UV curable resins are those resins that involve less harmful emissions, fast cure (high productivity), less energy consumption, less equipment space, low temperature treatment, and waste reduction. UV curable resins do not contain any organic solvents that harm the environment. These resins include monomers, oligomers, co-initiators, photo-polymerization, and various additives such as antioxidants, stabilizers, pigments, and plasticizers. UV curable resins are used in a wide range of applications in the ink and coating and adhesive industries. UV curable resins are the most preferred option for applications with fast-curing and fast-drying requirements.
Low cost equipment associated with the manufacturing of UV curing resins along with technological development have helped drive growth of the market for UV curable resins and formulated products. Increasing demand for odor-free, safe, sustainable, and green materials has increased the demand for UV curing resins thus, boosting market growth. These resins offer benefits such as high productivity, cost effectiveness, durability, and low maintenance, which in turn, drives growth of the market for UV curable resins and formulated products. However, fluctuation in costs associated with its raw materials, high costs associated with R&D activities and initial investments of manufacturers pose as major restraints for growth of the market. Moreover, high conventional heat or infrared radiation involved in the UV curing process causes major complications in these products.
UV Curable Resins & Formulated Product Market Taxonomy
On the basis of composition, the UV curable resins & formulated products is segmented into:
On the basis of chemistry, the UV curable resins & formulated products is segmented into:
- Non-Acrylates & Oligoamines
- Epoxy Acrylates
- Polyether/Polyester Acrylates
- Urethane Acrylates
On the basis of technology, the UV curable resins & formulated products is segmented into:
- Water-borne UV
- Solvent-borne UV
- 100% Solid UV
- Powder UV
On the basis of application, the UV curable resins & formulated products is segmented into:
- Wood & Paper Coating
- Plastic Coating
- Metal Coating
- Overprint Varnish
- Printing Inks
- 3D Printing
UV Curable Resins & Formulated Products Market Outlook
- Asia Pacific is the largest market for UV curable resins, both in terms of value and volume of the product than any other region across the globe. China, Japan, and India are countries possessing the largest consumer-demand for UV curable resins and products. Increasing demand for flexible packaging and rapid industrialization in these countries has led to the growing demand for UV curable resins and formulated products.
- The market in Europe is rapidly growing due to the increasing demand for plastic coatings, paper coatings, and wood coatings. Germany, U.K., and Sweden are countries experiencing lucrative growth of the UV curable resins and formulated market. Stringent government regulations imposed on the use of conventional methods that harm the environment, is a major restraining factor hampering market growth in the region.
- North America is the leading market for UV curable resins and formulated products. The U.S., Canada, and Mexico are countries holding the largest market for automobile and electronics products, thereby increasing the demand for UV curable resins and formulated products. The market in has witnessed significant growth due to high purchasing power and technological advancements in the region. The U.S. accounts for around 80% of the market share in in North America.
In August 2016, Mitsubishi Chemical Corporation (MCC) of Japan, acquired The Nippon Synthetic Chemical Industry Co. MMC also merged with Mitsubishi Rayon and Mitsubishi Plastic. Mitsubishi Rayon is a major supplier of acrylic resins, impact modifiers, and carbon fibers. Mitsubishi Plastic is a leading player in the agricultural film and plastic packaging industry, while Nippon is a leading player in water soluble film of PVOH for agricultural, medicines and chemicals.
Key player in UV Curable Resins & Formulated Products
Some of the key player in UV Curable Resins & Formulated Products Market are Allnex Group (Germany), Arkema Group (France), Royal DSM (Netherlands), Nippon Gohsei (Japan), Covestro AG (Germany), IGM Resins B.V. (Netherlands), Hitachi Chemical Company Ltd., Toagosei Co. Ltd. (Japan), Miwon Specialty Chem Co. Limited (South Korea), Double Bond Chemical Ind. Co. Ltd., Jiangsu Sanmu Group Corporation, and BASF SE (Germany).
UV Curable Resins & Formulated Products Market Key Developments:
- On 26th March 2019, Covestro AG presented its Bayhydrol eco UV 2877, which is a fast-drying dispersion offering great application flexibility when used in UV curing. 35% of this product is based on biomass. This curing with UV radiation is expected to give the final coating a high chemical resistance and hardness.
- In December 2016, BASF SE expanded its UV resin based product portfolio for including 5 new standard epoxy acrylates. This is expected to expand the product portfolio and thereby gain a larger customer base.
- In March 2019, BASF SE launched its new vinyl monomer for UV curing products in the printing and coatings industry in commercial quantities at the European Coatings Show (ECS), Nuremberg. This launch is expected to help the company in gaining a competitive edge over the other competitors.