Market Analysis
The Global UV Curable Resins Formulated Products Market is likely to grow at a healthy CAGR between 2017- 2023, reveals the new Market Research Future (MRFR) report. UV curable resins are resins that largely help to cure radiations of materials like adhesives, inks, coatings, and others. Automotive, industrial, 3D printing, adhesives, printing inks, overprint varnish, metal coatings, plastic coatings, paper coatings, wood coatings, and others are some of its key applications.
Various factors are adding to the UV curable resins formulated products market share. These factors, as stated by the new MRFR report, include the high performance of such resins, strict regulations & environmental awareness, and increasing growth prospects in the printed circuit board, barrier films, packaging, digital printing, and 3D printing. Additional factors propelling the market growth include growing demand from the automobile sector, and increasing government investments in infrastructural development. Low maintenance, durability, productivity, and low cost make it perfect for several end user industries which are also boosting the market growth.
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On the contrary, high deployment cost and the need to thermally dry sensitive substrates are factors that may limit the UV curable resins formulated products market growth over the forecast period.
Market Segmentation
The Market Research Future Report provides an inclusive segmental analysis of the global UV curable resins formulated products market based on application and composition.
By composition, the UV curable resins formulated products market is segmented into additives, photoinitiators, monomers, and oligomers. Of these, the monomers segment will lead the market over the forecast period for its increasing applications in inks, adhesives, coatings, and others. This will be followed by the photoinitiators segment that is predicted to grow at the fastest pace.
By application, the UV curable resins formulated products market is segmented into automotive, industrial, 3D printing, adhesives, printing inks, overprint varnish, metal coatings, plastic coatings, paper coatings, wood coatings, and others. Of these, the industrial segment will dominate the market over the forecast period for the increasing use of adhesives, electrical and electronics, and packaging.
Regional Analysis
By region, the global UV curable resins formulated products market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA). Among these, the APAC region is expected to spearhead the market over the forecast period. Factors propelling the UV curable resins formulated products market growth in the region include rapid urbanization and growth of industries, favorable government regulations that has attracted key players to enter the region’s lucrative market, and the presence of most populated countries, namely China & India has improved the automobile and construction sector. Japan, India, & China are the leading contributors in the region.
The UV curable resins formulated products market in North America is predicted to have healthy growth over the forecast period for the developed end user industries such as electronics, transportation, and construction, and new investments in development as well as the renovation of commercial and residential infrastructure.
The UV curable resins formulated products market in Europe is predicted to have notable growth over the forecast period. Factors propelling the UV curable resins formulated products market growth in the region include the developed automobile, construction, and electrical & electronics sector, increasing infrastructural development, strict environmental regulations pertaining to the VOC content, and growing technological advances.
Key Players
Notable players profiled in the global UV curable resins formulated products market report include Miwon Specialty Chemical Co. Ltd (South Korea), IGM Resins B.V. (Netherlands), Hitachi Chemical Company Ltd. (Japan), Nippon Gohsei (Japan), Covestro AG (Germany), Royal DSM N.V. (Netherlands), BASF SE (Germany), Toagosei Co. Ltd. (Japan), Allnex Group (Germany), and Arkema SA (France).
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