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.
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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
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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.
- BASF SE
- Jingjiang Hongtai Chemical Engineering Co., Ltd.
- 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
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