UV Curing Ink Resins Market - Forecast(2023 - 2028)

UV Curing Ink Resins Market Overview

UV Curing Ink Resins market size is forecast to reach US$2.2 billion by 2027 after growing at a CAGR of 15.2% during 2022-2027. UV Curing Ink Resins is widely used in printing processes and gives unique benefits that cannot be achieved using other technology. The UV cure uses ultraviolet (UV) light to commence a photochemical reaction that crosslinks the polymers achieving an instant dried system ready for immediate further process. The eco-friendly, high-speed quick-drying, low energy consumption are some of the major properties driving the market growth for the UV curing ink resins market. UV Curing Ink Resins are used for all flexographic printing, screen, gravure, lithographic printing, and inkjet applications. According to the European Federation of Pharmaceutical industries & associations, North America accounted for 49.0% of world pharmaceutical sales compared with 23.9% for Europe, 63.7% of sales of new medicines launched during the period 2015-2020 were on the US market, compared with 17.4% on the European market. Therefore the growing Pharmaceutical industries will boost the UV Curing Ink Resins Market during the forecast period.

COVID-19 Impact

The Covid-19 pandemic has impacted the global economy directly affecting the manufacturer's supply chain across the globe and shut down the production facilities to minimize the risk of virus spread. Due to the COVID-19 pandemic, the core industries such as printing manufacturing industries, textiles, appliances, automotive have been highly impacted. Due to social distancing policy, most of the manufacturing plants were shut down, which declined the production of goods. There has been a sharped decline in the revenue of the different industries. According to General Statistics Office Vietnam, lodging and food and beverages revenue in the first seven months of 2020 fell 16.6 % YoY to US$12.1 billion. In Ho Chi Minh City it was almost three times the rate at 45.1 %, while it was 24.5% in Da Nang and 18.95% in Ha Noi. The government and private sectors are taking necessary action and working for the growth of development of different industries which will help in the boom of the UV Curing Ink Resins market.

Report Coverage

The report: “UV Curing Ink Resins Market – Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the UV Curing Ink Resins industry.

By Composition: Photoinitiators, Monomers, Oligomers, Others.
By Product Type: Acrylated Epoxies, Acrylated Polyesters, Acrylated Urethanes, Acrylated Silicones, Methacrylates, Others.
By Curing Type: Mercury vapor lamps, Electrode arc lamps, UV LED lamps, Arc/LED hybrid lamps, others.
By Technology: Waterborne UV, Solvent-borne UV, Solid UV, Powder UV.
By Application: Printing, Adhesives & Sealants, Packaging, Coating, Others.
By End-Use Industry: Transportation (Automotive, Aerospace, Marine, Railway and Others), Food & Beverages, Electrical & Electronics, Household Appliance, Food & Beverages, Textile Industry, Healthcare, Packaging, Industrial and Others.
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, and New Zeeland, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and Rest of the World (the Middle East and Africa).

Key Takeaways

• The Asia Pacific is expected to register a CAGR of 17.5% during the forecast period (2022-2027). The increasing demand for packaging for pharmaceutical and food & beverages products in Asian countries such as China, India, Japan, and South Korea is driving the market demand for UV Curing Ink Resins.
• UV Curing Ink Resins is used for coating, adhesive & sealants due to high productivity and ease of using and less environmental concern is helping in the growth of UV Curing Ink Resins during the forecast period.
• The UV curable ink resins consist of oligomers, monomers photo-polymerization initiator, coinitiators and various additives such as stabilizers, antioxidants, plasticizers, and pigments helps to increase wide application area in automotive, printing, coatings sectors is growing the demand for UV Curing Ink Resins.
  
  

  Figure: Asia Pacific UV Curing Ink Resins Market Revenue, 2021-2027 (US$ Billion)

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UV Curing Ink Resins Market Segment Analysis – By Composition

The Photoinitiators type segments accounted for around 22% of the market share in 2021 and is estimated to grow at a significant CAGR during the forecast period. The factor that is helping in the growth of the Photoinitiators type segment is the printing sector. Photoinitiators act as a key component of the UV curing resin system and take a decisive role in the curing rate. According to Invest India, print media will cover 14% of the market share by 2024 in the overall entertainment platform like TV, social media and others. Therefore, the growing print media like newspapers, magazines, and others will boost the demand for UV Curing Ink Resins during the forecast period.

