UV Curable Resins and Formulated Products Market worth $8.0 billion by 2027
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 2027
The 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 2027", is expected to grow from USD 5.0 billion in 2022 to USD 8.0 billion by 2027, at a CAGR of 9.7% during the forecast period. Various Government initiatives across the globe are emphasizing on the adoption of clean fuel and growth in fuel cell electric vehicles and number natural are expected to drive the market in upcoming years.
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Oligomers comprises a major share in composition type in terms of value.
Oligomers can also be low molecular weight polymers. Most of these polymers are based on the acrylation of different structures. Monomers react with the C=C group are the unsaturation point presents at the end of oligomers to form copolymers. Oligomers used in the UV curing process can form soft, hard, or rigid polymers with high tensile modulus and strength.
Acrylate Oligomers is the largest chemistry type of UV curable resins and formulated products in terms of value and volume.
Epoxy acrylates are one of the most used oligomers. Fast curing, good chemical resistance, high gloss, and relatively low cost are some of the advantages, whereas yellowing (poor outdoor performance) and very high viscosity are the disadvantages. Polyester acrylates have a very broad raw material base that allows for a wide variety of backbone structures and functionalities.
They have low-to-very high functionality and extremely hydrophilic-to-extremely hydrophobic backbones. Polyester acrylates also exist in a range of viscosities, from very low (close to monomer viscosity) to very high viscosity. They have good pigment wetting & dispersing, good water balance for lithographic printing, good adhesion, and relatively lower viscosity than epoxy or urethane acrylates.
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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 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 solventborne. 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.
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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.
The coatings segment is expected to continue to represent the bulk of demand for UV curable resins as the physical and chemical properties of UV chemistry permit excellent gloss and viscosity control, thus making its application on substrates easy with minimal or no process issues related to VOCs/hazardous air pollutants (HAPs). UV curable coatings have consistently outperformed the coatings market growth over a period of time and have turned out to be an overall sustainable and high-growth technology in the coatings industry. This high growth in the demand for UV curable coatings is mainly due to its high performance and excellent environmental and safety profile.
APAC is expected to account for the largest market share in the UV curable resins and formulated products market during the forecast period.
APAC dominated the global UV curable resins and formulated products. The growth is due to rapid industrialization and increasing demand for flexible packaging in countries such as China, India, Japan, South Korea, Taiwan and other countries. This region is offering various growth opportunities and attracting global players due to raw material availability and cheap labors.
Allnex Netherlands B.V. (Germany), Alberdingk Boley 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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