UV Adhesives Market - Forecast(2023 - 2028)

UV Adhesives Market Overview

The UV Adhesives market size is estimated to reach US$1.8 billion by 2027 after growing at a CAGR of 10.8% during the forecast period 2022-2027. UV or ultraviolet adhesives based on epoxy, acrylic, or silicone resins uses light or radiation to initiate permanent bonding without heating. The adhesives have rich features such as rapid curing, high-quality bondage, less waste creation and high durability which is boosting their market demand. High bonding stability provided by UV adhesives is fuelling its demand in various end-use industries such as automotive, medical, electronic and building & construction for various applications such as metal, glass, plastic and rubber. Factors such as growing cases of chronic disease, flourishing automotive production and fuelling construction activities are driving the growth of the UV adhesives market. However, the growing cost of raw materials can hamper the growth of the UV adhesives industry. The UV adhesives market size contracted in 2020 due to the COVID-19 pandemic as the lockdown restrictions decreased the demand for UV adhesives in sectors such as automotive and building & construction. However, with a steady recovery, the demand for UV adhesives is anticipated to increase in these sectors, thereby positively impacting the UV adhesives industry outlook during the forecast period.

UV Adhesives Market Report Coverage

The “UV Adhesives Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the UV Adhesives Market.

Key Takeaways

• The growing demand for UV Adhesives in the Asia-Pacific region due to the flourishing automotive, building & construction and electrical & electronics sectors will positively impact the UV adhesives market size during the forecast period.
• Besides having rich performance properties, UV Adhesives in comparison to solvent-based adhesives are eco-friendly which will significantly influence the UV Adhesives industry growth.
• The growing cost of acrylic and epoxy polymers which constitutes major raw materials for UV Adhesives manufacturing will harm the UV Adhesives industry outlook during the forecast period.

Figure: Asia-Pacific UV Adhesives Market Revenue, 2021-2027 (US$ Million)

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UV Adhesives Market Segment Analysis – by Polymer

The acrylic segment held the largest share in the UV Adhesives market share in 2021 and is forecasted to grow at a CAGR of 10.7% during the forecast period 2022-2027. Acrylic UV adhesive has rich mechanical properties such as it is solvent-free, highly corrosion resistant and hardens very quickly when exposed to visible light energy. The thermal and moisture-resistant feature of acrylic UV adhesive ensures proper adhesion in shadowed areas. The demand for acrylic UV adhesive is rising across various end-use industries especially medical and electrical & electronics for PCB bonding, medical device assembling, glass bonding and plastic bonding. Thus, owing to its advantageous features and growing applicability in the medical and electrical & electronics sectors, the demand for acrylic UV adhesives is significantly growing, thereby boosting the acrylic segment growth during the forecast period.

UV Adhesives Market Segment Analysis – by End-Use Industry

The medical sector held the largest share in the UV Adhesives market share in 2021 and is forecasted to grow at a CAGR of 11.2% during the forecast period 2022-2027. UV adhesives such as acrylic UV adhesives are used during the manufacturing of medical devices such as catheters, syringes and medical filters which are used for treating chronic diseases such as diabetes. The number of patients diagnosed with diabetes has increased over the years due to genetic factors, environmental factors and insulin resistance. For instance, according to National Diabetic Statistics Report by the Centre for Disease Control, in 2020, the cases of diabetes in the US had increased to 34.2 million. Furthermore, according to International Diabetic Federation (IDF), in 2021, approximately 61 million adults in the IDF Europe region were living with diabetes. With the increase in the number of diabetes cases, the demand for medical equipment like syringes and medical filters has increased, which has resulted in more usage of UV adhesives for manufacturing such equipment. Thus, the increase in the production of medical equipment has accelerated the market growth of UV adhesives in the medical sector.

