The latest report by IMARC Group, titled “UV Curable Resins Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global UV curable resins market reached a value of US$ 5.7 Billion in 2022. Ultraviolet (UV) curable resins are materials that are polymerized and cured with energy obtained from UV devices. The technology enables instant drying and curing through photopolymerization when UV light is applied to coatings, inks and adhesives. UV curable resins are formulated from oligomers and monomers such as acrylates, methacrylate, and vinyl esters. These resins are utilized as raw materials in sealing, binding, and coating due to their enhanced chemical resistance, fast curing time, non-soluble nature, reduced wastage, less energy consumption, and minimal temperature treatment requirement. Nowadays, various companies are using UV curable resins as an eco-friendly technology to adheres to environmental compliance.
Global UV Curable Resins Market Trends:
The global UV curable resins market is primarily driven by the increasing demand for environment-friendly industrial coating materials. UV curable resins do not negatively impact the environment, unlike conventional coatings containing hydrocarbon solvents that are carcinogenic and may cause health problems. Furthermore, these resins are also employed in 3D printing, barrier films, digital printing, and printed circuits. In addition to this, UV curable resins are used to manufacture medical products, including filters, syringes, catheters, hydrogels and test strips, which, in turn, is fueling the market growth. Furthermore, with stringent government regulations toward the emission of volatile organic compounds (VOCs), improved variants have been introduced with solvent-free lacquer coatings, which is a greener alternative. On account of these factors, the market is expected to grow at a CAGR of 9.8% during the forecast period (2023-2028).
- Based on the resin type, the market has been segmented into acrylated epoxies, acrylated polyesters, acrylated urethanes, acrylated silicones, and others.
- On the basis of the composition, the market has been classified into monomers, oligomers, photoinitiators, and others.
- The market has been categorized based on the application into coating, packaging, printing, adhesives and sealants, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Allnex GmbH, Arkema S.A., BASF SE, Covestro AG, Dymax Corporation, Eternal Materials Corporation Limited, IGM Resins B.V., Jiangsu Litian Technology Corporation Limited, Jiangsu Sanmu Group Corporation Limited, Koninklijke DSM N.V., Showa Denko K. K., and Toagosei Corporation Limited.
|Base Year of the Analysis
||Resin Type, Composition, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Allnex GmbH, Arkema S.A., BASF SE, Covestro AG, Dymax Corporation, Eternal Materials Co. Ltd., IGM Resins B.V., Jiangsu Litian Technology Co. Ltd., Jiangsu Sanmu Group Co. Ltd., Koninklijke DSM N.V., Showa Denko K. K. and Toagosei Co. Ltd.
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