UV Curing Ink Resins Market Segment Analysis – By Product Type

The Acrylated Polyesters type segments accounted for approximately 12% of the market share in 2021 and are estimated to grow at a significant CAGR during the forecast period. The Acrylated Polyesters is used to obtain superior mechanical properties to enhance coating processes. Acrylated Polyesters have lower viscosity which helps them to be more compatible in end-use applications like textile, pharmaceutical, automotive, and others. According to Organisation Internationale des Constructeurs d'Automobiles, the global production of the vehicle has been increased from the first half of 2020 to the first half of 2021 having total production of 312,23,533 in 2020 and 403,38,546 in 2021. Therefore the growing demand for automotive production is driving the Acrylated Polyesters type segments during the forecast period.

UV Curing Ink Resins Market Segment Analysis – By Curing Process

The UV LED lamps type segments accounted for approximately 18% of the market share in 2021 and are estimated to grow at a significant CAGR during the forecast period. UV LED Curing Lamp is mostly used for printing ink curing, glue curing, resin curing, and others due to its flexibility and ease to handle. According to International Energy Association, Over 50% of construction & buildings sector lighting are covered by LEDs globally. Many countries started to phase out incandescent lamps more than ten years ago and other developing countries are eliminating fluorescent lighting to make LEDs the main technology. Therefore the growing demand for UV LED lamps will drive UV Curing Ink Resins Market during the forecast period.

UV Curing Ink Resins Market Segment Analysis – By Technology

The Waterborne UV type segments accounted for approximately 28% of the market share in 2021 and are estimated to grow at a significant CAGR during the forecast period. Water-borne UV curing has wide application in the wood furniture and cabinet market. They are also used in paper coating, plastic coatings, wood floor coating, and others. According to the Ministry of Commerce and Industry Department for Promotion of Industry & Internal Trade, the total production of Plywood block boards, Lamination wooden sheets/ Veener sheets and Particle Boards during (2019-20) was 78697.76 thousand square metres, 56746.49 thousand square metres and 9068.09 thousand square metres respectively and the production of these products during the current financial year (2020-21 (Apr-Oct(P)) has been 27980.49 thousand square metres 23517.34 thousand square metres and 3846.60 thousand square metres respectively. Therefore, the growing use of wood in furniture will increase the Waterborne UV type segments during the forecast period.

UV Curing Ink Resins Market Segment Analysis – By Application

The Printing segment accounted for more than 33% of the market share in 2021 and is estimated to grow significantly during the forecast period. The increase in demand for printing in automobile, packaging, and others are fuelling the market for UV curing ink resins. In the textile industry, UV-responsive smart textile is produced by UV-LED curing specifically designed photochromic ink on PET fabric. According to World Trade Organisation, World exports of textiles saw a strong increase by 16% in 2020 due to demand for protective personal equipment. Therefore, the growing usage of printing in textiles will increase the demand for UV Curing Ink Resins during the forecast period.

UV Curing Ink Resins Market Segment Analysis – By End-use Industry

The textile segment accounted for more than 10% of the market share in 2021 and is estimated to grow significantly during the forecast period. According to UK Fashion & Textile Association, the fashion and textile industry contributes almost US$ 26 billion to the UK economy. The total sales is around US$ 59 billion and online retail sales of textile have been increased by 31% in 2020. Therefore, the growing textile market will fuel the demand for UV Curing Ink Resins during the forecast period. The labeling of medicines, injections bottles, and other medical accessories contribute to the growth of UV Curing Ink Resins. According to World Health Organisation, UNICEF and partners are working towards equitable access to 2 billion doses of the COVID-19 vaccine, 1 billion syringes in 190 countries by the end of 2021. The growing medical accessories will fuel the demand for UV Curing Ink Resins by 2027. 

