In terms of value, the global ultraviolet (UV) adhesives market is anticipated to expand at a CAGR of around 8% from 2020-2030 and reach approximately $900 million by 2030, according to a report from Transparency Market Research. Asia-Pacific dominated the global UV adhesives market in terms of volume in 2019 and is estimated to be the leading region for the market during the forecast period.
The transportation segment constituted a significant share of more than 25% of the global UV adhesives market in 2019, while the building and construction segment is projected to expand at a rapid pace. In fact, the construction industry is projected to offer lucrative opportunities for the UV adhesives market in the near future.
The high rate of urbanization in emerging markets, such as Latin America and Asia-Pacific, has led to an expansion of the construction industry. This includes not only residential and commercial construction, but also the development of infrastructure such as roads, highways, dams, airports, railway stations, and bridges. As UV adhesives are widely used in construction, these increasing activities are anticipated to boost demand across the globe.
The growing use of UV adhesives in various medical applications is also propelling the global UV adhesives market. UV adhesives are applied onto a variety of medical products, including catheters, IV delivery systems, endoscopes, and cannulas. They provide biocompatibility, improved durability, lubricity, and resistance to chemicals and scratches.
In terms of value, the acrylate resin segment held the major share of the global UV adhesives market in 2019. This trend is anticipated to continue during the forecast period, due to the considerable use of acrylate in the construction and medical industries.
Additional details are available at www.transparencymarketresearch.com.