UV Curable Resins and Formulated Products Market

UV Curable Resins and Formulated Products Market Size (2023-2028):

UV Curable Resins and Formulated Products Market is anticipated to be $ 4.4 billion in 2022 and is anticipated to reach $ 6.8 billion by 2028, growing at a CAGR of 9.8% during the forecast period (2023-2028)

Ultraviolet (U.V.) curable resins and formulated products are materials that polymerize and cure in a short period of time from the energy radiated by UV irradiation devices. These are used in particular as industrial materials for sealing, gluing, and coating. The features and advantages that explain the use of U.V. Curing resins are, since the curing speed is fast, the working hours capacity is reduced. The materials are not treated by U.V. radiation, so it is necessary to follow certain restrictions and guidelines. They harden at low temperatures. Due to its non-solvent nature, the UV resins allow good workflow and high capacity. There is a wide variety of organized features available. The maximum use of commercial light-curing resins is based on radical-curing acrylic compounds (acrylates). The U.V. The resin is applied to thinner walls and remains moist and moist until exposed to UV rays light, full sun, or under a U.V. lamp. These are used to seal and implant substances in metal glasses cast molds, and create an enamel design and jewelry appearance.

The 3D printing process works in many industries and uses UV-curable inks; For example, in the electronics industry, these inks are widely used due to their properties of wear resistance, toughness, and flexibility. Countries like China, the United States, Korea, and Japan use this technology for different applications. This growing use of 3D printing is in turn driving the global consumption of UV-curable resins. UV curing technology has steadily overtaken the growth of the coatings market over a period of time and has proven to be a high-growth and overall sustainable technology in the coatings industry.

Drivers in the UV Curable Resins and Formulated Products Market 

Recently, water-based UV-curable coatings have been developed to reduce the use of VOCs and reactive thinners. Water is used as a thinner or dispersing medium in these coatings because it can reduce air pollution and fire hazards, as well as improve occupational health and safety. It is easier to control the viscosity of the water-based formulation and is convenient to apply and clean. For the water-based UV curable system, the viscosity can be controlled by controlling the concentration and molecular weight of the oligomers. Water-based UV curable coatings provide excellent gloss and viscosity control and can therefore be easily applied with minimal or no VOC / PAH process issues. The main advantage of water-based UV-curable coatings is that the end-user/applicator has a larger window of time to work in the application process.

Another additional advantage of these coatings over traditional solvent-based coatings is the drying time. When combined with heat and good air circulation, water-based UV coatings dry quickly. Once cured, parts can be stacked, sanded or handled without jamming, increasing production in a smaller space. Cleaning is easily done by rinsing the coating with water. A secondary rinse can be performed for stubborn and dry deposits. It is believed that the creation of new and improved photoinitiators in the UV curable resin industry is a relatively new phenomenon. Improvements such as an extended photosensitive wavelength band and improved solubility of photoinitiators are incorporated into standard photoinitiators to increase their performance. The development of new photoinitiators with UV curing technology requires a huge R&D effort. Innovation in these products can help develop more efficient curable resins and increase the variety of products to be cured in end-use sectors.

Restraints in the UV Curable Resins and Formulated Products Market

It is seen that the initial cost of formulating a kit can be higher than the cost incurred in conventional coating technologies. Besides, the UV curing machine is more expensive than the conventional machine. The intensity of this challenge is especially greater in Asian countries, as they are more cost-sensitive. Hence, the high cost of installing such manufacturing plants is hampering the growth of UV curable resins market. The UV coating industry faces several environmental challenges due to the increasing attention paid to complying with national and local regulations regarding wastewater discharge. UV powder coating operations contain considerable amounts of metals, oil and grease, and suspended solids in their wastewater streams generated during the cleaning and pretreatment phases. It is becoming difficult for UV powder coating manufacturers to comply with state and local environmental regulations due to their wastewater streams. Metal finishing companies that use various electroplating processes face regulatory compliance issues due to heavy metal contamination. However, powder coatings are increasingly accepted in construction applications because they have a minimal VOC content compared to thinners such as acetone, mineral spirits, toluene and xylene. Powder coatings are a viable alternative to other types of coatings, including liquid coatings, in terms of cost savings, environmental impact and sustainability.

