Ultraviolet light is a portion of the light spectrum with the wavelength ranging from 200 nm to 400 nm (nanometers). Curing is cross-linking of polymer chains for hardening and toughening of the polymer material by activation of additives. Thermally cured materials use high energy and emit VOCs. UV-cured resins are polymerized materials that are cured in an exceptionally short time by the energy radiated from ultraviolet irradiation devices. Oligomers and liquid monomers are blended with a minimal amount of photo-initiators and then subjected to the ultraviolet energy. This cures/dries the product quickly. In UV curing, there are no environmental pollutants and there is no solvent to evaporate. Hence, there is no air pollution, no loss of volume, and no loss of coating thickness. The properties of UV-cured resins include excellent curing speed, high adhesiveness, resistance to moisture, good elasticity, resistance to heat, and good surface curing property. Also, they require low temperature. The UV curing process has advantages such as energy saving, need for less space, reduced amount of waste, and high productivity. These are the key factors anticipated to drive the UV-cured resins market during the forecast period.
The market for UV-cured resins can be segmented in terms of application, chemical, geography, and end-user industry. Based on chemical, the UV-cured resins market has been divided into polyester, epoxy, and acrylic/alkydic resins. Polyester resins are commonly available and inexpensive. Epoxy resins are slightly costlier than polyesters but they have better curing property, less shrinkage, and good adhesion. Acrylic/alkydic resins are of varied compositions. Not all acrylic resins are used as UV-cured resins. The epoxy resins segment is expected to hold a major share of the market during the forecast period, due to better features of these resins.
Based on application, the UV-cured resins market has been segregated into coatings, inks, and adhesives. UV-cured adhesives are resistant to heat and corrosion and they are crucial to the automotive industry. Based on end-user, the UV-cured resins market has been divided into automotive, electronics, graphic arts, glass, and plastic decorating. Growth in the automotive industry is expected to drive the UV-cured resins market in the near future. Based on geography, the UV-cured resins market has been divided into Asia Pacific, Europe, North America, and Latin America. Strict environmental regulations imposed on the conventional methods emitting greenhouse gases is the key driving factor for the markets in North America and Europe. Growth of the automotive industry in Asia Pacific is anticipated to fuel the market in the region in the near future. Rapid industrialization, technological advancements, and growth of the electronics industry in the region are other factors likely to augment the market in Asia Pacific during the forecast period.
Key players operating in the global UV-cured resins market are Allnex, Royal DSM N.V., Alberdingk Boley GmbH, Covestro AG, BASF SE, Nippon Gohsei, Wanhua Chemical Group Co. Ltd., Jiangsu Sanmu Group Corporation, Dymax Corporation, Eternal Chemical Co., Hitachi Chemical Company Ltd., IGM Resins, Miwon Specialty Chemical Co. Ltd., and Sartomer Arkema Group.
Resins provided by Allnex are marketed in Europe, North America, Asia Pacific, and Latin America. The company has more than 10 research centers operating throughout the world for finding coatings solutions for industries such as automotive, packaging, inks, and industrial plastics. NIPPON GOHSEI sells the UV-cured resins by the trade name SHIKOHTM. It has developed various types of resins that can be used for inks, coatings, and adhesives.
Investments in research and development, mergers and acquisitions, and aggressive marketing are strategies implemented by companies to increase their share in the global UV-cured resins market. High cost of initial investment, limited usage, and unappealing price in the competitive market are likely to be barriers for growth of the global UV-cured resins market in the next few years.
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.
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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.
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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.