UV adhesives market is segmented, based on product, which include silicone, acrylic, epoxy, polyurethane and others including cyanoacrylate, polysulfide, polyesters, etc. Among these, acrylic accounted for over 40% share of the overall UV glue market in 2016 and is anticipated to witness the sluggish growth by the end of 2024. This product is majorly used in electronic assembly as they have inherent property with high dielectric strength.
Sellbyville, DE -- (SBWIRE) -- 02/27/2019 -- China's transportation segment depicted to be favorable quotient for UV adhesives market with annual rate of 12.8% during study period. The product is used for various application such as glass bonding, automotive electronic system, etc. According to OICA (France), overall automotive production in China was registered nearly 28 million units with 14.5% increase in 2016. This will propel the product demand till 2024. The proliferation in industrial and manufacturing sector of China will robust the product market. The manufacturing sector grew at rate of 8% in March 2017 and accounted for more than 40% of the total GDP of China.
Aging population along with extended life expectancy will create the sustainable demand of medical devices worldwide. The use of UV adhesives in medical devices and equipment will boost the demand of the product as it is recognized low emission volatile organic compound. U.S is one of the leading producer & consumer of medical devices and regarded globally for their innovation and high-tech products. Major states for medical devices companies in U.S. region include New York, Florida, California, Michigan, Illinois, Michigan, Minnesota, Pennsylvania, Georgia and Massachusetts.
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According to a new research report by Global Market Insights, Inc. UV Adhesive Market size will surpass USD 1.5 billion by 2024.
Growth Driver are
- Proliferation in electronic industry
- Growth in medical industry in North America
- Automotive & transportation growth in Asia Pacific
- Availability of alternative product
- High manufacturing cost
The major restraining factor of UV adhesives market is the high production cost owing to use of UV technology, hence increasing the UV glue prices. The availability of various other electron beam and visible light cure adhesives will hamper the demand of the product in coming seven years
According to product, UV glue market is fragmented into acrylic, epoxy, silicon, and polyurethanes. The other niche product include cyanoacrylate, polyester, polysulfide etc. Among all, acrylic acquired above 40% of the overall product market share and is likely to grow at an annual rate of nearly 10%.
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The UV glue industry is segmented based on end-user such as transportation, medical, industrial assembly, electronics and others including construction activities, wood working, packaging, etc. Electronic is likely to have a large market share & is expected to grow with CAGR of nearly 12% in forecast period due to enhancing technology to manufacture insulated electronics components. Based on value, the transportation segment will generate around USD 170 million till 2024. This is due to demand of light weighted and high-tech automobiles as the use of UV glue will replace nuts and screws used in assembling automobile parts
In 2016, U.S. shared over three-fourth of the overall North America market and is probable to increase at significant rate in upcoming years. Increase growth rate in medical and electronic industry promotes UV cured adhesives in the industry. South Korea and India will be the emerging market in Asia Pacific region and both countries will exhibit the gain of more than 13% in upcoming years.
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The key players product includes BASF, H. B Fuller, Henkel, 3M company, The Dow Chemical Company, Permabond, DELO, Sika, Dymax Corporation, and Ashland.
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