UV Curable Resins & Formulated Products: Introduction
- UV curable resins & formulated products are polymerized and cured using the energy from UV radiations. The speed of curing of these resins is high. They can also be cured at lower temperatures. UV curable resins & formulated products do not emit odor and volatile organic compounds (VOCs), unlike solvent-based resins. They are widely used in applications such as printing inks, coatings, and adhesives.
Key Drivers of Global UV Curable Resins & Formulated Products Market
- The market for UV curable resins & formulated products is expected to expand at a significant pace during the forecast period. Rise in demand for these products in coatings & 3D printing applications is driving the UV curable resins & formulated products market.
- Stringent regulations regarding VOC emissions in Europe and North America and rise in demand for safe, eco-friendly, and sustainable products are likely to drive the demand for UV curable resins & formulated products during the forecast period
- UV curable resins & formulated products are used in the production of inks, paints & coatings, and adhesives. They are also utilized as catalysts and stabilizers for the chemical production process. Furthermore, paints & coatings companies are continuously investing in research & development activities to introduce advanced solutions for various type of coatings. UV curable resins & formulated products play a significant role in the formulation of advanced coatings.
Waterborne Technology Segment to Dominate Global Market
- Waterborne UV curable resins have been developed of late to reduce the use of VOC and reactive diluents. Water is used as a diluent or dispersing medium in these coatings, as it can decrease air pollution and improve occupational health and safety. It is easier to control the viscosity of water-based formulations.
- Increase in demand for waterborne products is expected to boost the market share of the technology, owing to various government regulations on the use of solvent-borne products due to environmental concerns
Coatings Application Segment to Dominate Global Market
- The coatings application segment is expected to continue to lead the UV curable resins & formulated products market, as the physical and chemical properties of the UV chemistry permit excellent gloss and viscosity control, and therefore, the application is easy with minimal or no process issues with VOCs/HAPs
- The UV curing technology has outperformed the coatings market growth consistently over a period of time, and has turned out to be sustainable and high growth technology in the coatings industry. High demand for UV curable coatings can be primarily ascribed to their strong performance and excellent environmental & safety profile.
High Establishment Cost for Manufacture of UV Curable Resins to Restrain Global Market
- High establishment cost of manufacturing plants of UV curable resins is a major restraint of the UV curable resins & formulated products market. The initial cost of formulating equipment can be higher than the cost incurred for conventional coating technologies. The UV curing machine is costlier than the conventional one. The intensity of this challenge is especially higher in Asia, as countries in the region are more cost sensitive.
Covid-19 Impact on UV Curable Resins & Formulated Products Market
- Restricted trade and the shortage in supply of raw materials from China-based manufacturers due to COVID-19 pandemic have resulted in a severe demand-supply gap for various products including UV curable resins & formulated products. Manufacturers are expected to be stranded on raw material orders owing to the logistics industry being significantly impacted due to lockdowns amid the COVID-19 pandemic.
- Producers are anticipated to move away from China in order to lower the risks that would affect the business and reduce manufacturers' cluster in a single country in order to smoothen the supply chain
Asia Pacific to Hold Significant Share of Global UV Curable Resins & Formulated Products Market
- In terms of region, the global UV curable resins & formulated products market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific accounted for the major share of the UV curable resins & formulated products market in 2020. Evolving environmental & regulatory scenario, increasing consumer awareness, and pressure from flagship companies willing to improve the environmental performance of their supply chain have boosted the demand for UV curable resins & formulated products in Asia Pacific.
- Growth in production of automobiles and rise in investments in building & construction activities are anticipated to augment the demand for UV curable resins & formulated products in Asia Pacific
- Expansion of automotive and construction sectors in North America is expected to increase the preference for UV curable resins & formulated products in the region. Stringent regulations in North America and Europe and increasing environmental concerns are projected to propel the UV curable resins & formulated products in these regions.
Key Players Operating in Market
Companies are expected to invest significantly in research & development activities. Collaborations are also scheduled to emerge as one of the strategic initiatives adopted by companies engaged in new product development. Capacity expansion and new product launches are prevalent in the industry. Key players operating in the global UV curable resins & formulated products market include:
- Allnex Netherlands B.V.
- Alberdingk Boley GmbH
- BASF SE
- Covestro AG
- Arkema Group
- Nippon Gohsei
- Dymax Corporation
Global UV Curable Resins & Formulated Products Market: Research Scope
Global UV Curable Resins & Formulated Products Market, by Composition
Global UV Curable Resins & Formulated Products Market, by Technology
Global UV Curable Resins & Formulated Products Market, by Application
- Overprint Varnish
- Printing Inks
- 3D Printing
Global UV Curable Resins & Formulated Products Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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.