The latest market report published by Credence Research, Inc. “Global UV Cured Resins Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028. The global UV Cured Resins market is anticipated to grow at a substantial CAGR of 9.90% in the upcoming years. The global UV Cured Resins industry was estimated to be worth USD 5.2 billion in 2022 and was expected to be worth USD 10.06 billion by 2030.
UV Cured Resins Market opportunities are vast and promising. With the increasing demand for eco-friendly and sustainable products, UV cured resins have become a preferred choice in various industries like automotive, construction, electronics, healthcare, and packaging. The ability of these resins to cure quickly under UV light creates immense potential for manufacturers to increase productivity while reducing energy consumption and waste. The market is expected to grow further with advancements in technology that offer improved adhesion properties, flexibility, durability, and resistance to yellowing or degradation over time. Moreover, the growing popularity of 3D printing has opened new avenues for the application of UV-curable resins as they enable high precision prototyping with minimal material wastage.
Performance of Major Segments:
In 2022, the Acrylated Epoxies segment accounted for the largest market share of the UV Cured Resins market. The increasing demand for safe, odorless, eco-friendly, and sustainable materials by government regulatory agencies worldwide is driving the growth of this segment.
The Coating segment was anticipated to hold a prominent share in the global UV Cured Resins market in 2022. The immediate drying properties of UV-cured resins make them highly sought-after in the coatings industry.
Regional Dominance:
In 2022, the Asia-Pacific region held the largest share of the global UV Cured Resins market. Rapid industrialization in the region, particularly in industries such as paints & coatings, construction, electrical & electronics, and automotive, is driving market expansion.
China and India are key countries in the UV Cured Resins market, experiencing significant growth due to the rising demand for eco-friendly coatings, expansion of the electronics industry, and increased use of eco-friendly inks in packaging applications.
Impact of the Economy:
The COVID-19 pandemic has had far-reaching effects on the global economy and industries, including the UV Cured Resins market. Supply chain disruptions and reduced business activities have impacted market growth. However, as lockdowns ease and demand for UV-cured coatings and products remains strong, the market is expected to recover and grow in the coming years.
Competitive Environment:
The global UV Cured Resins market has a fragmented competitive landscape with major and minor players. Key strategies adopted by market players include new technology introductions, acquisitions, and research and development efforts.
Key Trends:
Developing new and enhanced photoinitiators is a key trend in the UV Cured Resins market, enabling the development of more effective curable polymers.
The increased use of UV-cured resins in 3D printing is driving market growth, particularly in industries such as aerospace and automotive.
Major Driving Factors:
The global UV Cured Resins market is driven by the increased demand for eco-friendly industrial coatings, the expansion of packaging applications, and the growing use of UV-cured resins in 3D printing and other industries.
UV-cured resins offer minimal environmental impact compared to conventional products, leading to their adoption in various industries.
Major Risks
The restricted light penetration depth of UV-cured compounds is a potential limitation for market expansion, as it limits their application to coatings, inks, and adhesives.
Key Product:
Acrylated Epoxies dominate the UV Cured Resins market by resin type. They are widely used in lithographic inks, varnishes, printed circuit boards, wood coatings, and more.
Why to Buy This Report-
- The report provides a qualitative as well as quantitative analysis of the global UV Cured Resins Market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, the base year- 2021, and the projection period 2022-2028.
- The report includes information on the competitive landscape, such as how the market’s top competitors operate at the global, regional, and country levels.
- In-depth analysis of the global market segmentation on the basis of Product and Application
- Major nations in each region with their import/export statistics
- The global UV Cured Resins Market report also includes the analysis of the market at a global, regional, and country-level along with key market trends, major players analysis, market growth strategies, and key application areas.
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