The global ultraviolet(UV) curable resins market is
expected to reach USD 4.67 billion, according to a new report by Grand View
Research, Inc. Rise in the industrial sector especially in Asia Pacific is one
of the major driving factors for the growth of UV curable resins market.
Increasing concern regarding growing VOC emissions has
resulted in the development of new low emission products. UV curable resins
emit minimal to zero VOCs and are not volatile in nature. These resins produce
less shrinkage, the line of sight curing and provide many advantages over
traditional methods. Development of renewable raw materials for manufacturing
these curable resins is anticipated to drive the market.
UV curable resins are widely used in wood coatings,
graphics art, automotive and industrial application. With the increase in
industrialization across the globe, there is a surge in the demand for
eco-friendly products. Manufacturing companies across the world are focusing
and investing in R&D activities for the innovation of new technologies to
produce environmental - friendly products.
Ultraviolet curable resins in industrial application are
expected to be the fastest-growing segment and are anticipated to hold over 40%
of the total demand by 2024. Growth in the construction and electronics &
electrical industry particularly in emerging markets of Asia Pacific &
Latin American is expected to drive the UV curable resins demand in industrial
segment.
Browse full report by Grand View
Research : http://www.grandviewresearch.com/industry-analysis/uv-curable-resins-market
Further key findings from the report suggest:
·
The global ultraviolet curable resins
market demand was 465.9 kilo tons in 2015 and is expected to exceed 1 million
tons by 2024, growing at a CAGR of 9.2% from 2016 to 2024
·
In 2015, monomers held the largest market
and were worth over USD 1.00 billion. Monomers are the major components in
manufacturing UV curable resins which are further used in coatings, adhesives,
and inks.
·
Photoinitiators are expected to witness the
fastest growth rate over the next eight years. The companies are trying to
develop new photoinitiators for manufacturing curable resins and expand the
breadth of objects to be cured.
·
In 2015, North America was the largest
market and accounted for 32.1% of total market volume in 2015. The huge investment
in R&D for new photoinitiators technology development in the U.S. is the
major factor for the regional industry growth.
·
Asia Pacific is expected to be the fastest
growing market over the next eight years. The region has been witnessing a
remarkable growth in the construction and electrical & electronics
industry, especially in India, Indonesia, Thailand, South Korea and other
countries in the region. The growth in these industries is the major factor in
the rising demand for these curable resins in the region.
·
Key companies in the industry include BASF
SE, Covestro AG, The Nippon Synthetic Chemical Industry Co., Ltd, Allnex
Belgium SA/NV, Hitachi Chemical Co., Ltd, IGM Resins B.V., Eternal Materials
Co., Ltd., Sartomer, Jiangsu Sanmu Group Corporation, DSM N.V, SolTech Ltd.,
and Toagosei Co., Ltd.
Browse more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/plastics-polymers-and-resins
Grand View Research has
segmented the ultraviolet (UV) curable resins market on the basis composition,
application and region:
Composition
Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
·
Monomers
·
Oligimers
·
Photoinitiators
·
Others
Application
Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
·
Wood Coating
·
Graphics Art
·
Industrial
·
Automotive
·
Others
Regional
Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
·
North America
o U.S.
·
Europe
o
Germany
o
France
o
UK
o
Italy
o
Netherlands
·
Asia Pacific
o
China
o
India
o
Japan
o
South Korea
·
Middle East & Africa
o
Brazil
·
Central & South America
o
Kuwait
View
Press Release of this research report by Grand View Research: http://www.grandviewresearch.com/press-release/global-uv-curable-resins-market
About
Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
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