According to the new market research report “Photoinitiator Market with COVID-19 Impact Analysis by Type ( Free Radical & Cationic), End-use Industry ( Adhesives, Ink, Coating), and Region ( North America, Europe, APAC, Middle East & Africa, South America) – Global Forecast to 2026″, size is expected to grow from USD 1.6 billion in 2021 to USD 2.6 billion by 2026, at a CAGR of 10.3% during the forecast period. Photoinitiators are extensively being used in adhesives, inks, coating, and other end-use industries.
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General coating application of photoinitiators includes the coating of wood, paper, metal, plastic, and photoresists, mainly for imaging processes. Photoinitiators get prominently preferred for coating applications, as they possess properties, such as low migration rates, which increase the efficiency of coatings.
In the coating industry, UV curable coatings technology is one of the fastest-growing segments, driven mainly by the “going green” trend and its increasing applications in various industries. The use of UV coatings has increased significantly over the last decade in the electronics industry for mobile phones, laptops, and game console coatings, thereby increasing the demand for photoinitiators. The main reason for this growth is the excellent performance of photoinitiators in UV coatings, especially good wear resistance, outdoor durability, and resistance against household chemicals. With an increasing demand for high-performance and long-lasting electronic components, combined with the global shift toward more environmentally friendly coating technology, the use of photoinitiators in the coating application is expected to witness excellent growth.
The demand for photoinitiators from the coating end-use industry is declined in 2020 due to halts in the first half of 2020. Also, major manufacturers temporarily closed their plants during the lockdown. The demand is expected to recover after the COVID-19 pandemic is under control.
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The global photoinitiators market size was USD 1.6 billion in 2021 and is expected to reach USD 2.6 billion by 2026, projecting a CAGR of 10.3% between 2021 and 2026. photoinitiators are increasingly used in the adhesive, coating, ink and other end-use industries. The increasing demand of the coating industry drives the demand for photoinitiators. However, the outbreak of COVID-19 has created ripples across various application industries leading to reduced demand for photoinitiators. Due to the lockdown scenario in most of the world, the demand for photoinitiators from the coating and ink industries have declined sharply in the first half of 2020.
The demand of photoinitiators is directly dependent on its end use industries especially coating and ink. In the global landscape, these two industries heavily relied on VOCs, but as the ill-effects of VOCs are coming to light the industries and consumers are searching for alternatives. Photoinitiators proved to be a viable replacement for VOC in all applications. It is water soluble and hence eliminate the use of VOC. Photoinitiator are also more stable and non-reactive to oligomers and monomers without light and hence offer better shelf life to the product. With European and American countries putting major restrictions on the use of VOC other countries have also kept a check on the percentage composition of VOC in end products. All this account in favor of photoinitiator and can be seen in the increasing market share.
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IGM Resins is one of the leading manufacturers and suppliers of various photoinitiators, monomers, oligomers, additives, and a wide variety of customized specialties for the energy curing industry. The company’s various products have applications in industrial coatings, graphics arts, 3D printing, and adhesives. IGM opened a new manufacturing unit in China to increase its geographical presence and manufacturing capacity. It also launched two new photoinitiators to meed the demands of the coating and ink industries.
Zhejiang Yangfan Material Co., Ltd. is one of the leading manufacturers of a wide variety of photoinitiators. The company has a wide product portfolio to cater to multiple needs of various applications and end-use industries, including ink, coating, composites, electronics, and many more. It is expanding business through opening new distribution networks and channels to meet the growing demand for photoinitiators. The increasing investment by the firm is a good sign for the market in the coming days.
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