UV Curable Resins & Formulated Products Market Size, Share, Growth, and Industry Analysis, By Type (Oligomers, Monomers, Photo initiators, Additives), By Application (Overprint varnish, Printing inks, Adhesives, 3D printing, Others), Specialty Clinics, Others), Regional Insights, and Forecast To 2031

Updated On: 22 April 2024

UV Curable Resins & Formulated Products Market REPORT OVERVIEW

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The global UV curable resins & formulated products market size was USD 4954.6 million in 2022 and to touch USD 9252.9 million by 2031, at CAGR of 7.2% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the Global UV Curable Resins & Formulated Products Market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The energy emitted by ultraviolet irradiation devices polymerizes and cures UV-curing polymers in a brief period of time. The global tightening of laws on volatile organic compounds (VOCs) is the main cause of the growth. However, the use of UV curable resins and designed goods may be restricted to the wood application due to the requirement to heat dry the delicate substrates and expensive setup costs. Due to the increasingly strict VOC rules, the oligomers market is predicted to develop faster than monomers. Comparing UV coatings to other functional components, oligomers make up a larger portion of their makeup. Trimethylolpropane, neopentyl glycol, and alkoxylates are some of the primary raw ingredients utilized in the production of oligomers for UV curable resins.

COVID-19 Impact: Imposed Restrictions in the Economy Resulted in Decline in the Market

The COVID-19 outbreak caused temporary business closures as well as supply chain and manufacturing disruptions, which in turn reduced the development of telecom infrastructure and had a negative effect on the sales and marketing efforts of rugged phone companies competing in the market. The effects were severe, particularly for startups and small- to medium-sized businesses operating in this industry. Companies did, however, make a lot of restructuring efforts to address the supply chain difficulties and improve collaboration with suppliers and partners to lessen the negative market impact.

LATEST TRENDS

"Growth of the market in recent years"

The process of creating a three-dimensional object from a digital file utilizing materials including ceramics, metal, and plastic is known as three-dimensional printing, and the materials utilized are known as three-dimensional printing materials. Three-dimensional printing has undergone a revolution thanks to cutting-edge technology and novel materials. The manufacturing industry's dynamics could be dramatically changed by this ground-breaking technology.

The performance advantages of UV curable resins, such as their light weight, high mechanical strength, and corrosion resistance, are predicted to boost their demand in 3D printing. The aerospace and defence sector is embracing 3D printing technology more quickly than other sectors. The need for UV curable materials is anticipated to rise in response to the growing use of 3D printing in applications for consumer products, medical & dental, automotive, and aerospace & defence.

UV Curable Resins & Formulated Products Market SEGMENTATION

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• By Type

Based on type the Global UV curable resins & formulated products market is classified as oligomers, monomers, photoinitiators, additives.

• By Application

Based on application the Global UV curable resins & formulated products market is classified as overprint varnish, printing inks, adhesives, 3D printing, others.

DRIVING FACTORS

"The Utilization as a Catalyst to Boost the Market Growth "

Government laws governing the use of VOCs in painting or dyeing applications are becoming stricter as a result of the employees' negative effects. The level of VOC in the coating production and application sectors is regulated by the European VOC Solvents Directive 1999/13/EC. REACH (Regulation EC No. 1907/2006), which governs the registration, evaluation, authorization, and restriction of chemicals, went into effect in June 2007. Due to the fact that this rule covers all chemicals manufactured or imported into the European Union, using registered chemicals has become simpler. On the other hand, introducing new raw materials for resin synthesis has become more challenging. The tightening of VOC emission standards globally will increase demand for UV curable resins.

"Extensive Application in Laundering Process to Multiply the Production and Market Growth"

Due to rising demand from industries including coatings and overprint varnishes, the market for UV curable resins and formulated products in South America is expanding rapidly. UV coatings are widely utilized in South America's building, automotive, and wood and furniture industries. Due to the expansion of the oil and gas business, several South American countries are seeing rapid growth in their petroleum industries. For instance, Brazil's abundant offshore petroleum resources are growing. Shale gas deposits have just been found in Argentina, and renewable energy projects and refinery expansions are underway in Colombia and Peru. The production of general industrial coatings will rise as a result of the expanding petroleum industry, which will also boost demand for UV-curable resins and specially prepared coatings.

RESTRAINING FACTORS

"Several Challenges Associated with the Local Irritation to Restrain the Market"

Establishing production facilities for UV-curable polymers was extremely expensive. As a result, the market's expansion is constrained. It has been noted that the costs of the UV curing machine and the formulating equipment are significantly higher than those of the other traditional procedures and machines. Therefore, the high startup costs limit new market entrants and restrain the expansion of the global UV curable resins market. The main obstacle to the market's expansion is growing grain, which can make it difficult to apply aqueous UV coatings. As a result of the coating process, wood swells as a result of water absorption. This typically results in a texture and look that is grainy and harsh.

UV Curable Resins & Formulated Products Market REGIONAL INSIGHTS

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"North American Region to Dominate the Market with Extensive Utilization and Multiplying Manufacturers"

The analysis offers market insights for each region separately, including North America, Europe, Asia-Pacific, and the Rest of the World. Due to the increased demand from various industries, including the automotive, electronics, and printing, the North American UV Curable Resins and Formulated Products market area is predicted to have significant expansion. The regional market is anticipated to rise as a result of the increased focus on environmental legislation and sustainable industrial practices.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

This market is extremely competitive and consists of various global and regional players. Major players are involved in strategizing various plans such as mergers and acquisitions, partnerships, introduction of new and enhanced products, along with joint ventures. The report is extensive research of a list of market players who contribute towards the expansion of the market. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and others. Other factors such as regional wise analysis and segment wise analysis are also considered to understand the market share, product growth, revenue growth and others during the forecasted period.

List of Market Players Profiled

• Arkema (France)
• Allnex (Belgium)
• Toagosei (Japan)
• BASF (Germany)
• Royal DSM (Netherlands)
• Coatings Covestro (Germany)
• Nippon Gohsei (Japan)
• Hitachi Chemical (Japan)
• IGM Resins (Netherland)
• Lambson (UK)
• Alberdingk (Germany)
• Jiangsu Sanmu (China)
• Wanhua Chemical (China)
• Eternal (Taiwan)
• Soltech (South Korea)
• Dymax (US)
• Rahn (Switzerland)
• Perstorp (Sweden)
• Qualipoly (South Korea)
• DIC (Japan)
• Double Bond Chemical (Japan)
• Nagase Chemtex (Japan)
• CBC (Japan)
• Arakawa Chemical (Japan)
• Deuchem (Taiwan)
• Siltech (Japan)
• BYK-Chemie (Germany)
• Nissan Chemical (Japan)

REPORT COVERAGE

The SWOT analysis and information on future developments are covered in the study. The research report includes a study of several factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.