UV adhesives are curable adhesives that offer superior bonding property to a variety of surfaces such as wood, metals, plastic, and others. Moreover, UV adhesives offer optical clarity, low shrinkage, dimensional stability, and resistance to solvents, fuels, chemicals, and moisture. Also, it offers protection from environmental degradation from harsh weather conditions.
The UV Adhesives Market is expected to surpass US$ 224.82 Mn in terms of value by the end of 2030.
With the recent outbreak of a pandemic, there was a huge disruption in the supply chain, production capacity, and revenue generation across a wide range of manufacturing industries. UV adhesives is one of the most affected industries in terms of supply chain and production capacity. Due to impose of strict containment regulation, there was a delay in supply of raw material and this has affected the production process. Thus, the COVID-19 pandemic has negatively impacted growth of the UV adhesives market.
The increasing adoption of LED UV lamps in industrial applications is expected to present lucrative market opportunities in the near future. The new LED technology offers various wavelength light, ranging from 300nm to 465nm. Moreover, they are eco-friendly and are widely used across electronics, medical, transportation, packaging, construction, and other industrial assemblies. Hence, the growing use of LED UV lamps across the various industrial sector will favor the market growth in the near future.
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.
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Key Trends and Analysis of the UV Adhesives Market:
Continuous product innovation by the key manufacturer is one of the key trends in the market and this is expected to bolster the market growth. For instance, in January 2020, Techsil introduced an orange-colored, fluorescing UV curing product designed for bonding plastics, Vitralit 7311 FO. Vitralit 7311 FO is a transparent acrylic adhesive that cures under UV or visible light. It offers bond strength to many plastics including PC, PVC, PMMA or ABS, as well as glass and stainless steel.
Strategic merger and acquisition by key players is one of the growing trends in the market and this trend is projected to propel the market growth of the UV Adhesives market. For instance, in May 2018, Astorg and Arsenal Capital Partners (“Arsenal”) announced that Astorg has partnered with management and signed a definitive agreement to acquire IGM Resins (“IGM” or the “Company”), a global manufacturer and innovator of ultraviolet (“UV”) curable materials, from Arsenal.
The low adoption rate of UV adhesives due to the requirement of costly advanced machinery for application is hindering the market growth. The machinery for UV adhesives require a separate setup, and the initial installation is relatively expensive. For example, the initial installation cost of UV-curing machinery for typical packaging, labeling, and laminating applications range from US$ 10,000 to US$ 750,000 depending on the magnitude of the application line.
Key Takeaways of the UV Adhesives Market: