Photoinitiator Market worth $2.6 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, June 15, 2021 /PRNewswire/ -- According to the new market research report "Photoinitiator Market with COVID-19 Impact Analysis by Type (Free Radical & Cationic), End-use Industry (Adhesives, Ink, Coating), and Region (North America, Europe, APAC, Middle East & Africa, South America) - Global Forecast to 2026", published by MarketsandMarkets™, the market size is expected to grow from USD 1.6 billion in 2021 to USD 2.6 billion by 2026, at a CAGR of 10.3% during the forecast period. Photoinitiators are extensively being used in adhesives, inks, coating, and other end-use industries.
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Free radical Type photoinitiators comprise a major share of the photoinitiator market in terms of value.
Free radical photoinitiators are widely preferred in various applications due to their efficiency in the curing process. After absorbing UV light, these photoinitiators form free radicals, which form cross-linking with monomers and oligomers. In this way, free radical photoinitiators convert the liquid resin system into cured and dry products. These photoinitiators are used for various applications, such as adhesives, coating on plastic, wood coating, metal coating, UV curable inks, electronics, composites, and many more.
The COVID-19 pandemic resulted in a decline in industrial activities in the first half of 2020 across the globe. It resulted in reduced demand for photoinitiator from various end-use industries.
The coating industry accounted for the largest market share in the global photoinitiator market during the forecast period in terms of value and volume.
General coating application of photoinitiators includes the coating of wood, paper, metal, plastic, and photoresists, mainly for imaging processes. Photoinitiators get prominently preferred for coating applications, as they possess properties, such as low migration rates, which increase the efficiency of coatings.
In the coating industry, UV curable coatings technology is one of the fastest-growing segments, driven mainly by the "going green" trend and its increasing applications in various industries. The use of UV coatings has increased significantly over the last decade in the electronics industry for mobile phones, laptops, and game console coatings, thereby increasing the demand for photoinitiators. The main reason for this growth is the excellent performance of photoinitiators in 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 photoinitiators in the coating application is expected to witness excellent growth.
The demand for photoinitiators from the coating end-use industry is declined in 2020 due to halts in the first half of 2020. Also, major manufacturers temporarily closed their plants during the lockdown. The demand is expected to recover after the COVID-19 pandemic is under control.
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APAC is expected to account for the largest market share in the photoinitiator market during the forecast period.
APAC is projected to register the highest CAGR in terms of value in the global photoinitiator market during the forecast period. The growth of the photoinitiator industry in this region is supported by the recovery in end-use industries, the advancement of industrial technology solutions. The photoinitiator market in APAC is driven by the increasing consumption in the coating, ink and other sectors. The increased urbanization and industrial development in countries such as China, India, and Japan are also driving the market in the region.
Due to COVID-19, numerous industries and companies have halted their production sites across various countries that has led to reduced demand for photoinitiators in APAC countries. The recovery in the end-use industries with restoration in the supply chain would drive the photoinitiators demand during the forecast period.
The key players in the photoinitiator market include IGM Resins (The Netherlands), Zhejiang Yangfan Material Co., Ltd. (China), Tianjin Jiuri New Materials Co., Ltd. (China), ADEKA Corporation (Japan), and Lambson Ltd. (UK), are some of the key players in the photoinitiator market. Evonik Industries AG (Germany), Rahn AG (Switzerland), and Changzhou Tronly New Electronic Material Co., Ltd. (China), TCI Chemicals (Japan), Environ Speciality Chemicals (India), are among others. These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the photoinitiator market. These players have taken different organic and inorganic developmental strategies over the past five years.
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