UV CURABLE RESINS AND FORMULATED PRODUCTS MARKET REPORT COVERAGE:

UV Curable Resins and Formulated Products Market Segmentation:

By Composition:

• Oligomers

• Photoinitiators

• Monomers

• Additives

Among all types, oligomers had the highest sales volume in the market, accounting for more than 45.8% share in 2019 Superior properties of oligomers compared to other formulations, such as fast curing, good strength chemical, high gloss, and relatively low cost, are attributed for the most part.

By Application:

• Coatings

• Printing Inks

• Overprint Varnish

• Adhesives

• 3D Printing

• Other

Coatings were the largest application area in the market, accounting for over 45.8% of the sales volume in 2019. The main reason for this growth is its excellent performance, such as exterior durability, good wear resistance, and resistance to household chemicals.

By End-User:

• Industrial coatings

• Graphic arts

• Electronics

• Others (aerospace, defense, and mining industries)

Industrial coatings were the largest category in the market, accounting for over 57.3% of sales volume in 2019. Lawmakers focusing on reducing solvent emissions from the coating process through laws such as the Directive on Solvent Emissions (SED) and Deco paint Directive (DPD), there is a growing trend toward the use of environmentally friendly industrial coating systems, which is driving the market growth of the category.

UV Curable Resins and Formulated Products Market Regional Analysis:

• North America 

• Europe

• Asia Pacific 

• Latin America 

• Middle East and Africa

Asia Pacific holds a significant market share and is expected to be the dominant market with a healthy CAGR during the forecast period. In addition, favorable government regulations in the region have prompted many industry players to enter the lucrative Asia-Pacific market, which in turn is driving the growth of the market. In addition, the presence of the most populous countries, like India and China, has increased the construction and automotive sector, thus contributing to the growth of the market. China, India, and Japan are the biggest consumers of UV-curable resins in this region. Another dominant region in the market is North America. Developed end-user industries such as construction, transportation, and electronics among others are significantly driving the growth of the market. In addition, the newly elected government has brought a new wave of investment in the development and renovation of residential and commercial infrastructure, which is expected to boost demand for UV-curable resins in the construction industry.

Europe is a lucrative market, the growth of which is driven by the developed sectors of electricity and electronics, construction, and automobiles. In addition, strict environmental regulations regarding VOC content, along with the increasing development of infrastructure, is the main factor attributed to the growth of the market. Additionally, increasing technological advancements in the region have further increased the use of UV-curable resins.

COVID–19 Impact on UV Curable Resins and Formulated Products Market:

The staggering ramifications of the COVID-19 pandemic have affected all of us. Global personal losses are nothing short of devastating and preventative measures such as widespread closures and physical distancing, while necessary, have completely transformed our daily reality into what may seem like a surreal nightmare. The vast economic effect of the coronavirus is not yet known and may not be fully considered for some time.

Recent Developments 

• In July 2020, allnex is adding a new set of UV curable resins for automotive and plastics applications to its portfolio. allnex, a global leader in energy curing technology for industry, graphics, consumer electronics, plastics, and specialty coatings and inks, today announced the launch of three high-performance, multi-functional urethane acrylates.

• In April 2019, Electrolube launches the next generation of UV curing coatings at SMTConnect. Seven next-generation UV-curing compliant coating products will be launched in Europe for the first time in Europe at SMTConnect Nuremberg, which will be held at Nurnberg Messe from May 7 to 9, 2019.

Major Key Players Involved in UV Curable Resins and Formulated Products Market:

1. Arkema SA (France)

2. Allnex Group (Germany)

3. Toagosei Co. Ltd. (Japan)

4. BASF SE (Germany)

5. Royal DSM N.V. (Netherlands)

6. Covestro AG (Germany)

7. Nippon Gohsei (Japan)

8. Hitachi Chemical Company Ltd. (Japan)

9. IGM Resins B.V. (Netherlands)

10. Miwon Specialty Chemical Co. Ltd (South Korea)