UV Curing Ink Resins Market Segment Analysis – By Geography

Asia Pacific region held the largest share in the UV Curing Ink Resins market in 2021 up to 38%, owing to the presence of large Infrastructure projects in developing countries like China, India, Indonesia, and others will boost the demand for paints & coatings. The comprehensive use of UV Curing Ink Resins in printing, coatings, packaging and others are helping in the market growth during the forecast period. According to The American Coatings Associations, the Asia Pacific represents 53% of total coating production by volume, 47% by revenue in the world of which China contributes around 59% by volume, 60% by revenue, India held around 18% by volume, 12% by value, Japan holds around 6% by volume & 8% by revenue and South Korea covers 4% by volume & 6% by revenue. Therefore, the growing coatings sector is growing the demand for the UV Curing Ink Resins Market.

UV Curing Ink Resins Market Drivers

The growing trend of Lightweight Vehicle in the Automotive

The growing demand for lightweight vehicles and electric vehicles is driving the UV Curing Ink Resins market. The usage of plastic by replacing metal in reducing the weight of a vehicle and improving thermal and mechanical properties are fuelling the UV-Curing Ink Resins market. According to the International Energy Agency, electric car vehicle has been increasing in the past decade. The registration of vehicles has increased by 41% in 2020 with 10 million electric vehicles on road globally by end of 2020. The electric cars sold in 2020 were around 3 million with a sales increase to 4.6% sales and Europe dominated China as the world’s largest electric vehicle market for the first time. Therefore, the growing demand for electric vehicles will be driving the UV Curing Ink Resins market during the forecast period.

Increasing demand for Packaging

Packaging is widely used in different sectors to protect the product from being damaged or getting spoiled. The global online platform for selling goods is contributing to the growth of packaging and will boost the demand for UV Curing Ink Resins during the forecast period. According to Invest India, by 2030 India to be the 3rd largest online retail market with an estimated annual gross merchandise value of US$ 350 billion growing at a CAGR of 23% owing to an increase in online shoppers by 500 million from 150 million in 2020. Therefore the online shoppers will increase the demand for packaging, in turn, will boost the demand for UV Curing Ink Resins during the forecast period.

UV Curing Ink Resins Market Challenges

Higher Price of Composites

The cost of Composite like Photoinitiators, Monomers, Oligomers, Others is much higher for UV Curing Ink Resins. The reason behind this is its production cost, while producing products, the machinery and the equipment which are used are tagged with higher expense, also, these machineries require high maintenance. Owing to this factor, the product of Composite comes with a higher price as compared to its alternative materials, which tends to constrain the growth of the market. In addition, even if the UV Curing Ink Resins provide better results, the customer usually prefers the less cost. Such factors have become the major challenge of UV Curing Ink Resins in terms of consumption, which constrains the growth of the market.

UV Curing Ink Resins Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the UV Curing Ink Resins market. Major players in the UV Curing Ink Resins market are:

1. Sun Chemical
2. T&K Toka Corporation
3. INX International Ink Co
4. Flint Group
5. Siegwerk Druckfarben AG & Co. KGaA 
6. Tokyo Printing Ink MFG Co. Ltd.
7. Tianjin Angel Chemicals Group Co., Ltd
8. Suzhou Kingswood Education Technology Co., Ltd
9. Gans Ink & Supply
10. NUtec Digital Ink

Recent Developments

In October 2021, Sun Chemical launched Xennia® Pearl Pigment Inks for high-speed industrial applications. It offers the key benefit of increased fastness performance on polyester and cotton-polyester blends, opening up digital pigment printing to high-demand applications.

In April 2021, Sun Chemicals launched SunCure 44HC150, a glossy stampable UV-curing coating, manufactured with 25% bio-renewable carbon content and with 12% post-consumer recycled materials.

In February 2021, Flint Group launched EkoCure ANCORA Dual Cure enables a phased transition to UV-LED technology in turn will bring productivity improvements, cost savings, and sustainability without disruption for Food and Pharmaceutical Labels and Flexible Packaging.

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