According to our latest market study on “UV Curing System Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Application and End User,” the market is expected to grow from US$ 2,817.2 million in 2021 to US$ 5,153.2 million by 2028; it is estimated to grow at a CAGR of 9.0% from 2021 to 2028.
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Conventional coating processes are subjected to various government regulations because many of these coating applications have health and safety risks. Exposure to them causes several health problems to workers in the paint industry, such as headaches, low sleep quality, muscle weakness, and memory issues. Also, the anticorrosion paints and coatings consist of volatile organic compounds (VOCs) The high pressure of coatings allows molecules to evaporate in the air, leading to diseases such as cancer and other severe health problems. Hence, the governments have implied stringent regulations on these types of coatings. However, as UV curing coatings do not have these drawbacks, strict government regulations strongly support the growth of the UV curing system market for coating and finishing applications.
Many adhesives used for the bonding & assembling process in the industrial segment release VOCs. Several government bodies across the globe have put regulations on the emission of VOC content. For instance, the United States Environmental Protection Agency (EPA) has approved Clean Air Act section 183(e) that restricts the use of products that release more than 80% of the VOC emission. Such stringent regulations by the government bodies have influenced the demand for UV curing coating over traditional coating solutions, which is driving the UV curing system market.
In North America, the biggest advantage with advanced and developed countries, is the exposure and awareness about the emerging technologies in the market. Awareness about the benefits of newer technologies and the benefits of UV curing as compared to the traditional curing systems help in high adoption of the UV curing in the region and thus influencing the growth of UV curing system market. In Europe, strong innovations are taking place in the applications of UV curing. For instance, there are innovations in the European textile printing using UV-curable pigment inks and online-fixation in inkjet printing. Also, in the year 2017, Fujifilm announced to showcase Illumina, a UV LED retrofit curing system, in the European market. Due to such innovations, the market for UV curing systems is going to grow in the region and support the higher generation of revenue for the companies in the UV curing and fueling the growth of UV curing system market.
Impact of COVID-19 Pandemic on UV Curing System Market Growth
The European economy was severely impacted by various limitations and restrictions due to the pandemic. The European automotive industry was severely hit and experienced a decline of more than 20% in overall automotive production due to severe supply chain disruption caused by lockdowns, thereby lowering the demand for UV curing systems. The electronics sector was also adversely impacted due to the pandemic's onset. With decreased income levels, buyers opted to purchase necessities, such as household goods and groceries, instead of nonessential, big-ticket purchases, such as home theatres and LCD TVs. However, medical device production was operating on a large scale across the European region, leading to sufficient demand for UV curing systems during 2020. Considering increasing vaccination drives, demand for UV curing systems was recovering from the Q3 of 2020, with companies investing in making operations efficient and productive.
The UV curing system market is segmented on the basis of application, end user, and geography. Based on application, the UV curing system market is segmented into bonding & assembling, disinfection, coating & finishing, and painting. By end user, the UV curing system market is segmented into automotive, healthcare, electronics, and others. Based on geography, the UV curing system market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America.
Phoseon Technology, Nordson, Heraeus, Dymax, and IST Metz GmbH are key players operating in the UV curing system market. Several important market players were analyzed during this study to get a holistic view of the market and its ecosystem. Due to highly fragmented nature of global UV curing system market with presence of a large number of regional and local players worldwide catering to the local demand, some global players, and players focusing only on one specific product category, the listing of five key players based on a common criterion such as revenue is not feasible.
Report : UV Curing System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application (Bonding & Assembling, Disinfection, Coating & Finishing, and Printing) and End User (Automotive, Healthcare, Electronics, and Others)