According to SNS Insider’s research, as industries continue to prioritize sustainability, efficiency, and high-performance materials, UV curable resins and formulated products market is expected to play a pivotal role in shaping the future of various sectors.
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The Major Key Company Profiles included in UV Curable Resins and Formulated Products market study are:
- Hitachi Chemical.
- Jiangsu Litian Technology Co., Ltd.
- TOAGOSEI CO., LTD.
- BASF SE
- Arkema Group
- Allnex Belgium S.A
- DSM-AGI
- Eternal Materials
- Dymax Corporation
- Jiangsu Sanmu Group Co., Ltd.
Based on the SNS Insider report, the UV curable resins and formulated products market is projected to achieve a value of approximately USD 13.03 billion by 2030, with an initial valuation of USD 5.26 billion in 2022, and is anticipated to exhibit CAGR of 12% throughout the forecast period spanning from 2023 to 2030.
Market Repot Scope
UV-curable resins and formulated products are a class of materials that have gained significant popularity in various industries due to their unique properties and applications. These resins and products are designed to cure rapidly when exposed to ultraviolet (UV) light, resulting in a hardened and durable finish. This technology has revolutionized processes in fields such as manufacturing, electronics, automotive, and even dentistry. UV-curable resins are liquid or semi-liquid polymers that contain photoinitiators. When exposed to UV light, these photoinitiators undergo a chemical reaction that triggers the polymerization of the resin.
Market Analysis
The UV curable resins and formulated products market has been experiencing robust growth in recent years, driven by a variety of factors that reflect its versatility and widespread applications across numerous industries. The growing concern for environmental sustainability and the need to reduce harmful emissions have led to a shift from solvent-based coatings and adhesives to UV curable resins. These resins are solvent-free and emit minimal VOCs (Volatile Organic Compounds), making them a preferred choice for environmentally-conscious industries. Ongoing research and development efforts have led to significant advancements in UV curing technology. These innovations have resulted in faster curing times, improved performance characteristics, and enhanced versatility of UV curable resins. Such advancements are attracting new applications across a wide range of industries.
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The UV Curable Resins and Formulated Products Market Segments and Sub-Segments are Listed Below:
By Composition Type:
- Oligomers
- Monomers
- Photoinitiators
- Additives
By Chemistry:
- Non-acrylated Oligoamines
- Acrylate Oligomers
By Technology:
- Solventborne UV resins
- 120% Solid UV resins
- Waterborne UV resins
- Powder UV resins
By Application:
- Coatings
- Overprint Varnishes
- Printing Inks
- Adhesives
- Others
Impact of Recession
The impact of a recession on the UV curable resins and formulated products market depends on various factors, including the severity and duration of the recession, the industry’s reliance on consumer demand, and the ability of companies to adapt to changing market conditions. While a recession can present challenges, it can also create opportunities for companies that can innovate, optimize their operations, and provide cost-effective solutions to meet changing market demands.
Impact of Russia-Ukraine War
The Russia-Ukraine war has introduced a host of challenges and uncertainties to the UV curable resins and formulated products market. While the full extent of the impact may take time to become clear, it is essential for businesses in this industry to remain adaptable and forward-thinking in their strategies, including diversifying supply chains and exploring alternative materials and markets to ensure long-term resilience.
Key Regional Development
North America, particularly the United States, serves as an innovation hub for UV curable resins and formulated products. Leading research institutions and a strong focus on technological advancements contribute to the UV curable resins and formulated products market growth. European countries are at the forefront of sustainability efforts. UV curable resins align with these initiatives due to their eco-friendly characteristics, leading to increased adoption. Asia-Pacific, led by China, is a manufacturing powerhouse. The region’s thriving manufacturing industries, including electronics and automotive, drive demand for UV-curable products.
Key Takeaway from UV Curable Resins and Formulated Products Market Study
- Oligomers are the backbone of UV curable formulations, providing the essential chemical structure for the curing process. Their significance lies in their ability to dictate the final properties of the cured coating, such as flexibility, hardness, and chemical resistance.
- Coatings, especially UV-cured coatings, have witnessed a surge in demand due to their ability to provide superior protection and aesthetics. UV-cured coatings cure rapidly when exposed to UV light, leading to increased efficiency in manufacturing processes. This quick curing time translates to reduced production cycles and lower energy consumption.
Recent Developments Related to UV Curable Resins and Formulated Products Market
- In a move set to bolster its position as a leading supplier in the European coatings industry, Arkema is gearing up for a substantial expansion of its UV-curable resins production. This strategic decision comes in response to the surging demand for environmentally friendly, high-performance coatings across various sectors, including automotive, packaging, and furniture.
- Vortex Companies, a recognized leader in trenchless infrastructure solutions, has expanded its innovative UV Cured-in-Place Pipe (CIPP) technology suite to include Small Diameter Pipe UV Curing. This addition reaffirms Vortex Companies’ commitment to providing cutting-edge solutions for the rehabilitation and repair of underground pipelines and infrastructure.
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Table of Contents – Major Key Points
- Introduction
- Research Methodology
- Market Dynamics
- Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession on Major Economies
- Value Chain Analysis
- Porter’s 5 forces model
- PEST Analysis
- UV Curable Resins and Formulated Products Market Segment, By Composition Type
- UV Curable Resins and Formulated Products Market Segment, By Chemistry
- UV Curable Resins and Formulated Products Market Segment, By Technology
- UV Curable Resins and Formulated Products Market Segment, By Application
- Regional Analysis
- Company Profile
- Competitive Landscape
- Conclusion
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