Ultraviolet curing is a way of radiation/energy curing for the formulation of various products like coatings, adhesives and inks. Ultraviolet and electron beam curing provides strength, durability, lower VOC emission, and excellent appearance to these products. As a result, these methods are popularly replacing the traditional ones. Different types of monomers are used in these processes which have different effects on the characteristics of the resins. UV curable resins market is gaining demand trends with the rising applications of these products across different industrial verticals. Advancing technology and more sophisticated techniques of curing are also expected to drive the global market for these resins. As a result, key players in the market are also looking for better investment opportunities.
The global market is categorized on the basis of three basic factors, which include the types of applications, end-user industries and demand recorded across different geographic regions. The basic types of applications of these products include adhesives, inks, sealants, coatings, and others. Each of these applications has to be analyzed on the basis of the revenue and volume. End-user industries with large scale applications of UV curable resins include electronics, graphic arts, industrial coatings, and such other industries. Geographic regions of the market include predominant markets of Asia Pacific, Europe, North America and RoW. Analysis of the competition, demand and challenges in these regions provides essential information about the business opportunities in the UV curable resins market.
Drivers, Restraints and Prospects
According to the expert analysts, who are studying this market since last few years, the industry is driven by 3 basic factors. These drivers include strong growth in the global electronic market, demand for green coating, and growing packaging applications of inks. Apart from that, stringent emission laws are also creating demand for the green coatings and low emission resin products. As a result of all these factors, the global UV curable resins market is managing to maintain a steady growth rate. However, limited applications and unattractive prices in the competitive markets are considered to be the strong restraining factors for the global market. Researchers, nevertheless, are hopeful for strong penetration in the budding markets like 3D printing materials.
As per the expert evaluations, the global UV curable resins market is set to make a steady growth. At an estimated compound annual growth rate (CAGR) of over 7%, the industry is set to become a 697.2 kilotons market by 2018, which is a positive sign for the global players. As of 2014, Asia Pacific is the largest consumer in the industry, while the rest of the world region is recording the lowest performance in terms of demand and revenue.