring.
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UV curable resins market in EMEA
The global UV curable resins market is fueled by the growing demand for coating applications, including plastic coating, wood coating, and wood coating applications, particularly in countries such as Sweden, the UK, and Germany. Another factor heralding a bright prospect for the UV curable resins market in EMEA is the introduction of legislations to decrease emissions from solvents from paints and coatings, thereby necessitating compliance pertaining to VOC.
“Europe has been actively involved in the development of novel waterborne UV coatings that find extensive application in furniture coating lines and substitute traditional solvent-borne systems. This further eliminates or reduces VOC emissions. The region has also witnessed an increasing use of UV curable resins for 3D applications and pigmented coatings,” says Kshama.
UV curable resins market in Americas
The global UV curable resins market in the Americas is driven by the escalating demand for the consumption of UV curable resins in regions such as North America. Increased use of electronic circuits that employ UV curable resins has fostered the growth of the UV curable resins market in the region. Additionally, the region has emerged as a major consumer of packed food and beverages that employ UV curable resins, thereby strengthening the market in the region. Moreover, a shift toward resins that are eco-friendly is another important factor contributing to the continual growth of the market.
However, the growth of the global UV curable resins market in the Americas is restrained by laws and regulations present in the region pertaining to the use of UV curable resins. The Federal Food, Drug, and Cosmetic Act in the region requires that the food packaging materials be produced under healthy manufacturing practices while being safe and ideal for intended uses. Along with the requirements for manufacturing and safety, food additive requirements are also applicable in the region. In most cases, printing inks, including UV curable inks find application in food packaging applications. Therefore, the use of UV curable inks is included in a food additive regulation called the Food Contact Notification (FCN).
The top vendors in the global UV curable resins market as highlighted in this market research analysis are:
- BASF
- Dymax Corporation
- Hitachi Chemicals
- Royal DSM
- SANMU GROUP
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