UV Curable Resins & Formulated Products Market - Forecast(2023 - 2028)

UV Curable Resins & Formulated Products Market Overview

UV Curable Resins & Formulated Products' market size is forecasted to reach US$8.5 billion by 2027, after growing at a CAGR of 9.1% during the forecast period 2022-2027. UV curable resins & formulated products are substances that are cross-linked and cured in a short period using ultraviolet irradiation devices' energy. UV curable coating compositions include a unique blend of aliphatic urethane acrylate resins, Epoxy acrylates, polyester acrylates and Aromatic urethane acrylate. UV curable resins have fewer toxic emissions, a faster cure time (high productivity), less energy usage, less equipment space, lower temperature treatment and reduced waste, owing to which its usage is increasing in various end-use industries. Furthermore, its cheaper price, high productivity and durability make it highly-suitable for usage in a variety of end-use sectors, fueling demand for UV curable resins and formulated goods. In addition, the global UV curable resins and formulated goods market is expected to be driven by rigorous restrictions governing volatile organic compound emissions and an increase in demand for safe, eco-friendly and sustainable products. COVID-19 has negatively affected the demand for UV curable resins & formulated products across the globe, due to a decrease in end-use applications. Due to COVID-19, UV curable resins & formulated product producers and numerous companies have halted their production sites across various countries, resulting in lower demand for UV curable resins & formulated products.

Report Coverage

The “UV Curable Resins & Formulated Products Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the UV Curable Resins & Formulated Products market.

Key Takeaways

• Asia-Pacific dominates the market due to the growth of the paints and coatings industry, which is the primary consumer of UV curable resins and is expected to remain the region's key contributor for revenue generation.
• Low-cost UV curing resin manufacturing equipment as well as technological advancements have aided in the expansion of the UV curable resins & formulated products market.
• The market has grown due to improved knowledge and awareness regarding the safety and usage of UV resins as well as health legislation and standards connected to the use of UV-cured resins.

The 100% Solids UV Curable Resins segment held the largest share in the UV curable resins & formulated products market in 2021 and is forecasted to grow at a CAGR of 9.2% during the forecast period 2022-2027. 100% solids UV formulae improve corrosion resistance, coating thickness, edge retention and performance, while requiring less drying-time. They can self-prime and have been used to line drum interiors in place of low-solid formulations. Aluminum extrusions, office furniture, appliances, commercial machinery, containers and a variety of other OEM applications all use 100% solids UV formulations. High-solids two-component polyurethane coatings cure at lower temperatures than baking systems, lowering energy expenditure. 100% solids UV formulations are one-or-two-component coatings with higher concentrations of solid components (100%) such as binders, pigments and additives than traditional solvent-borne formulations. Because they have a lower number of VOCs, high-solids coatings work well. UV formulations that are 100 percent solids emit less VOC than typical formulations; making them more environmental-friendly. These formulae are long-lasting, cost-effective and eco-friendly. As a result, they're most preferred in the end-use industries, thereby significantly contributing to its segment growth.

UV Curable Resins & Formulated Products Market – by Application

The Coating segment held the largest share in the UV curable resins & formulated products market in 2021 and is forecasted to grow at a CAGR of 9.8% during the forecast period 2022-2027. UV curable coatings technology is one of the fastest-growing sectors in the coatings business, owing to the "going green" trend and its growing uses in numerous industries. UV coatings have been increasingly popular in the construction & building industries because it protects concrete without the lengthy drying times associated with traditional coating processes. The building and construction industries are flourishing worldwide. For instance, according to the HM government, by 2025, the worldwide construction market is expected to rise by more than 70%. It is anticipated that with the increasing building and construction industry, the demand for coatings will also be spurred, which is likely to boost the total UV curable resins & formulated products market over the forecast period.

