UV-Cured Resins Market Ripe for Modest Growth as More Applications Emerge
The future outlook for ultraviolet (UV)-cured resins depends upon numerous factors, including government norms, usage patterns of UV-cured resins in different industry sectors, raw material price volatility, evolution of potential substitutes and supply chain optimization by vendors, according to a new report from BCC Research. Rising demand for industrial coatings and environmentally friendly coatings are reportedly expected to drive healthy market growth.
Ultraviolet light curing is anticipated to drive the evolution of photo-polymerization technology. UV-cured resins can transform from liquid to solid within a short period of time. Therefore, after UV curing, the resin becomes a potential substitute for currently used plastics.
The global market for UV-cured resins is expected to reach $3.1 billion and $4.6 billion in 2015 and 2020, respectively, reflecting a five-year compound annual growth rate (CAGR) of 8.7%. Coatings application, the largest segment, is expected to total $1.3 billion in 2015 and $2 billion in 2020, showing a five-year CAGR of 8.8%. Inks, the fastest growing segment with a five-year CAGR of 9.2%, is expected to grow from $763.9 million in 2015 to nearly $1.2 billion in 2020.
The UV-cured resin market is reportedly ripe for growth. A key driver is the rising application opportunity of UV curing resins in the graphic arts, industrial coating and electronic industries. Other growth drivers include the growing demand for UV-cured resins in different end-use industries, expansion of product portfolios related to UV-cured resins by manufacturers to penetrate untapped markets, and rising demand for green coatings. Stringent emission laws by governments in different countries have pressured end-user industries to adapt UV-cured resins in the form of eco-green coatings. Rising demand for materials with faster curing time in different industry verticals is driving the growth of the UV curing resin market as well.
Meanwhile, recent developments in the chemistry field of epoxy and polyester acrylates have created opportunities for manufacturers to broaden the depth and width of their product portfolios regarding UV-cured resins.
"In recent years, UV curing of resins has become more application-driven rather than a thing used mostly for experiments. Numerous improvements and breakthrough R&D in the field of UV curing technology and UV curing equipment have pushed this transformation," Sinha G. Gaurav, research analyst. "The evolution of field-applied decorative coatings technology has created scope for vendors and suppliers to optimize UV-cured resin product offerings and meet customer demand in an efficient manner."
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