UV Adhesives Market
UV Adhesives Market (Resin: Epoxy, Polyurethane, Acrylate, Silicone, and Others; and End Use: Transportation, Building & Construction, Electrical & Electronics, Medical, Industrial Assembly, and Others) - Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030
Press Release :
Environment-friendly UV Adhesives Gain Worldwide Acceptance amid Mounting Environmental Concerns
Since their discovery, nearly 3,300 years ago, adhesives have been extensively used for various bonding applications. Adhesives have come a long way since then and are increasingly being used in various biomedical, industrial, and pharmaceutical applications. Considerable research and development activities have been carried out to produce high-quality and biocompatible adhesives. In the current scenario, environment-friendly adhesives have gained considerable popularity and the trend is likely to continue during the forecast period. The advent of modern technologies coupled with the growing demand for eco-friendly adhesives is among the leading factors that have paved the way for UV adhesives in the current market landscape.
Significant developments in nanotechnology and derivatization of polymers have led to the development of a range of UV adhesives that are extensively used in a myriad of end-use industries, such as electronics, building & construction, medical, industrial assembly, etc. In addition, owing to mounting environmental concerns and limited availability of raw materials natural, the demand for natural adhesives has witnessed a considerable decline in the past few years. On the contrary, the UV adhesives market has witnessed significant growth, and as per current observations, the trend is projected to garner further momentum during the forecast period. At the back of these factors, the global UV adhesives market is expected to reach a market value of ~US$ 900 Mn by the end of 2030.
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Demand for Synthetic Adhesives to Remain Higher than Natural Variants
Natural adhesives came into the limelight in the 20th Century and since then, started to gain immense popularity. The aerospace sector was at the forefront in terms of using adhesives in aircraft manufacturing and over the years, the growth of the aviation sector has played a key role in influencing adhesive technologies. The growing demand for UV adhesives with optimum structural strength and high resistance triggered the development of novel high-performance adhesive materials that are increasingly being used in domestic as well as industrial applications.
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Although a number of eco-friendly synthetic UV adhesives has been introduced to the market, the demand for natural adhesives is likely to remain steady, owing to low cost. Synthetic UV adhesives are likely to dominate the UV adhesives market during the forecast period, due to exceptional moisture-resistant properties and high-strength. Some of the key factors that are likely to set the tone for the development of the UV adhesives market include globalization, the advent of numerous technological processes, and changing government regulations across the world.
Widening Applications in Several End-use Industries to Aid UV adhesives Market Growth
UV adhesives are widely used across a host of end-use industries. Over the past decade, market players operating in the UV adhesives market are largely focusing on capitalizing the lucrative opportunities in the healthcare sector. The growing applications of UV adhesives in the dentistry, pharmaceutical, and medical field are expected to provide an impetus to the overall growth of the global market for UV adhesives. While the adoption of UV adhesives from the medical sector continues to move in the upward trajectory, the adoption of UV adhesives in a range of industrial applications is expected to outpace that of the healthcare sector. Apart from providing a high level of adhesion, UV adhesives are also being utilized as sealing agents to prevent corrosion and oxidation. The construction sector is anticipated to provide abundant opportunities, as UV adhesives are increasingly being used for ceramic tile installation, floor tile installation, prefinished panel installation, etc. UV adhesives are used in a number of consumer goods, including decorative films and stationery products. Packaging and transportation sectors have also gradually emerged as prominent end-use industries, wherein UV adhesives are increasingly being used.
Market Players to Focus on Manufacturing Essential Products amid COVID-19 Crisis
The COVID-19 pandemic is expected to have a strong short-term impact on the growth of the global UV adhesives market. Due to inevitable lockdowns and restrictions on trade and transportation, market players are likely to face significant barriers in the supply chain. The healthcare sector is expected to provide considerable opportunities for the market participants as the production of epoxies and adhesives is likely to remain unaffected as it is classified as a critical product in multiple nations. Market players are currently turning their attention toward supplying UV adhesives and other essential products required to combat the novel COVID-19 virus. While international demand is likely to decline during the COVID-19 event, market players should focus on fulfilling the growing demand from the domestic healthcare sector.
Market players are also expected to follow contingency plans to overcome the current situation. The demand from other end-use industries, including building and construction, and packaging is likely to witness a dip during the pandemic. However, as several nations are gradually relaxing the lockdown restrictions, the UV adhesives market is expected to gradually gain momentum in the last quarter of 2020.
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The global UV adhesives market is expected to grow at a healthy CAGR of ~8% during the forecast period. The market growth is largely driven by modern technologies such as nanotechnology that have enabled the development of an array of synthetic UV adhesives. The widening scope of UV adhesives in various end-use industries is expected to provide a considerable boost to the market despite going through a sluggish period during the COVID-19 event. The Asia Pacific region is expected to provide lucrative growth opportunities to market participants, as governments across the region continue to emphasis on infrastructure development and modernization.
UV Adhesives Market: Overview
- In terms of value, the UV adhesives market is expected to cross value of US$ 930 Mn by 2030
- Increase in demand for UV adhesives, owing to their exceptional properties is anticipated to boost the global UV adhesives market during the forecast period
- Transportation is projected to be a highly attractive end-use segment of the global UV adhesives market in the near future
UV Adhesives Market: Key Drivers and Restraints
- UV adhesives possess exceptional properties such as strength, flexibility, solubility, and corrosion resistance. Therefore, they are used extensively in the construction industry. Rise in construction activities is expected to boost the demand for UV adhesives in the near future.
