DELRAY BEACH, Fla., Oct. 28, 2024 /PRNewswire/ -- The report UV-Curable Resins Marketby Composition (Oligomers, Monomers, Photoinitiators, Additives), Chemistry (Non-Acrylated Oligoamines, Acrylate Oligomers), Application, Technology, End-use Industry and Region - Global Forecast to 2029, UV-Curable Resins size is expected to reach USD 9.31 billion in 2029 from USD 6.48 billion in 2024, at a CAGR of 7.5% from 2024 to 2029.
The demand for UV-curable resins is driven by growing investments, rising advancement in technologies, growing applications, and increasing focus on sustainability. UV-curable resins have been increasingly adopted in various end-use industries due to growing focus on minimizing volatile organic compounds emission. UV-curable resins provide eco-friendly alternative to other traditional thermal curing methods that enables manufacturers to get align with global sustainable goals. Stricter environmental laws about emissions are promoting the usage of UV-curable resins across the world.
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Additives segment is expected to grow with highest CAGR in UV-curable resins market during the forecasted period.
The UV-curable resins market is segmented based on the composition into oligomers, monomers, photo initiators, and additives. Additives are being highly incorporated aiming to improve the overall curing process, flexibility, resistance to environmental factors and adhesive properties. The growing demand for eco-friendly and sustainable solutions that helps to minimize the environmental impact is driving the growth of the market across the world. Additives also helps to cater the specific needs of various end-use industries. It also helps to enhance adhesin and scratch resistance in graphic arts and packaging sectors.
Waterborne UV resins segment is expected to grow with highest CAGR in UV-curable resins market during the forecasted period.
The UV-curable resins market is segmented based on technology. In recent years, the use of waterborne UV resins has surged in many end-use industries. Industries such as building & construction, automotive, electrical & electronics, and packaging are shifting towards to usage of waterborne UV resins for various applications. Recent developments in European Union regarding environmental and health legislations have been expanding the adoption of waterborne UV resins. In most of the cases, these formulations possess up to 80% of water with very small number of other solvents like glycol ethers.
Paper & packaging industry segment is expected to have largest share during forecasting period in terms of value.
Paper & packaging industry dominated the market in terms of value. UV-curable resins are getting widely utilized for various applications including coatings, printing inks, adhesives and sealants. The rise I e-commerce has been driving significant demand for options in packaging solutions. UV-curable coatings and inks helps to enhance the durability and visual appeal of the packaging materials attracting consumers in such as competitive market
Asia Pacific region dominated the global UV-curable resins market in terms of value.
In 2023, Asia Pacific accounted for the largest share in the global UV-curable resins market, in terms of value. The region includes emerging and high growing markets like India and China that contributes to the growth of overall market. It also has presence of many leading market players such as Resonac Holdings Corporation (Japan), Wanhua Chemical Group Co., Ltd. (China), DIC Corporation (Japan), Dexerials Corporation (Japan), Eternal Materials Co., Ltd. (Taiwan), and Toagosei Co., Ltd. (Japan). Strong growth for UV-curable resins from paper & packaging industry is expected to drive the market significantly during forecasted years.
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The key players profiled in the report include are Allnex Netherlands B.V. (Germany), BASF SE (Germany), Alberdingk Boley GmbH (Germany), Covestro AG (Germany), Wanhua Chemical Group Co., Ltd. (China), Miwon Specialty Chemical Co., Ltd. (South Korea), IGM Resins (Netherlands), DIC Corporation (Japan), Arkema (France), Resonac Holdings Corporation (Japan), Threebond International, Inc. (US), Toagosei Co., Ltd. (Japan), Dexerials Corporation (Japan), eternal Materials Co., Ltd. (Taiwan), Nissan Chemical Corporation (Japan) and among others.
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