Global UV Curable Resin Market – Overview
UV curable resin is a polymerized material. The resin is cured through energy radiated by ultraviolet devices. The use of these UV curable resins is primarily for the production of coatings and inks. They are also used raw materials in bonding and sealing. As mentioned earlier, UV curable resin is mainly used in production of coatings as it provides superior chemical resistance and has a better and faster curing time.
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Global UV Curable Resin Market – Notable Developments
Some of the key developments in the global UV curable resin market are listed below:
- In December 2016, BASF SE announced that the company has decided to expand is UV curable resin portfolio. The company did so by including five brand new standard epoxy acrylates from the product family of Laromer EA. These new products will be used for the production of radiation curable printing inks and coatings.
- Recently, DSM announced a strategic partnership with Nanjing Cosmos Chemical Co. Ltd. This partnership plans to develop and expand their UV filters segment.
Global UV Curable Resin Market – Drivers and Restraints
There are various macro and micro-economic factors that are contributing to the growth of the global UV curable resin market. The biggest driving factor for the growth of the global market has been the increasing adoption of environment-friendly coatings. The governments across the globe are issuing strict guidelines over the use of carbon-free coatings. These factors have worked in favor of UV curable resin and have thus helped in their increased adoption across the globe.
In addition to this, there has been a considerable rise in the demand for UV curable inks from the packaging industry. This has directly reflected on the overall growth of the global market.
However, there are some factors that may stop the UV curable resin market to reach its full potential. One key restraining factor is the limited depth of light penetration allowed by the UV curable resin. The depth of light penetration depends upon the spectral and wavelength distribution. In case of UV curable resin, this distribution does not exceed more than a few millimeters. This has thus restricted the use of UV curable resins to the production of inks, adhesives, and coatings.
On the upside, the growth of the market is slowly gathering pace. This is defined by the increasing R&D activities across the globe that are testing its usage in barrier films, packaging, printed circuit, and 3D printing among others. This is expected to create ample opportunities for the development of UV curable resin market.
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Global UV Curable Resin Market – Geographical Outlook
The global UV curable resin market has five major geographical segments viz. North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. Of these, the global market is expected to be dominated by the Asia Pacific region over the course of the given forecast period of 2019 to 2027. The growth of Asia Pacific is primarily attributed to the recent developments in the paints and coatings industry. The technological and product advancements in this sector has had a particular impact on the demand for UV curable resins and has thus helped in the growth of its market in the region. In addition to this, the developments and growth of the automotive sector in Asia Pacific has also helped in the development of UV curable resin market in the region.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.