UV Curable Resins & Formulated Products Market – by Geography

The Asia-Pacific held a significant share in the UV curable resins & formulated products market in 2021 up to 43%. Various government initiatives and investments are bringing in new investments in residential and commercial infrastructure rehabilitation, which is pushing the Asia-Pacific building & construction sector expansion. For instance, according to the Department of Promotion of Industry and Internal Trade (DPIIT), between April 2000 and December 2021, foreign direct investment (FDI) in the construction development (townships, housing, built-up infrastructure and construction development projects) and construction (infrastructure) activity sectors totaled US$ 26.17 billion and US$ 26.30 billion, respectively. Infrastructure operations accounted for 13% of overall FDI inflows of US$ 81.72 billion in fiscal year 21. According to International Trade Administration, between 2022 and 2030, China is expected to grow at an annual rate of 8.6% on average, making it the world's largest construction market. With the increasing construction industry, the demand for coating is substantially rising in APAC, thereby spurring the demand for UV curable resins & formulated products. As a result of this, the Asia-Pacific UV curable resins & formulated products market is flourishing.

UV Curable Resins & Formulated Products Market Drivers

High Performance of UV Curable Resin Coatings

Coatings applications make an extensive use of UV curable resins & formulated products. The use of UV coatings in mobile phones, laptops and game consoles has expanded dramatically during the last decade in the electronics sector. The exceptional performance that UV coatings may accomplish, particularly good wear resistance, outdoor durability and resistance to household chemicals, is the driving force behind this rise. The usage of waterborne UV technology is predicted to rise rapidly, because of the rising demand for high-performance and long-lasting electronic components as well as a global shift toward more ecologically-friendly coating technology. The electronics industry is growing globally. For instance, according to the India Brand Equity Foundation, India's electronics manufacturing industry is expected to be worth US$ 520 billion by 2025. Electronics consumption will increase to US$ 400 billion by 2025, up from US$33 billion in FY20. UV coatings dry faster than other coatings and as a result, they are in high demand across a wide range of sectors. Thus, significant growth in the end-use industries is fueling the growth of the UV curable resins & formulated products market, thereby driving the market growth.

Increased Use of UV Curing Resins in 3D Printing

The rising use of UV curable resins in 3D printing is a major factor driving the market for these resins. 3D printing is rapidly gaining traction as a significant production technique with enormous possibilities. UV curable inks are utilized in the 3D printing process in a variety of industries. For example, in the electronics industry, these inks are widely employed because of their wear resistance, robustness and flexibility. China, the United States, Korea and Japan are among the countries that have used this technology for a variety of purposes. According to the National Bureau of Statistics of China, China accounts for 70% of the global desktop 3D printer market. As the use of 3D printing grows, so does the demand for UV curing resins around the world. Therefore the market growth is expected to rise during the forecast period.

UV Curable Resins & Formulated Products Market Challenges

Environmental issues with wastewater discharge

Due to the growing emphasis on following state and local wastewater discharge requirements, the UV coating sector faces several environmental difficulties. During the cleaning and pre-treatment phases of powder UV coating operations, their effluent streams contain a significant amount of metals, oil & grease and suspended particulates. Powder UV coating factories' wastewater streams make it difficult for them to comply with state and local environmental standards. Heavy metal contamination causes challenges for metal finishing companies that employ various electroplating methods. Powder coatings, on the other hand, are becoming more widely accepted in building and construction applications because of their lower VOC content than thinners such as acetone, mineral spirits, toluene and xylene. In terms of cost, environmental impact, durability and powder coatings are a feasible alternative to other forms of coatings, including liquid coatings. And all these factors are projected to limit the market growth during the forecast period.

UV Curable Resins & Formulated Products Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the UV curable resins & formulated products market. UV curable resins & formulated products market's top 10 companies are:

1. Allnex Netherlands B.V.
2. Alberdingk Boley GmbH
3. BASF SE
4. Covestro AG
5. Wanhua Chemical Group Co. Ltd.
6. Miwon Specialty Chemical Co. Ltd.
7. Showa Denko Materials Co. Ltd.
8. IGM Resins
9. Siltech Corporation
10. Nissan Chemical Industries Ltd.

Recent Developments

• In April 2021, Covestro AG has agreed to acquire Royal to expand its coating resins business.
• In July 2020, Allnex has expanded its offering with a new line of UV curable resins for automotive and plastics applications.
• In January 2020, Electrolube Launched a new UV Conformal Coatings, Thermal Management Solutions and Encapsulation Resins line.

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