Albany, NY -- (SBWIRE) -- 05/18/2017 -- The demand for UV cured adhesives is increasing in flexible packaging and this is anticipated to boost the global TCD alcohol market. The growing demand for UV cured inks is also slated to push the growth of the global TCD alcohol market resulting in the market being worth US$19.9 mn by 2023. The market was worth US$10.9 mn in 2014 and is projected to expand at a 7% CAGR from 2015 to 2023 driven by the demand for TDM alcohol for the manufacturing of dimethacrylates. Dimethacrylates are used in various UV curing applications such as inks, electronics, coatings, and adhesives, driving the demand for TCD alcohol.
Patent Expiry Could Lead to Backward Integration from Buyers
At present Oxea GmbH is the sole producer of TCD alcohol DM as the technology of producing TCD alcohol DM is patented by this company. However, with the patent expiry date approaching soon, the market dynamics is expected to change. The patent expiry is scheduled for 2023, and is projected to lead to a backward integration from buyers on account of the monopolistic nature of the global TCD alcohol DM market. However, the threat is expected to be negligible.
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Use of TCD Alcohol DM in Manufacturing High Performance Surface Coatings to Boost Market
TCD alcohol DM gives enhanced elasticity to final products. It imparts remarkable transparency to products and are therefore, used in the manufacturing of high performance surface coatings. However, propriety technology will pose as a major challenge for the TCD alcohol DM market. On a positive note, the extensive research and development carried out in the field of optoelectronics is estimated to bode well for the market by creating opportunities of growth in the forthcoming years. The high demand for flexible packaging, corrugated containers, commercial printing, and publication is expected to boost the growth of the market.
Europe to Expand at Fastest Rate in Future
Europe is projected to make the fastest growth in the global TCD alcohol DM market in the coming years. The publication and commercial printing segments are highly developed in European countries and this is expected to further the demand for TCD Alcohol DM in UV inkjet inks. Since the demand is likely to remain high from the packaging market, as this market is thriving, the European TCD alcohol DM market will flourish. North America is also expected to witness a steady growth in the market in the future. Asia Pacific led in 2014, accounting for around 35% of the total market share. Some of the factors attributed to the leading status of Asia Pacific include advancements in electronics industry and rising environmental awareness.
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Future Demand for UV Coatings to See an Upward Trend
On the basis of application, the global TCD alcohol DM market is segmented into UV inkjet inks, UV cure coatings, and others. The others segment comprises UV adhesives and optoelectronics. The UV cure coatings segment in 2014 accounted for a massive 45% of the market. The advancements and developments in the electronics industry are behind the growth of the UV coatings market. The market is slated to witness a growth mainly on account of the high demand from Asia Pacific and increasing efforts to encourage the adoption of eco-friendly products. As UV cure coatings offer competitive performance against traditional products, their demand will increase, which is slated to boost the global TCD Alcohol DM in coming years.