Photoinitiators Market

Photoinitiators Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027

Photoinitiators Market: Highlights

  • Photoinitiator is a compound that undergoes a photoreaction on absorption of light, producing reactive species. It is capable of initiating or catalyzing chemical reactions that result in significant changes in the solubility and physical properties of suitable formulations. Thus, photoinitiator is a compound that can transform the physical energy of light into suitable chemical energy in the form of reactive intermediates.
  • There are two classes of photoinitiators: type I and type II. Type I photoinitiators undergo unimolecular bond cleavage that provides reactive species after the absorption of light. No other species are necessary for these photoinitiators to work. Type II photoinitiators undergo a bimolecular reaction. After absorption of light, the photoinitiator reaches excited state, thus helping them to react with another molecule (co-initiator or synergist) to create the reactive species.
  • Photoinitiators are primarily used for applications that require high purity, UV transparency, and low residue on evaporation

Key Drivers of Photoinitiators Market

  • Easy operation, formulation, and speed are some of the factors that are driving the photoinitiators market
  • Easy storage and better stability property are other factors anticipated to boost the demand for photoinitiators during the forecast period.
  • Increase in usage of photoinitiators in end-use industries is also estimated to propel the photoinitiators market in the near future.

Negative Impact Caused by Camphorquinone (CQ) Element Expected to Restrain Photoinitiators Market

  • Negative impact caused by camphorquinone (CQ) element, a major component of photoinitiator, is anticipated to hamper the market in the near future. Toxicity, low efficiency of polymerization, and compromise in the esthetics of dental composite restoration are some of the disadvantages of CQ element used in photoinitiators. This compromise of esthetics for dental composite restoration majorly occurs due to the effect of residual and un-reacted molecules of CQ.

Photoinitiators Market: Application Segment

  • Based on application, the global photoinitiators market can be segmented into paints, inks, adhesives, and others.
  • The paints segment is projected to account for major share of the global photoinitiators market during the forecast period. The inks segment is estimated to expand at a moderate pace during the forecast period. However, it is projected to account for considerable share of the market by 2027. The inks segment is likely to create significant incremental opportunity during the forecast period. Demand for photoinitiators in other industrial applications is expected to remain moderate to high across different regions.
  • The adhesives segment is expected to exhibit moderate growth rate throughout the forecast period

Asia Pacific to be Key Region of Global Photoinitiators Market

  • In terms of region, the global photoinitiators market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • The market in Asia Pacific is expected to expand continuously in the near future. It is anticipated to be followed by Europe. Driven by sales growth of photoinitiators across various end-users, the market in Asia Pacific is estimated to witness sustainable growth rate during the forecast period.
  • Demand for photoinitiators applications has been rising significantly in countries in Asia such as China and India
  • The photoinitiators market in North America is stable and fragmented. As a result, competition among key players has increased in the market.
  • The photoinitiators market in Latin America and Middle East & Africa is expected to expand at a sluggish pace during the forecast period.

Key Manufacturers in Market

The global photoinitiators market was highly fragmented in 2018. Key manufacturers operating in the global market include:

  • IGM Resins
  • Hubei Gurun Technology Co., Ltd.
  • Lambson
  • Jingjiang Hongtai Chemical Engineering Co., Ltd.
  • Arkema
  • Tronly
  • DBC
  • Tronly
  • Eutec Chemical Co., Ltd.
  • Zhejiang Yangfan New Materials Co., Ltd.

Global Photoinitiators Market: Research Scope 

Global Photoinitiators Market, by Product Type

  • Free-radical Type Photoinitiators
  • Cationic Type Photoinitiators

Global Photoinitiators Market, by Application

  • Paints
  • Inks
  • Adhesives
  • Others

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
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