UV curable resins Market Research Report—Global Forecast till 2030

UV curable resins Market Research Report Information By Composition (Monomers, Oligomers, Photo Initiators, And Additives), Chemistry (Epoxy Acrylates, Urethane Acrylates, Polyester Acrylates, And Others), Type (Solvent Borne UV Resins, Waterborne UV Resins, Powder UV Resins, And Others), Application (Coatings, Overprint Varnish, Printing Inks, Adhesives, Cured-In-Place-Pipe (CIPP), 3D Printing, And Others), End-Use Industry (Automotive & Transportation, Building & Construction, Architectural Coating, And Others), And Region And By Region (

ID: MRFR/CnM/10422-CR | 128 Pages | Author: Priya Nagrale | July 2023         

Global UV Curable Resins Market Overview

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 curable resins are frequently utilized in the automotive industry as they offer excellent scratch resistance, good adhesion, and chemical resistance for long lasting, durable coating and marking applications. UV curable resin is made up of monomers, oligomers, photopolymerization catalysts, and other ingredients. When exposed to ultraviolet light (UV light), the photo initiator initiates a chemical process that allows it to link independent oligomers and monomers into a more complicated chain. Based on the prepolymer used, acrylate urethane resins have excellent film hardness, elasticity, and cure speed. Because of their superior durability and flexibility, they are widely used in resilient floor coatings and as coatings for flexible packaging. As a result of the growing coating business across the globe, the demand for UV curable resins might propel, which in turn might bolster the demand for UV curable resins in the forecast period.

UV curable resins Market Overview

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

UV Curable Resins Market Trends


With the increasing environmental concerns, several governments and end users are increasingly using green and environment-friendly coatings. Consumers are more inclined towards eco-friendly coatings due to the growing focus on health, safety, and environmental regulations within the application areas of coating. Thus, the demand for environment-friendly products by customers has prompted manufacturers to reduce the use of volatile organic compounds (VOCs) in coatings and opt for solvent-free coating products. Waterborne resin coatings contain less than 5% of the solvents and are eco-friendly because water is used as a diluent to disperse resin instead of organic solvents, which are considered VOCs. Powder coatings are 100% solid coatings, which are applied as a dry powder and subsequently formed into a film using heat. These coatings emit nearly zero VOCs. VOCs contribute to the formation of ground-level ozone and urban smog, which, in turn, negatively affects human health. Manufacturers are heavily investing in developing waterborne coatings, powder coatings, and UV curable coating technologies to meet the rising demand for sustainable coatings.

For instance, in 2020, Axalta Coating Systems, a global supplier of liquid and powder coatings, announced the expansion of its production unit at its Jiading plant in Shanghai to increase the production of waterborne coatings. Furthermore, PPG Industries is investing in developing waterborne and ultra-high-solid formulations for low-VOC emissions as liquid coatings offer better color and substrate flexibility and reduce energy consumption. Sherwin Williams offers a wide variety of coatings that contain low-VOC content; it recently launched its range of ProClassic Water based Acrylic-Alkyd coatings. Moreover, many global companies such as AkzoNobel N.V, PPG Industries, Ica Group, and Croda International plc, have already launched their bio-based coatings products in the global market. Moreover, an increased focus on R&D has been witnessed among the market players to develop bio-based coatings products with innovative plant-based ingredients. Furthermore, many coatings industry suppliers offer raw materials with renewable content to formulators. For instance, Koninklijke DSM N.V., subsidiary DSM coating resins, offers its Decovery series of resins that features bio-based contents ranging from 27% to 49%.

UV Curable Resins Market Segment Insights

UV curable resins by Composition Insights

The UV curable resins Market segmentation, based on Composition has been segmented as monomers, oligomers, photo initiators, and additives. Among these, the Oligomers type is projected to dominate the UV curable resins Market revenue through the projected period Oligomers are low molecular-weight polymers made up of a limited number of repeat units whose physical characteristics are highly reliant on chain length. Oligomers are essentially polymerization intermediates that have several practical Chemistry in material science. Based on the structure of the repeating unit, oligomers are classified as addition oligomers or condensation oligomers. For UV-curable protective coatings, oligomers such as epoxy acrylates, urethane acrylates, polyester acrylates, acrylic acrylates, hyperbranched polyester acrylates, waterborne UV coatings, organic-inorganic hybrid materials, and reactive amine synergists are used.

