The UV adhesives market is expected to reach $1.2 billion by 2021, at a compound annual growth rate (CAGR) of 9.15% between 2016 and 2021, according to a recent report from Research and Markets.
The rising use of UV adhesives in the medical, glass bonding, and electronics industry, along with high growth in emerging countries, is expected to fuel the growth of the UV adhesives market. However, the high cost of UV technology as compared to other conventional adhesives may restrain the growth of the market in the coming years.
Silicone is the fastest-growing segment of the UV adhesives market in terms of volume. With the developments in the silicone-based UV adhesives, their demand has increased in the medical and electronics applications, due to excellent chemical structure and inherent properties.
Asia-Pacific is the fastest-growing market for UV adhesives market, in terms of value and volume. High economic growth rate, growing manufacturing industries, cheap labor, increasing foreign investments, rise in applications of UV adhesive across medical, glass bonding, and electronics applications are some of the major factors expected to fuel the growth of the market. Countries such as China, South Korea and Taiwan, which are major hubs for the production of electronic components, are expected to drive the growth of the market in Asia-Pacific.
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