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.
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