UV Curable Resins and Formulated Products Market worth $7.3 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Jan. 5, 2022 /PRNewswire/ -- According to the new market research report "UV Curable Resins and Formulated Products Market by Composition (Oligomers, Monomers, Photoinitiators, Additives), Chemistry (Non-acrylated Oligoamines, Acrylate Oligomers), Application, Technology and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global UV Curable Resins and Formulated Products Market size is expected to grow from USD 4.6 billion in 2021 to USD 7.3 billion by 2026, at a CAGR of 9.7% during the forecast period. Government initiatives emphasizing on adoption of clean fuel and growth in number natural and fuel cell electric vehicles are expected to drive the market.
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Oligomers comprises a major share in composition type in terms of value.
Oligomers are high molecular weight and high viscosity UV curing materials. They are produced using several different backbone building chemistries, such as polyester acrylates, epoxy acrylates, urethane acrylates, and acrylic acrylates. Oligomers impart most of the basic properties to the UV curing formulation. The overall properties of printing inks, adhesives, coatings, and binders crosslinked by radiant energy are determined mainly by the type of oligomers used in the chemical formulation.
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 resin technology dominates the global UV curable resins and formulated products market in terms of value and volume
100% solids UV formulations provide increased corrosion resistance, coating thickness, edge retention, a higher level of performance, and require less drying time. They can self-prime and have been used to replace low solids formulations in lining drum interiors.
100% solids UV formulations are used for aluminum extrusions, office furniture, appliances, business machines, containers, and various other OEM applications. Two-component polyurethane-based high solids coatings cure at lower temperatures than baking systems, thereby reducing energy costs.
Coatings application dominates the market in the global UV curable resins and formulated products market during the forecast period in terms of value and volume.
In the coatings 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.
UV curable resins and formulated products are widely used in coatings application. 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.
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APAC is expected to account for the largest market share in the UV curable resins and formulated products market during the forecast period.
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.
Allnex Netherlands B.V. (Germany), AlberdingkBoley GmbH (Germany), BASF SE (Germany), Covestro AG (Germany), Wanhua Chemical Group Co., Ltd. (China), Miwon Specialty Chemical Co. Ltd. (South Korea), Showa Denko Materials Co., Ltd., (Japan), IGM Resins (Netherlands) are some of the key players in the UV curable resins and formulated products market. These players have taken different organic and inorganic developmental strategies over the past five years.
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