UV curable resins by Chemistry Insights

The UV curable resins Market segmentation, based on Chemistry has been segmented as Epoxy acrylates, Urethane acrylates, Polyester acrylates, Amine Acrylates and Others. Among these, the Epoxy acrylates type is projected to dominate the UV curable resins Market revenue through the projected period.  Epoxy acrylate resins are (semi-)polymeric substances called oligomers with variable chain lengths because of a polymerization reaction. Resins excel in terms of durability, hardness, flexibility, abrasion, and chemical resistance. Because of their excellent physical qualities, they are widely used in a variety of applications such as flooring top coatings and sealings, furniture coatings, and primers for multilayer coatings on plastic and metal surfaces.

UV curable resins by type Insights

The UV curable resins Market segmentation, based on Type has been segmented as Solvent borne UV Resins, Waterborne UV Resins, Powder UV Resins, and Others. Among these, the Waterborne UV Resins type is projected to dominate the UV curable resins Market revenue through the projected period.  Waterborne resins distribute resin using water as a solvent, making them environmentally friendly and low in toxicity and flammability. Water reducible resins, which are products dissolved at high solids concentration, were the traditional waterborne resins. Waterborne UV curable systems combine the environmental advantages of water-based systems with the performance and productivity benefits of UV curable systems. Because of their low viscosity, they are appropriate for sprayable formulations and may be used in a broad range of applications and substrates, from primers and sealers to hard and topcoats for interior or exterior usage.

UV curable resins by End-Use Industry Insights

Based on End-Use industry, the UV curable resins Market is segmented as Automotive & Transportation, Building & Construction, Architectural coating, Electronics, Display Material, PCB, Optical Fiber Coating, and Others. Out of which the Automotive & Transportation segment dominated base year market and is also projected to be holding a dominating share in the forecasted period as well.

UV curing of coatings, inks, and adhesives is employed in a variety of functional and aesthetic applications in the automobile industry. From internal plastic part coatings and inks to electronic component marks and conformal coatings, to under-hood metal and plastic components, and even external glass, plastic, and metal parts including body trim and headlight lenses. UV-curable coatings provide long-lasting, abrasion-resistant protection for plastic and metal wheel covers. Interior items including as consoles, door components, dashboard instrument panels and displays, touch screens, and control buttons and knobs are UV-cured. UV coatings have good adherence on plastic components and provide durability, scratch resistance, and a variety of aesthetics such as soft-touch, gloss, and matte finishes. With the spread of entertainment, safety systems, hybrid vehicles, and potentially self-driving capabilities, today's automobiles and trucks are incorporating more electronics. UV curing is critical for increasing the longevity and dependability of automotive electronic components, allowing them to endure harsh exposure to moisture, pollutants, vibration, severe temperatures, and chemicals.

UV curable resins Regional Insights

UV curable resins Regional Insights

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

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 Asia-Pacific market held a share of 63.5% of 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.

UV curable resins Key Market Players & Competitive Insights

The UV curable resins Market is characterized by the presence of many global, regional, and local vendors. The market is highly competitive with all the players competing to gain maximum market share. Rapid advancements in processes, manufacturing and the growing application of UV curable resins in end-use industries are the key factors that affect global market growth. The vendors compete based on cost, product quality, availability, and reliability of the products. The vendors must provide cost-effective and high-quality UV curable resins to compete in the market. The competitive scenario is fragmented between tier-1 and tier-2 companies.

The growth of market players is dependent on market conditions, government regulations, and industry development. Thus, the players should focus on expanding their production capacities to meet demand and enhance their services. BASF SE, Arkema, Allnex GmbH, Resonac Corporation, DIC Corporation, iGM Resins, Troy Corporation, Covestro among others are the major companies in the market that compete in terms of quality, price, and processes incorporated. These players primarily focus on developing more sophisticated and advanced mixes of UV curable resins. Although the international players are dominating the market, regional and local players with small market shares also have a moderate presence. The international players with a presence across the globe, with established manufacturing units or sales offices, have strengthened their presence across major regions such as North America, Europe, and Asia-Pacific.

The competitive market strategy analysis is expected to be highly inclined toward direct and secondary competition during the forecast period. However, tertiary competition from the tier-3 players is expected to intensify the competition from moderate to high for the tier–1 and tier–2 players during the review period. The business sectors of the tier-3 companies are tangentially related to the market, however, with the significant growth of the UV curable resins market during the forecast period, the tier-3 companies may expand their business and product portfolio, which is expected to be highly concentrated toward the production of UV curable resins. These factors are expected to influence the market dynamics in the coming future and intensify the competition during the review period.

