The UV-curable resins market is projected to grow from USD 6.48 billion in 2024 to USD 9.31 billion by 2029, at a CAGR of 7.5% during the forecast period. The report provides UV-curable resins market demand and analysis, industry insights, competitive intelligence, and customer database. The demand for UV-curable resins is driven by growing investments, rising advancement in technologies, growing applications, and increasing focus on sustainability. UV-curable resins have been increasingly adopted in various end-use industries due to growing focus on minimizing volatile organic compounds emission. UV-curable resins provide eco-friendly alternative to other traditional thermal curing methods that enables manufacturers to get align with global sustainable goals. Stricter environmental laws about emissions are promoting the usage of UV-curable resins across the world.
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Additives segment is expected to grow with highest CAGR in UV-curable resins market during the forecasted period.
The UV-curable resins market is segmented based on the composition into oligomers, monomers, photoinitiators, and additives. Additives are being highly incorporated aiming to improve the overall curing process, flexibility, resistance to environmental factors and adhesive properties. The growing demand for eco-friendly and sustainable solutions that helps to minimize the environmental impact is driving the growth of the market across the world. Additives also helps to cater the specific needs of various end-use industries. It also helps to enhance adhesin and scratch resistance in graphic arts and packaging sectors.
Waterborne UV resins segment is expected to grow with highest CAGR in UV-curable resins market during the forecasted period.
The UV-curable resins market is segmented based on technology. In recent years, the use of waterborne UV resins has surged in many end-use industries. Industries such as building & construction, automotive, electrical & electronics, and packaging are shifting towards to usage of waterborne UV resins for various applications. Recent developments in European Union regarding environmental and health legislations have been expanding the adoption of waterborne UV resins. In most of the cases, these formulations possess up to 80% of water with very small amount of other solvents like glycol ethers.
Paper & packaging industry segment is expected to have largest share during forecasting period in terms of value.
Paper & packaging industry dominated the market in terms of value. UV-curable resins are getting widely utilized for various applications including coatings, printing inks, adhesives and sealants. The rise I e-commerce has been driving significant demand for options in packaging solutions. UV-curable coatings and inks helps to enhance the durability and visual appeal of the packaging materials attracting consumers in such as competitive market.
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Asia Pacific region dominated the global UV-curable resins market in terms of value
In 2023, Asia Pacific accounted for the largest share in the global UV-curable resins market, in terms of value. The region includes emerging and high growing markets like India and China that contributes to the growth of overall market. It also has presence of many leading market players such as Resonac Holdings Corporation (Japan), Wanhua Chemical Group Co., Ltd. (China), DIC Corporation (Japan), Dexerials Corporation (Japan), Eternal Materials Co., Ltd. (Taiwan), and Toagosei Co., Ltd. (Japan). Strong growth for UV-curable resins from paper & packaging industry is expected to drive he market significantly during forecasted years.
UV-Curable Resins Market Companies
The major players active in the UV-curable resins market are based in Europe, Asia Pacific, and North America region. Allnex Netherlands B.V. (Germany), BASF SE (Germany), Alberdingk Boley GmbH (Germany), Covestro AG (Germany), Wanhua Chemical Group Co., Ltd. (China), Miwon Specialty Chemical Co., Ltd. (South Korea), IGM Resins (Netherlands), DIC Corporation (Japan), Arkema (France), Resonac Holdings Corporation (Japan), Threebond International, Inc. (US), Toagosei Co., Ltd. (Japan), Rternal Materials Co., Ltd. (Taiwan), Dexerials Corporation (Japan), and Nissan Chemical Corporation (Japan) are among a few leading players operating in the UV-curable resins market.
Many of the key players have been implementing various growth strategies to solidify their market presence and position. These strategies encompass product launches, partnerships, contracts, mergers and acquisitions, and new product development activities, all aimed at enhancing their presence in the UV-curable resins market.
Alberdingk Boley GmbH (Germany)
Alberdingk Boley GmbH is one of the largest European producers of water-based dispersions, biobased dispersions, castor oil, linseed oil, and its derivatives for paints & coatings, adhesives, varnishes, building protection, and printing inks. It offers water-based polymer dispersions, water-based polyurethane dispersions, water-based acrylate dispersions, solvent-free polyurethane dispersions, solvent-free polyurethane/ acrylate hybrid dispersions, water-based polyurethane & acrylate dispersions, water-based UV-curable dispersions, VOC-free polyols & hydroxyl functional acrylates, and derivatives. Other than Europe, the company has its production and development center spread across North America and Asia region.
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Covestro AG (Germany)
Covestro AG, the parent company of Covestro Group, is one of the leading global suppliers of high-tech polymer materials and application solutions. The company operates its business under two reportable segments: namely Performance Materials and Solutions & Specialties. It offers wide range of high-performance materials such as polyurethane and polycarbonates under a wide range of high-performance materials such as polyurethane and polycarbonates under the performance materials segment. The solutions & specialties segment is further divided into six business entities which include engineering plastics, coatings & adhesives, tailored urethanes, thermoplastic polyurethanes, specialty films, which include engineering plastics, coatings & adhesives, tailored urethanes, thermoplastic polyurethanes, specialty films, and elastomers. Covestro AG has 48 production sites and 13 R&D sites in Europe, the Middle East, Africa, Latin America, North America, and Asia Pacific regions.
Wanhua Chemical Group Co., Ltd. (China)
Wanhua Chemical Group Co., Ltd. is one of the leading manufacturers and suppliers of innovative chemical products. The company operates under various business units. It offers a diverse range of products under four segments: polyurethane, performance chemicals, petrochemicals, and emerging materials. It also provides high-quality and efficient industry solutions for electronics, sports and leisure, construction, transportation, medical care, resources and energy, paints & coatings, adhesives, and 3D printing. The company has well-established R&D centers and production facilities in China. Its sales and distribution network are spread across various regions.
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