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 research report on Ultraviolet Curable Resins
Market 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
- U.S.
- Europe
- Germany
- France
- UK
- Italy
- Netherlands
- Asia
Pacific
- China
- India
- Japan
- South
Korea
- Middle
East & Africa
- Brazil
- Central
& South America
- Kuwait
Access 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.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
For more information: www.grandviewresearch.com
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