UV adhesives are a type of radiation curable adhesives that cure quickly under radiation such as electromagnetic radiation this also includes visible light and electron beam. UV adhesives provide excellent adhesion to a variety of surfaces such as wood, plastics, metals, and paper. They emit low or zero emissions of volatile organic compounds during application.
The global UV Adhesives market is estimated to be valued at US$ 126.48 million in 2021 and is expected to exhibit a CAGR of 8.1 % over the forecast period (2021-2028).
North America held dominant position in the global UV Adhesives market in 2020, accounting for 36.20% share in terms of value, followed by Asia Pacific and Europe, respectively. Increasing environmental restrictions pertaining to VOC emission has shifted North American adhesives markets in favour of UV adhesives.
Figure 1. Global UV Adhesives Market Value (US$ Mn), by Region, 2020
Growing demand for UV adhesives due to its fast curing rates, high bond strength, and low VOC emissions is driving the market growth. Increasing environmental concerns coupled with the growing strict norms regarding VOC emissions are again expected to foster market growth. For instance, Europe has issued EMICODE and M1 labels for showing low VOC emissions from adhesives. Thus, growing environmental rules and regulations is expected to propel the market growth of the UV adhesives.
The growing popularity of smaller thinner and compact electronic devices is propelling the market growth of UV adhesives. Penetration of electronic devices such as tablets, laptops, mobile phones, and television has further augmented the demand for UV adhesives. UV adhesives are rapidly gaining demand as a substitute for conventional screws, clamps, and hinges in the miniaturization of electronic devices. Hence, growing demand for miniaturization of electronic devices is accelerating the market growth of UV adhesives.
The growing popularity of silicone UV glue across cosmetic dentistry and replacing amalgam filling is projected to bring new market opportunities. Increasing investment in innovation and advanced medical equipment in the U.S. is expected to foster the market growth of the UV adhesives. Moreover, the growing adoption of the product potting, encapsulation, and bonding in electronic components is again expected to propel the market growth UV adhesives. All these factors are the augmenting market growth.
Growing awareness regarding the benefits of UV adhesives across manufacturers of various industries is expected to bring new market opportunities. Properties such as high electrical, thermal, and optical property offer a wide spectrum of applications across various end-user industries. Moreover, the rise in the automotive sectors across developing countries coupled with the increasing disposable income of the consumers is again expected to propel the market growth.
|Base Year:||2020||Market Size in 2021:||US$ 126.48 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||8.1%||2028 Value Projection:||US$ 218.76 Mn|
3M Company, Ashland, Inc., H.B. Fuller Company, Henkel AG & Co. KGaA, BASF SE, Huntsman Corporation, Avery Dennison Corporation, Adhesives Research, Inc., The Dow Chemical Company, and Bostik SA.
|Restraints & Challenges:||
Increasing demand for UV adhesives from the aerospace sector is expected to propel the market growth. Rise in the aerospace industry due to increasing travel and tourism is augmenting the market. This is also attributed to the rise in the investment by the airline industry for enhancing services and growing spending by consumers on the travels. All these factors are driving demand for high performance and novel adhesives that can be used in the bonding of the aerospace components.
The rise in the construction industry coupled with the increased spending by consumers on the home decor due to improving standard of living is expected to augment the market growth. UV adhesives are widely used in the floor tile installation, ceramic tile, prefinished panel installation, etc. Also, the growing demand for various consumer goods such as stationery products and decorative films is further accelerating the market growth of the UV adhesives over the forecast timeframe.
Figure 2. Global UV Adhesives Market Share, By Product Type, 2020
Key Takeaways of the Graph:
The easy availability of low cost and effective alternative adhesives is expected to restrict market growth. There are many low-cost alternatives available in the market that can be used in place of UV adhesives. This factor is hindering the market growth.
Lack of awareness regarding the UV adhesive across developing regions as it is new in the market and still in the nascent phase is acting as a major factor affecting demand.
Few Recent Developments
In November 2017, Ashland and Phoseon Technology announce a global UV LED initiative, combining Ashland’s product development expertise in UV LED coatings and laminating adhesives and Phoseon’s UV LED curing lamp technology for the labels and packaging industry.
UV Adhesives, also called UV glue, UV Sterilizers, UV Steroid Solvents or UV glue sticks, are an important component of many industries. UV adhesives are adhesives that polymerize or solidify with ultraviolet light and thus curing via radiation. These UV adhesives were originally developed for the cosmetic industry, where they were used to seal and color bottles, plastic containers, lips, eyes, and skin. UV adhesives have now become commonplace in most industries due to their UV curing properties, especially for food and cosmetic applications.
Technological advancement in the development of adhesives is fostering growth of the UV adhesives market. For instance, in October 2019, Eurobond Adhesives Ltd has launch Vitralit® UC1535, a new transparent adhesive specifically designed for use in electronics. It hardens with UV light within a few seconds and can also be used for semiconductor production due to its low ion content. Moreover, strict VOC emission regulation is again expected to augment growth of the market.
On the other hand, presence of cost-effective alternative is expected to hinder growth of the market.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.