BASF SE: BASF’s strategy is to grow profitably while positively contributing to society and the environment. It intends to transition to a carbon-neutral and circular economy. The economy and its associated landmarks, such as the European Green Deal, necessitate new concepts and approaches. The company believes that a strong distribution network maintains its brand image. It invests continuously in benchmarking, R&D, new solutions, and advanced technologies while emphasizing process improvement. It emphasizes collaborations and mergers with key market players and maintains a long-term relationship with its partners, enabling it to establish its position in the market.

DIC: DIC emphasizes customer satisfaction, innovation, and value creation. The digital age has helped the group to focus on providing information on color and its products for application in LCDs, pigments, and imaging & reprographic materials. Technological development has been the major focus of the company during the past few years. It made strategic investments under DIC111 medium term management plan in M&As and startups in various business segments to increase group’s product and technology portfolio.

Key Companies in the UV curable resins Market includes


  • Arkema

  • Allnex GmbH

  • Resonac Corporation

  • DIC Corporation

  • iGM Resins

  • Troy Corporation

  • Covestro

UV curable resins Industry Developments

February 2023: iGM Resins, signed an exclusive supply and distribution agreement with Qualipoly Chemical Company a global leader in the industrial supplies market. The partnership will allow Qualipoly's entire line of innovative Energy Curing Resins to be distributed via the iGM Resins network. Clients can choose from a wide choice of materials to fit their individual requirements, ranging from general-purpose resins to specialty resins tailored for sectors such as graphic arts, industrial coatings, adhesives, and 3D printing.

November 2022, iGM launched Photomer 6710 a non-yellowing aliphatic urethane di-acrylate with low viscosity. Photomer 6710 may be utilised in a number of applications, including industrial coatings, 3D, wood flooring, and outdoor goods, due to its high cure speed, adhesion to diverse surfaces, in-can stability, and formulation appearance.

UV curable resins Market Segmentation

UV curable resins Composition Outlook

  • Monomers

  • Oligomers

  • Photo Initiators

  • Additives

UV curable resins Chemistry Outlook

  • Epoxy acrylates

  • Urethane acrylates

  • Polyester acrylates

  • Amine Acrylates

  • Others

UV curable resins Type Outlook

  • Solvent borne UV Resins

  • Waterborne UV Resins

  • Powder UV Resins

  • Others

UV curable resins Application Outlook

  • Coatings

    • Wood coating

    • Plastic coating

    • Metal coating

  • Overprint Varnish

    • Printing Inks

    • Offset

    • Flexo

    • Digital inks

    • Others (Screen Printing, etc)

  • Adhesives

    • Cured-in-place-pipe (CIPP)

    • 3D Printing

    • Others

UV curable resins End-Use-Industry Outlook

  • Automotive & Transportation

  • Building & Construction

  • Architectural coating

  • Electronics

  • Display Material

  • PCB

  • Optical Fiber Coating

  • Others

UV curable resins Regional Outlook

  • North America

    • US

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • India

    • Japan

    • South Korea

    • Rest of Asia-Pacific

  • Middle East & Africa

    • Saudi Arabia

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Rest of Latin America

Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 4,046.89 million
Market Size 2023 USD 4,318.03 million
Market Size 2030 USD 8,331.31 million
Compound Annual Growth Rate (CAGR) 9.45 % (2023-2030)
Base Year 2022
Forecast Period 2023-2030
Historical Data 2019 & 2021
Forecast Units Value (USD Million)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered By on composition, chemistry, type, application, end-use industry, and region, and By Region
Geographies Covered North America, Europe, Asia Pacific, Middle East & Africa, and South America
Countries Covered US, Canada, Mexico, Germany, France, UK, Italy, Spain, China, Japan, India, South Korea, Saudi Arabia, UAE, South Africa, Brazil, Argentina
Key Companies Profiled BASF SE, Arkema, Allnex GmbH, Resonac Corporation, DIC Corporation, iGM Resins, Troy Corporation, Covestro
Key Market Opportunities Increasing industrialization in the developing countries
Key Market Dynamics Increasing focus on voc-free and green materials by various government regulatory authorities

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