The global UV curable resins market was valued at $3,555.8 million in 2014, and it is expected to grow with a CAGR of 9.4% during 2015 – 2020. The factors driving the growth of the global market include stringent government regulations on emission norms and increasing demand from electronics market. The government regulations have become more stringent over controlling the release of VOCs in the environment. Traditional inks, adhesives and coatings contain hydrocarbon solvents, and upon curing (normal as well as through heat), release hydrocarbons into the atmosphere.
Many substances, such as PVC based adhesives are being gradually phased out from the usage, especially in the European region and the U.S. The radiation curable adhesives, inks, and coatings, with electron beam (EB) and UV as the two sub categories that emerge as viable alternatives here, due to zero or no emissions. Within radiation curable ecosystem, UV curable products are further advantageous, as these products can be cured with UV rays, thus leaving very less impact on the environment. For these very reasons, the UV resins based coating systems is also the fastest growing segment within the green coatings ecosystem. Waterborne coatings, powder coatings, and high-solids coatings are the other types of green coatings. Even within the radiation curing systems, the waterborne UV curable systems are gaining traction, when compared to conventional radiation curing systems.
The current impact of this driver is high on the growth of the market, and is expected to further remain high during the forecast period, as the governments of various countries continue to realize the negative impact of traditional VOC emitting systems, and are looking forward to replace them with more sustainable systems.
In 2014, the Asia-Pacific market held the largest share in the global UV curable resins market, in terms of value and volume. The major reasons behind the growth of the UV curable resins market in the region is strongly growing manufacturing sector. China dominated the regional demand for UV curable resins with a share of about 52.4% in 2014, followed by Japan holding a share of about 26.8%. The increasing production of high quality electronics is expected to drive the demand of UV curable resins in all the major consuming countries, except India where the market is still very price sensitive.
The coatings application segment, in the global UV curable resins market, is expected to witness the fastest growth with 9.7% CAGR in terms of value, during 2015 – 2020.
The key companies operating in the global UV curable resins market include Allnex Belgium S.A., BASF SE, DSM-AGI Corporation, Dymax Corporation, Eternal Materials Co. Ltd., Sartomer, Hitachi Chemical Company Ltd., IGM Resins B.V., Jiangsu Litian Technology Co. Ltd., Jiangsu Sanmu Group Corporation, and Miwon Specialty Chemical Co. Ltd.
News Courtesy: P&S Market Research