UV Adhesives Market Segment Analysis – by Geography

The Asia-Pacific region held the largest share in the UV Adhesives market share in 2021 up to 42%. The flourishing application of acrylic and epoxy UV Adhesives in semiconductors, headlamps, glass windows and cement in major sectors such as electrical & electronics, automotive and building & construction are fuelling its demand and growth in the region. These major sectors have grown rapidly in the region on account of fuelling investments and effective policies of governments. For instance, according to the National Bureau of Statistics, in 2021, China’s semiconductor output increased by 33% marking a significant acceleration from 2020. According to the International Organization of Motor Vehicle Manufacturers, in 2021, India’s automotive production stood at 4.4 million units, showing a 30% increase. Furthermore, according to Japan’s Ministry of Land, Infrastructure, Transport and Tourism, in April 2022, the construction orders in Japan increased by 30.5%. Growth in the electrical & electronics, automotive and building & construction sector, has increased the demand for UV adhesives for semiconductors, headlamps and cement applications, thereby resulting in positive market growth. 

UV Adhesives Market Drivers

Growth in Automotive Production:

Rich properties of UV Adhesives such as fast drying and thermal as well as corrosion resistance have made it an efficient raw material to be used during large volume manufacturing and assembling of automotive. UV adhesives which are polymer-based such as epoxy and silicone have high applicability in the automotive sector where it is used for assembling parts such as headlamps, fenders, engine components and seat belt monitoring switches. Automotive production has shown significant growth over the years due to growing demand for passenger as well as commercial vehicles and technological upgrades shown in automotive manufacturing. According to the International Organization of Motor Vehicle Manufacturers, in 2021, automotive production stood at 80.1 million units which showed an increase of 3% in comparison with 2020. Growing automotive production has accelerated the demand for UV adhesives for automotive assembling applications, thereby driving the growth of the UV adhesives industry.

Fuelling Construction Activities:

UV Adhesives can bind different materials together and their ability to withstand vibration and thermal shock makes UV Adhesives an efficient gluing material for bonding glass windows, bathroom cabinets and doors. Moreover, fast drying and firm bonding provided by UV adhesives enhance the performance of building materials such as house wraps and flashing tapes. The building & construction sector has grown rapidly on account of fuelling construction activities due to flourishing demand for residential units, the development of architectural sites and the government’s increased investments in the sector. According to Eurostat, in October 2021, in the European Union building construction increased by 4.6% in major countries like France, Spain, Hungary and Finland. Also, according to Statistics Canada, in November 2021, investments in multi-unit construction increased to 2.4%, whereas commercial construction investments increased by 1.4%. With the significant growth of the construction sector, the demand for UV adhesives for bonding glass, cabinets and doors has also increased, which has resulted in the positive growth of the UV adhesives industry.

UV Adhesives Market Challenge

The growing Cost of Raw Materials:

The increase in the price of raw materials associated with UV Adhesives manufacturing could pose a challenge in the market growth. UV Adhesives are mainly made of a polymer such as acrylic, epoxy and silicone, the demand for such polymers is outpacing their availability, which has increased their prices. For instance, the chemical company Arkema, in September 2020, increased the price of its acrylic monomers to US$$100 pmt due to tight supplies. Mallard Creek Polymers LLC, in March 2021, increased the price of its acrylic polymers by 10 cents per wet pound. Furthermore, Huntsman Corporation, in November 2021, increased the price of epoxy resins by 0.50 US$/lb in North America. Such a growing price of raw materials on account of their strained availability will decrease the production level of UV adhesives, thereby resulting in negative growth of the UV adhesive industry.

UV Adhesives Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the UV Adhesives market. The top 10 companies in the UV Adhesives market are:

1. Henkel AG & Co.
2. BASF SE
3. Ashland Inc.
4. Dymax Corporation
5. 3M Company
6. Permabond Engineering Adhesives
7. DowDuPont
8. Epoxy Technology Inc.
9. Excelitas Technologies Corp.
10. DELO Industrial Adhesives

Recent Developments

• In August 2020, Henkel Adhesives Technologies a subsidiary of Henkel AG & Co. announced the establishment of its new production facility of UV-curable acrylic pressure-sensitive adhesives at the site in Salisbury, North Carolina. The facility became operational in 2021.
• In June 2019, BASF SE doubled the manufacturing capacity of its UV acrylic hotmelts product acResin by building a second production facility at the Ludwigshafen site in Germany.
• In September 2019, Techsil launched a new UV curable adhesive to be used for bonding display screens and optical laminates. The adhesive has low viscosity due to which it quickly fills cavities without trapping air.

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