UV Curable Resins Market – China and Japan Emerging as Key Consumers | Technavio

27-Sep-2017 Intellasia | BusinessWire | 1:53 AM Print This Post

LONDON–(BUSINESS WIRE)–#PlasticsandPolymers–The global
UV curable resins market
is expected to grow at a CAGR of close to
9% during the forecast period, according to Technavio’s latest market

In this market research report, Technavio
covers the market outlook and growth prospects of the global UV
curable resins market for 2017-2021. The market is further
categorized into three segments based on type, including monomers,
oligomers, and photoinitiators of which the monomers segment dominated
the market with 46% of the overall market share in 2016.

“The global UV curable resins market is anticipated to grow steadily
during the forecast period, owing to the high penetration of UV cured
resins in coatings of consumer electronics and increasing stern
regulations on VOC emissions. The demand for UV curable resins is backed
by the growing demand for green coatings, and advantages that UV curing
holds over traditional dying methods, along with new developments in UV
curing equipment,”
says Kshama Upadhyay, a lead plastics,
polymers, and elastomers
research expert from Technavio.

Technavio’s research analysts segment the global UV curable resins
market into the following regions:

  • APAC
  • EMEA
  • Americas

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UV curable resins market in APAC

APAC accounts for the world’s fastest growing and largest market for the
consumption of UV curable resins with countries like China and Japan
emerging as the key consumers. The high demand for UV curable resins in
this region stems from the growing demand from end-user segments such as
electronics and industrial coating. Moreover, increasing demand for
green electronics and coatings in APAC is expected to act as a major
driver for the market, particularly in the packaging industry.

APAC is the largest consumer of electronic products in the world,
particularly in the smartphone segment. APAC accounts for 47% of the
smartphone market, followed by the Americas and EMEA, thereby offering
an attractive market for the global UV curable resins market. The
industrial coatings market in APAC is expected to witness a rapid growth
during the forecast period. Another strong driving factor for the market
in the region is the healthy growth of the manufacturing sector with UV
curable resins finding extensive application in wood, foils, and PVC

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UV curable resins market in EMEA

The global UV curable resins market is fueled by the growing demand for
coating applications, including plastic coating, wood coating, and wood
coating applications, particularly in countries such as Sweden, the UK,
and Germany. Another factor heralding a bright prospect for the UV
curable resins market
in EMEA is the introduction of legislations to
decrease emissions from solvents from paints and coatings, thereby
necessitating compliance pertaining to VOC.

“Europe has been actively involved in the development of novel
waterborne UV coatings that find extensive application in furniture
coating lines and substitute traditional solvent-borne systems. This
further eliminates or reduces VOC emissions. The region has also
witnessed an increasing use of UV curable resins for 3D applications and
pigmented coatings,”
says Kshama.

UV curable resins market in Americas

The global UV curable resins market in the Americas is driven by the
escalating demand for the consumption of UV curable resins in regions
such as North America. Increased use of electronic circuits that employ
UV curable resins has fostered the growth of the UV curable resins
market in the region. Additionally, the region has emerged as a major
consumer of packed food and beverages that employ UV curable resins,
thereby strengthening the market in the region. Moreover, a shift toward
resins that are eco-friendly is another important factor contributing to
the continual growth of the market.

However, the growth of the global UV curable resins market in the
Americas is restrained by laws and regulations present in the region
pertaining to the use of UV curable resins. The Federal Food, Drug, and
Cosmetic Act in the region requires that the food packaging materials be
produced under healthy manufacturing practices while being safe and
ideal for intended uses. Along with the requirements for manufacturing
and safety, food additive requirements are also applicable in the
region. In most cases, printing inks, including UV curable inks find
application in food packaging applications. Therefore, the use of UV
curable inks is included in a food additive regulation called the Food
Contact Notification (FCN).

The top vendors in the global UV curable resins market as highlighted in
this market research analysis are:

  • BASF
  • Dymax Corporation
  • Hitachi Chemicals
  • Royal DSM

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Jesse Maida
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