Boston, MA -- (SBWIRE) -- 02/17/2014 -- UV curing has found a wide acceptance in various industries, on account of its high performance and emission-free nature. Though coatings and inks are the major UV curable products, they serve an array of industries due to various properties and performance advantages. As an end user, the market of UV curable resins can be segmented into graphic arts, industrial coatings, and electronics.
Asia-Pacific is the biggest market of UV curable resins, consuming more than half of the total global demand for UV curable resins, and also the fastest growing market after ROW region. There is a lot of scope in the Asia-Pacific market due to strong manufacturing industry of coatings, inks and adhesives, which are the major target segments of UV curable resins. Additionally, need for performance products for manufacturing electronic equipments is pushing the demand for energy curable products at a considerable pace in the region. With the implementation of emission standards effectively in the region, the demand growth for UV curable resins may improve further at a high pace.
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Currently, the penetration of UV curable resins is increasing in coatings and inks manufacturing segment at a very high pace around the globe. Industrial coating, as an end user industry is strong in all the regions while electronics industry is strong only in Asia-Pacific with demand of UV formulated products by graphic arts industry being quite low in the region. The key drivers for this are budding demand for green coatings, growing electronics manufacturing, and increased use of environment-friendly inks in packaging applications. Increasing penetration in various applications like field coatings, coil coatings, 3D printing, etc. and countries with significant potential and low production capabilities are the major upcoming opportunities in the market, and value chain or plant integration is identified as a key strategy to capitalize on these opportunities.
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