Northbrook, IL 60062 -- (SBWIRE) -- 05/12/2022 -- The UV curable resins & formulated products market is expected to grow at a moderate rate, owing to increasing applications, advancements in the UV curing technology, and the growing demand in Asia Pacific, the Middle East, Europe, and North America. UV curable resins & formulated products are largely used in industrial coating applications. The growth of this market can also be attributed to the stringent regulations and high-performance of resins, owing to their superior mechanical properties.
The global UV curable resins & formulated products market size is estimated to be USD 4.2 billion in 2020 and is projected to reach USD 6.6 billion by 2025, at a CAGR of 9.5% during the forecast period. The growth of the market can be attributed to the need to mitigate volatile organic compounds (VOC) emissions and to comply with stringent regulations and progressively tightening of VOC regulations on a global scale. However, the need to thermally dry sensitive substrates and high setting-up cost of the UV coatings plant restrict the use of UV curable resins & formulated products in the wood coatings application.
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UV curable resins & formulated products are expected to witness an increase in demand for use in applications such as 3D printing, digital printing, packaging, barrier films, and printed circuits. Several industry sectors such as automotive, architecture, and medical are using 3D printing solutions to evolve their design and manufacturing strategies. The 3D printing technology is expected to advance through development in areas such as printers and printing methods, materials used in 3D printing, and software to design and print.
Urethane acrylates are projected to witness the highest growth in the UV curable resins & formulated products market for oligomer. Urethane acrylates (PUDs) are a viable resin choice for coatings in several end-use markets, including wood floors, kitchen cabinets, and furniture. They offer high-end performance with minimal process issues and nearly zero emission of VOCs. Dispersion of urethane acrylates (UV-PUDs), combined with physical drying acrylic dispersions, are being widely used in the European furniture coatings industry. These are also gaining momentum in the North America market.
The 3D printing application segment of the UV curable resins & formulated products market is projected to witness the highest growth during the forecast period. 3D printing has become a revolution with latest technologies and innovative materials. This revolutionary technology has the ability to completely alter the dynamics of the manufacturing sector. Lightweight, corrosion resistance, high mechanical strength, and other performance benefits of UV curable resins are expected to increase the use of UV curable resins in 3D printing. The aerospace & defense industry is adopting the 3D printing technology faster than other industries. The increasing demand for 3D printing from aerospace & defense, medical & dental, automotive, and consumer goods applications is expected to drive the demand for UV curable resins for use in 3D printing.
APAC is the fastest-growing UV curable resins & formulated products market. This high growth can be attributed to the increase in demand from emerging economies such as China, Vietnam, South Korea, Malaysia, and Indonesia. Some of the major UV curable resins manufacturers in the APAC region include Daosheng (China), Changlian (China), Kotian (China), Miwon (South Korea), Ruishi (UV Chem) (China), Nippon Gohsei (Japan), and Wanhua (China).
Increasing environmental and regulatory pressures, increasing consumer awareness (including sensitivity to health & safety), uncertain oil price development, and pressure from flagship companies seeking to improve the environmental performance of their supply chain are factors leading to a rise in demand for industrial coatings, graphic arts, and adhesive applications. This, in turn, will increase the use of UV curable resins & formulated products in these applications.