Albany, NY -- (SBWIRE) -- 08/23/2016 -- The UV adhesives market is rather niche. Nevertheless, the radiation curable products have already claimed a high level of attraction from investors across major industry verticals. Characteristically, UV adhesives offer a wide range of advantages such as high bond strength, rapid curing rates, and lower volatile organic compound (VOC) emissions. With the rising popularity of more compact and thinner electronic devices, there has been a growing demand for UV adhesives. The UV adhesives market also sees great demand from flexible packaging industries. Being highly environment-friendly, vendors can come up with innovative applications of UV adhesives, thereby inviting more funding and investments for research and development. LED UV lamps are also known to have immense growth potential in terms of development and commercialization.

However, advanced machinery involved in the application of UV adhesives is extremely expensive, resulting in a slower adoption rate. This is anticipated to stall the growth of the UV adhesives market.

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UV adhesives market: Product-wise segmentation and analysis

On the basis of product type, the UV adhesives market can be categorized into silicone, acrylic, epoxy, polyurethane, and others such as polyethers, polyesters, polyvinyl acetate (PVAc), and styrene butadiene copolymer (SBC). Among these, acrylic UV adhesives dominated the overall market, emerging as the biggest as well as fastest-growing segment of the UV adhesives market. In terms of volume, this product segment accounted for more than 35% of the market share in 2013. Owing to increasing demand from the electronics industry, especially for assembly applications, the silicone UV adhesives segment has many emerging opportunities. Rise in construction activities and a growing packaging industry have led to a significant increase in demand for epoxy and polyurethane segments of the UV adhesives market.

Segregation of UV adhesives on the basis of application

The UV adhesives market can be segmented by application into assembly, packaging and laminating, wood-working, pressure sensitive applications, and others such as paneling, glazing, labeling, and graphic arts).

Among all the key application areas of UV adhesives, packaging and laminating led the overall market, accounting for more than 25% of the total volume in 2013. Assembly application came in second and market projections suggest that while it is currently the fastest-growing UV adhesives segment, by the end of the forecast period this segment is most likely to dominate the overall UV adhesives market. The surging number of construction activities has led to a rise in flooring, wood-working, and other key interior applications, consequently fueling the UV adhesives market.

Geographic segmentation of the global UV adhesives market

The global UV adhesives market can be divided into four main regions: North America, Europe, Asia-Pacific, and Rest of the World. North America dominated the worldwide market for UV adhesives, enjoying over 30% of the market hold in 2013. Asia-Pacific came in next in the same year and is anticipated to become the most-rapidly growing regional market for UV adhesives during the forecast period of 2014 to 2020. There have been increasing construction projects in Latin America, the Middle East, and Africa, owing to which there has been a growth of the UV adhesives market in the Rest of the World region.

According to a recently published report by a leading market intelligence company, the global UV adhesives market was worth US$69.3 million in 2013 and, registering a compound annual growth rate of 8.1% from 2014 to 2020, is projected to become worth US$116.9 million by the end of the forecast period. As far as total volume of UV adhesives is concerned, the global market stood at 17,166.2 tons in 2013.

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Being highly fragmented in nature, the global UV adhesives market's four leading players enjoy less than 50% of the industry share. Some of the major participants of the UV adhesives market include The Dow Chemical Company, Henkel AG & Co. KGaA, Adhesives Research, Inc., Ashland, Inc., H.B. Fuller Company, Huntsman Corporation, Avery Dennison Corporation, 3M Company, Bostik SA, and BASF SE.

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