Global UV Curable Resins and Formulated Products Market 2022-2026 | Industry Worth $7.3 Billion by 2026 | Environmental Concerns, Rising Awareness, and Stringent Regulations Contributing to Growth

DUBLIN, Feb. 2, 2022 /PRNewswire/ -- The "Global UV Curable Resins and Formulated Products Market by Composition (Oligomers, Monomers, Photoinitiators, Additives), Chemistry (Non-acrylated Oligoamines, Acrylate Oligomers), Application, Technology and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global UV curable resins and formulated products market is projected to grow from USD 4.6 billion in 2021 to USD 7.3 billion by 2026, at a compound annual growth rate (CAGR) of 9.7% between 2021 and 2026. The negative impact of the COVID-19 pandemic on the end-use applications has affected the UV curable resins and formulated products market adversely.

Additives are the fastest-growing composition segment in the UV curable resins and formulated products market in terms of both value and volume

Additives composition type is projected to register the highest CAGR in terms of value between 2021 and 2026. Additives are used in the UV formulation to promote flow and other properties such as levelling and cratering. Stabilizers are the most commonly used additives, which prevent gelation in premature curing and storage caused by low light exposure. Colour pigments, defoamers, dyes, adhesion promoters, wetting agents, flatting agents, and slip aids are some of the examples of the additives commonly used in applications such as coatings, adhesives, printing inks, and overprint varnishes

Acrylate Oligomers is the largest chemistry type of UV curable resins and formulated products in terms of value and volume

Acrylate oligomers are rapidly growing and are a viable choice of UV curable resins for several end uses such as wood floors, kitchen cabinets, and furniture. They are also used in hardwood & resilient flooring, ski & snowboard coatings, and coatings for premium & medium-priced point furniture. Urethane acrylates offer high-end performance with minimal process issues and nearly zero VOC emission.

100% solid UV resins are the largest used technology type of UV curable resins and formulated products in terms of both value and volume

100% solids UV formulations are one- or two-component coatings that are formulated to have higher concentrations of solid components (100%), such as binders, pigments, and additives than conventional formulations such as solvent-borne. High solids coatings provide a satisfactory performance due to their lower percentage of VOCs.

100% solids UV formulations are more eco-friendly than conventional formulations as they emit low amounts of VOC. Hence, they are primarily used in the aerospace industry as a way to comply with various emission regulations. These formulations are durable, cost-effective, and less harmful to the environment. They are, however, more expensive and require spray equipment and expertise to apply.

Coatings are the largest application of UV curable resins and formulated products in terms of both value and volume

UV curable resins and formulated products are widely used in coatings applications. The use of UV coatings has increased significantly during the last decade in the electronics industry in mobile phones, laptops, and game console coatings. The main reason for this growth is the excellent performance that can be achieved with UV coatings, especially, good wear resistance, outdoor durability, and resistance against household chemicals. With an increasing demand for high performance and long-lasting electronic components, combined with the global shift toward more environmentally friendly coating technology, the use of waterborne UV technology is expected to witness excellent growth.

APAC is the leading UV curable resins and formulated products market in terms of both value and volume

APAC is the largest UV curable resins and formulated products market in terms of both value and volume. The UV curable resins and formulated products market in APAC is segmented into China, Japan, South Korea, India, Vietnam, Malaysia, and Rest of APAC. It is one of the world's fastest-growing markets for UV curable resins and formulated products. The market is projected to register a high CAGR in the next five years. The region offers significant commercial opportunities for the growth of the UV curable resins and formulated products market.

Due to COVID-19, UV curable resins and formulated products producers and numerous companies have halted their production sites across various countries that has led to reduced demand for UV curable resins and formulated products, which affected the demand in APAC countries. The recovery in the end-use industries with restoration in the supply chain would drive the titanium demand during the forecast period.

Market Dynamics

Drivers

• Environmental Concerns, Growing Awareness, and Stringent Regulations
• High Performance of UV Curable Resin Coatings
• Enhanced Properties

Restraints

• Need to Thermally Dry Sensitive Substrates
• High Setting-Up Cost

Opportunities

• Development of New Technologies
• High Demand for UV Curable Inks

Challenges

• Grain Raising in Wooden Substrates
• Environmental Challenges with Regard to Wastewater Discharge
• Finishing Defects Caused by Incomplete Drying

Company Profiles

Key Companies

• Allnex Netherlands B.V.
• Alberdingk Boley GmbH
• BASF SE
• Covestro AG
• Wanhua Chemical Group Co. Ltd.
• Miwon Specialty Chemical Co. Ltd.
• Showa Denko Materials Co. Ltd.
• IGM Resins

Other Key Players

• Siltech Corporation
• Nissan Chemical Industries, Ltd.
• BYK-Chemie GmbH
• Deuchem Co. Ltd.
• Eternal Chemical Co. Ltd
• Toagosei Co. Ltd.
• Sartomer USA LLC
• Jiangsu Sanmu Group Corporation
• Soltech Ltd.
• CBC Co. Ltd.
• Nagase Chemtex Corporation
• Rahn AG

For more information about this report visit https://www.researchandmarkets.com/r/dgdvu1

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