UV curable resins are used in various end-user industries such as building and construction, automobile, and electrical and electronics. The growing demand from the developing region across the globe is the major factor driving the global UV curable resins market. Furthermore, growing government investments in the infrastructural development coupled with the augmenting demand from the automobile sector are significantly contributing to the growth of the market. Industrial segment is the dominant segment and expected to show the same trend during the forecast years. The growing usage of UV curable resins in the packaging, electronics, adhesives and plastic and metal is contributing significantly to the growth of the segment.
The global UV curable resins market is segmented into composition and application.
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On the basis of composition, the market is segmented into oligomers, monomers, photoinitiators, and additives. On the basis of application, the global UV curable resins market is segmented into wood and paper coatings, plastic coatings, metal coatings, overprint varnish, printing inks, adhesives, 3D printing, industrial, automotive and other applications.
The photoinitiators composition segment is anticipated to be the fastest growing segment, whereas the monomer composition is the largest segment and is expected to show the same trend during the forecast years. Monomer composition is extensively used in inks, coatings, and adhesives.
The global UV curable resins market is spanned across five key regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major portion of the global market and is anticipated to continue its dominance during the forecast period. The developing end-user industries in the region such as construction and automotive are expected to fuel the market growth. Moreover, the favorable government regulation has resulted in the shifting of the manufacturing base in the Asia Pacific which has further propelled the market growth. The major counties attributing to the growth of UV curable resins in this region are India, China, and Japan. North America is the dominant region for the market UV curable resins. The developed end-user industries coupled with the growing adoption of UV curable resins are the major factor contributing to the growth of the market. The major countries attributing to this growth are the U.S. and Canada. European market of UV curable resins is mainly driven by the developed automobile and electronics industry. Moreover, the increasing use of UV curable resins owing to the strict environmental regulations is further expected to add to the growth of the market.
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Some of the prominent players operating in the Global UV curable resins market are Arkema SA (France), Allnex Group (Germany), Toagosei Co. Ltd. (Japan), BASF SE (Germany), Royal DSM N.V. (Netherlands), Covestro AG (Germany), Nippon Gohsei (Japan), Hitachi Chemical Company Ltd. (Japan), IGM Resins B.V. (Netherlands), and Miwon Specialty Chemical Co. Ltd (South Korea).