- UV adhesives are increasingly used in the electronics manufacturing industry, as they meet requirements in terms of materials and processing in the industry. The global electronics industry has been expanding. This is estimated to propel the demand for UV adhesives in the near future. Production and shipments of electronic equipment increased by 2.6% and 0.4%, respectively, in Japan in 2018 compared to that in the previous year. This increase (in production and shipments) was ascribed to the rise in demand for integrated circuits, electronic parts, etc.
- Raw materials required for manufacture of UV adhesives include epoxy, polyurethane, and acrylate. Most of these are obtained from crude oil and petrochemicals. However, the price of crude oil and petrochemicals is volatile. This directly affects the production cost of UV adhesives. Thus, volatility in prices of raw materials is estimated to restrain the global UV adhesives market during the forecast period.
UV Adhesives Market: Key Segments
- Based on resin, the UV adhesives market has been divided into epoxy, polyurethane, acrylate, silicone, and others
- In terms of value and volume, acrylate is a prominent segment of the global UV adhesives market. Acrylate material adheres readily to a variety of surfaces. Therefore, it is employed in several types of pressure-sensitive adhesives.
- Based on end use, the UV adhesives market has been classified into transportation, building & construction, electrical & electronics, medical, industrial assembly, and others. The transportation segment is likely to expand at a rapid pace in the near future, as it is a leading consumer of UV adhesives.
UV Adhesives Market: Key Developments
- In February 2020, Henkel Adhesives Technologies India Ltd, a wholly owned subsidiary of Henkel AG & Co, announced plans to invest US$ 54 Mn to expand its existing adhesive facility at Kurkumbh near Pune (India). It is one of its largest manufacturing facilities in the world. The expansion is anticipated to help the company meet the rising demand for UV adhesives among customers across the globe.
- In August 2018, Huntsman Corporation announced that it had opened a multi-purpose facility at the Amata Vietnam Industrial Park near Ho Chi Minh City, Vietnam. The site is a greenfield investment, which houses Huntsman’s Polyurethanes and Advanced Materials businesses, and comprises manufacturing; R&D capabilities; technical service center; warehouse and distribution space; and commercial office. This would help the company expand its presence in the UV adhesives market in Asia Pacific.
- In May 2018, H.B. Fuller announced that it helped converters achieve zero-defects production with its expanded range of UV light fluorescing adhesives. Designed to perform with some of the challenging packaging substrates, these innovative adhesive solutions offer the additional reassurance of meeting food safety requirements. Through this move, H.B. Fuller strengthened its position in the global UV adhesives market.
- In August 2017, Sika AG acquired ABC Sealants, a leading Turkey-based manufacturer of adhesives. The acquisition is expected to strengthen the company’s position in Turkey and further establish it as a comprehensive supplier of solutions for interior finishing applications.
UV Adhesives Market: Competition Landscape
- Major manufacturers operating in the global UV adhesives include
- Henkel AG and Company KGaA
- H. B. Fuller
- Dow Inc.
- Avery Dennison Corporation
- BASF SE
- Bostik SA
- Sika AG
UV Adhesives Market – Scope of the Report
The new study on the global UV adhesives market published by Transparency Market Research (TMR) presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as structure of the global UV adhesives market. TMR’s study offers valuable information on the global UV adhesives market to illustrate how growth would discern during the forecast period of 2020 to 2030.
Key indicators of market growth, which include value chain analysis as well as supply chain analysis and compounded annual growth rate (CAGR), are elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret quantitative growth aspects of the global UV adhesives market during the forecast period.
An extensive analysis of leading market players’ business strategies is also featured in TMR’s study on the global UV adhesives market. This can help readers understand principal factors to foresee the growth of the global UV adhesives market. In this study, readers can also find specific data on avenues for qualitative and quantitative growth of the global UV adhesives market, which would guide market players in making apt decisions in the near future.
Key Questions Answered in TMR’s Study on UV Adhesives Market
- What would be the Y-o-Y growth rate of the global UV adhesives market between 2020 and 2030?
- What is the influence of changing trends in technologies on the global UV adhesives market?
- Would Asia Pacific continue to remain the most profitable region for manufacturers of UV adhesives in the near future?
- Which factors would impede the growth of the global UV adhesives market during the forecast period?
- Which are the leading companies of the global UV adhesives market?
A unique research methodology is utilized by TMR to conduct comprehensive research on the global UV adhesives market and arrive at conclusions on growth prospects for the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the conclusions drawn.
Secondary resources referred to by analysts during the production of the report on the global UV adhesives market include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and market white papers. Analysts also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the global UV adhesives market as a primary resource.
These primary and secondary resources provided exclusive information during interviews, which served as a validation from leading players operating in the global UV adhesives market. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global UV adhesives market with accuracy. The study also uses a top-down approach to assess numbers for each segment and a bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on future prospects of the global UV adhesives market more reliable and accurate.
UV Adhesives Market – Segmentation
TMR’s study on the global UV adhesives market segments the market based on resin, end use, and region. Changing market trends and other crucial market dynamics associated with these segments of the global UV adhesives market are discussed in detail.