UV Curable Resins Market: Key Insights
The UV curable resins market is expected to grow significantly due to the increasing demand for UV curable resins in various end-use industries such as printing and packaging, automotive, and construction. UV curable resins are widely used in printing and packaging applications for various products such as labels, cartons, and flexible packaging due to their high printability and excellent adhesion properties. Additionally, the increasing adoption of UV curable resins in the automotive industry for manufacturing automotive parts such as coatings and adhesives is also driving market growth.
Another major factor driving the market growth is the increasing adoption of UV curable resins in the construction industry for various applications such as flooring, coating, and adhesives. UV curable resins are widely used in the construction industry as they offer excellent adhesion properties, high durability, and are resistant to harsh weather conditions.
However, the high cost of UV curable resins and the need for more awareness about the benefits of UV curable resins in certain regions are expected to hinder market growth. Additionally, the strict regulations regarding using UV curable resins in certain applications may also challenge the market growth in the coming years.
Increasing Use of Environment-Friendly Industrial Coatings to Drive UV Curable Resins Market
The increasing use of environment-friendly industrial coatings is driving the market's growth. These coatings are non-toxic, non-polluting, and made from renewable resources, which makes them a sustainable option for various industrial applications. The increasing awareness about the negative impacts of traditional industrial coatings on the environment is leading to a shift towards using environment-friendly industrial coatings.
The increasing adoption of environment-friendly industrial coatings in different end-use industries such as construction, automotive, and marine is also driving market growth. In the construction industry, these coatings are used for various applications such as flooring, roofing, and wall coating. In the automotive industry, these coatings are used for various applications, such as automotive parts and exterior coating. In the marine industry, these coatings are used for various applications, such as ship hull and deck coating. The increasing demand for energy-efficient and sustainable options in these industries is expected to drive market growth.
UV Curable Resins Market: Segmental Overview
The global UV curable resins market is segmented on the basis of formulation, application and end user. On the basis of formulation, the UV curable resins market is segmented into oligomers, monomers, photo initiators and others. On the basis of application, the market is bifurcated into, coating, inks, adhesives and others. Based on end user, the global UV curable resins market is segmented into, industrial coatings, graphic arts, electronics and others.
Based on end user, the industrial coatings segment held the substantial share in the market. The industrial coatings segment is playing a significant role in driving the market growth for environment-friendly industrial coatings. This segment includes coatings used in various industrial applications such as construction, automotive, marine, and others. The increasing demand for sustainable and non-toxic coatings in these industries is driving market growth. Additionally, the growing awareness about the negative impacts of traditional industrial coatings on the environment is leading to a shift towards the use of environment-friendly industrial coatings, further driving the market growth in this segment.
UV Curable Resins Market: Competitive Landscape and Key Developments
ALLNEX NETHERLANDS B.V.; Arkema Group; BASF SE; DIC CORPORATION; DSM-AGI Corporation; Eternal Materials Co.,Ltd.; Hitachi Chemical Co., Ltd.; IGM; Mitsubishi Chemical Corporation; and Miwon Specialty Chemical Co., Ltd. among the key players operating in the UV curable resins market. These companies have a widespread presence worldwide, which provides lucrative opportunities to serve a large number of customers and expand the market.
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