Low cost equipment associated with the manufacturing of UV curing resins along with technological development have helped drive growth of the market for UV curable resins and formulated products. Increasing demand for odor-free, safe, sustainable, and green materials has increased the demand for UV curing resins thus, boosting market growth. These resins offer benefits such as high productivity, cost effectiveness, durability, and low maintenance, which in turn, drives growth of the market for UV curable resins and formulated products. However, fluctuation in costs associated with its raw materials, high costs associated with R&D activities and initial investments of manufacturers pose as major restraints for growth of the market. Moreover, high conventional heat or infrared radiation involved in the UV curing process causes major complications in these products.
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UV Curable Resins & Formulated Product Market Taxonomy
On the basis of composition, the UV curable resins & formulated products is segmented into:Monomers,Oligomers,Additives,Photointiators
On the basis of chemistry, the UV curable resins & formulated products is segmented into:Non-Acrylates & Oligoamines,Acrylates,Epoxy Acrylates,Polyether/Polyester Acrylates,Urethane Acrylates
On the basis of technology, the UV curable resins & formulated products is segmented into:Water-borne UV,Solvent-borne UV,100% Solid UV,Powder UV
On the basis of application, the UV curable resins & formulated products is segmented into:Coating,Wood & Paper Coating,Plastic Coating,Metal Coating,Overprint Varnish,Printing Inks,3D Printing,Adhesives
UV Curable Resins & Formulated Products Market Outlook
Asia Pacific is the largest market for UV curable resins, both in terms of value and volume of the product than any other region across the globe. China, Japan, and India are countries possessing the largest consumer-demand for UV curable resins and products. Increasing demand for flexible packaging and rapid industrialization in these countries has led to the growing demand for UV curable resins and formulated products.
The market in Europe is rapidly growing due to the increasing demand for plastic coatings, paper coatings, and wood coatings. Germany, U.K., and Sweden are countries experiencing lucrative growth of the UV curable resins and formulated market. Stringent government regulations imposed on the use of conventional methods that harm the environment, is a major restraining factor hampering market growth in the region.
North America is the leading market for UV curable resins and formulated products. The U.S., Canada, and Mexico are countries holding the largest market for automobile and electronics products, thereby increasing the demand for UV curable resins and formulated products. The market in has witnessed significant growth due to high purchasing power and technological advancements in the region. The U.S. accounts for around 80% of the market share in in North America.
In August 2016, Mitsubishi Chemical Corporation (MCC) of Japan, acquired The Nippon Synthetic Chemical Industry Co. MMC also merged with Mitsubishi Rayon and Mitsubishi Plastic. Mitsubishi Rayon is a major supplier of acrylic resins, impact modifiers, and carbon fibers. Mitsubishi Plastic is a leading player in the agricultural film and plastic packaging industry, while Nippon is a leading player in water soluble film of PVOH for agricultural, medicines and chemicals.
Key player in UV Curable Resins & Formulated Products
Some of the key player in UV Curable Resins & Formulated Products Market are Allnex Group (Germany), Arkema Group (France), Royal DSM (Netherlands), Nippon Gohsei (Japan), Covestro AG (Germany), IGM Resins B.V. (Netherlands), Hitachi Chemical Company Ltd., Toagosei Co. Ltd. (Japan), Miwon Specialty Chem Co. Limited (South Korea), Double Bond Chemical Ind. Co. Ltd., Jiangsu Sanmu Group Corporation, and BASF SE (Germany).
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