The global UV curable resins market, in 2017, generated a revenue of $3,473.9 million and is projected to grow to $5,403.9 million by 2023 at a CAGR of 7.7% during the forecast period (2018–2023). Trement for UV-curable inks for packaging purposes. UV curing is a process, wherein a light source is used to cure or start a photochemical reaction to crosslink the polymers in inks, coatings, and adhesives, which, by definition, are called UV curable resins. The key growth factors of the market are an increasing use of environmental-friendly industrial coatings and rising requirement for UV-curable inks for packaging purposes. UV curing is a process, wherein a light source is used to cure or start a photochemical reaction to crosslink the polymers in inks, coatings, and adhesives, which, by definition, are called UV curable resins.
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On the basis of formulation, photoinitiators, monomers, oligomers, and others are the various categories of the UV curable resins market. Out of these, in 2017, oligomers accounted for the highest sales volume share, of more than 45.0% in the market. The benefits associated with the use of oligomers include good chemical resistance, high gloss, fast curing, and relatively low cost. Coming to the application, inks, adhesives, coatings, and others are the various domain subdivisions.
Out of these, in 2017, coatings held more than 45.0% sales volume share in the UV curable resins market, as UV curing resin-based coatings offer excellent and quick surface finishing, good wear and household chemical resistance, and enhanced outdoor durability. That’s why, UV resin-based coatings are used for mobile phones, laptops, and video game consoles. Further, the instant crosslinking feature of coating polymers under UV light saves time and money along with making the application of several layers of coating in one time possible.
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Talking about the end user segment, the UV curable resins market is categorized into graphic arts, electronics, industrial coatings, and others. Among all, in 2017, industrial coatings was the largest category in the market, registering more than 55.0% sales volume share. Nowadays, regulatory bodies have made stringent laws, such as the Solvent Emissions Directive and Decopaint Directive, focusing on minimizing the solvent emissions from the coating process. These laws are resulting in the use of environmental-friendly industrial coatings, which, in turn, is boosting the growth of the market in this category.
Now, it has been witnessed that traditional inks, adhesive, and coatings have hydrocarbon solvents, which, at the time of being cured, release hydrocarbons. These hydrocarbons further contain volatile organic compounds (VOC), which are carcinogenic, meaning that these have the potential to cause cancer. The danger associated with such VOCs has pushed the governments of several countries to adopt stringent laws for controlling their release in the environment. Unlike conventional products, UV-curable products do not emit VOCs and cause less impact on the environment, leading to the UV curable resins market progress.
Hence, increasing awareness about environment degradation across the world is propelling the growth of the market.