Market Research Future (MRFR) has published on the “global UV curable resins market” .
MRFR recognizes the following companies as the key players in the global UV curable resins market— BASF SE, Arkema, Allnex GmbH, Resonac Corporation, DIC Corporation, iGM Resins, Troy Corporation, Covestro among others.
The Global UV curable resins Market Size was valued at USD 4,046.89 million in 2022. The UV curable resins Market industry is projected to grow from USD 4,318.03 million in 2023 to USD 8,331.31 million by 2030, exhibiting a compound annual growth rate (CAGR) of 9.45% during the forecast period (2023 - 2030).
UV (ultraviolet) curable resins are substances that solidify monomers, oligomers, etc. by a chain polymerization reaction. A wide range of oligomers and polymer-type UV curable resins can be combined with diluents to provide a variety of performances since they each have unique properties like hardness, high gloss, and rapid curability. UV curable resins are widely used in the automotive industry because of their specific features such as hardness, high gloss, and quick curability. They have rising uses in the automotive sector as they enhance coating workability. UV curable coatings are used to give surfaces on automotive components a variety of properties, including glare reduction, wear or scratch resistance, anti-fogging, microbial resistance, and chemical resistance. The use of UV curable resin coatings on vehicle windows can also reduce the amount of ultraviolet radiation that enters the vehicle. Additionally, e-commerce has increased the demand for small, medium, and heavy commercial vehicles for logistics and transportation. Thus, the growing demand for UV curable resins in the industrial coating might boost the growth in the global UV curable resins market. Also, government policies might propel the demand in the global UV curable resins market. Furthermore, the increasing significance of safe, odor-free, sustainable, and green materials by various government regulatory authorities might lead to growth in the global UV curable resins market in the forecast period.
As per MRFR analysis, the global UV curable resins market has been segmented based on composition, chemistry, type, application, end-use industry, and region.
The global UV curable resins Market segmentation, Based on composition, the global market has been divided into monomers, oligomers, photo initiators, and additives. The oligomer segment dominated the global market, accounting for 42.75% of the share in 2021.
Based on end-use industry, the global market has been divided into, automotive & transportation, building & construction, architectural coating, and others. The automotive & transportation segment dominated the global market, accounting for 27.40% of the share in 2021. It was followed by the building & construction segment.
By Region, the study segments the UV curable resins market into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The Asia-pacific UV curable resins market holds the largest market share and is also anticipated to account for the largest revenue share during the forecast period.
The global market owing to the easy availability of raw materials as well as increasing demand from the end-use industries such as automotive, construction, and others. Europe accounted for the second largest with a market share of xx% and valued at USD xx million. The growth is attributed to the growing automotive and coating industry in the region. Also, stringent government regulation in North America and Europe on the use of VOCs free products is boosting the growth in the region.
Key Findings of the Study