The global UV curing system market accounted for US$ 1,163.4 Mn in 2017 and is expected to grow at a CAGR of 9.6% during the forecast period 2018 – 2025, to account for US$ 2,409.8 Mn by 2025.
The UV curing system market has experienced significant growth and adoption rate in the past few years and is expected to experience notable growth and adoption in years to come. UV Curing systems use UV LED as the means for providing heat and curing the materials such as adhesives, paints, and coatings. Earlier curing systems used mercury lamp as a means for providing heat during the curing process. But the mercury lamps had some disadvantages which led to technological advancements in the market and the adoption of LED in the curing process. Within this market, various regions are observed to exhibit different growth trends. Asia Pacific hold the largest share of the total market. While the regions such North America and Middle East & Africa (MEA) are expected to exhibit high growth along with the increasing growth in Asia Pacific region. Asia Pacific region in global UV curing system market is expected to witness a CAGR growth rate of 10.3% in the coming years.
Exhibit: UV Curing System Market by Region
Increasing demand of UV LED based curing over conventional curing methods
The demand for UV LED based curing systems is increasing over the conventional curing systems which used mercury lamps. This is due to the reason that the UV LED based curing systems provide better properties than the other type of curing systems such as better abrasion resistance, durability, elasticity, adhesion, and chemical resistance. The system also provides better operational speed of the machine as well as faster drying of the product. The UV curing systems also reduces the emission of the volatile organic compounds (VOC) released during painting, coatings, inks, adhesives, and similar materials making it one of the main reason for the high adoption of UV cured coating systems in a wide variety of applications such as furniture, automotive, healthcare, electronics, and others. Thus, increasing demand for UV LED based curing system among various industries is bolstering the UV curing system market.
Increasing adoption in developing economies
As the economies are developing, the concerns regarding environment and ongoing legislations to cut emission of VOC are increasing. For instance, China has 109 companies in the curing market, including 37 that produce raw materials, 75 that manufacture UV curing systems, and 12 that supply UV lamps and equipment that are used as a raw material for the UV curing systems. The production value of raw materials, radiation curable products, and UV lamps and equipment in China has increased more than 20% consecutively. Also, the adoption of UV curing is increasing in other developing countries as well such as India, Japan, and others. This increasing adoption will highly support the growth of the UV curing market in the developing economies in the coming years.
UV Curing System Market – Application Insight
The global UV curing system market is segmented on basis of application as; bonding & assembling, coating & finishing, and painting. Curing is a method of drying of inks, adhesives, and coatings. UV curing method is used in a wide variety of applications for the faster drying of the adhesives or coatings and reduce the emission of the volatile organic compounds that are released while the curing of paints and adhesives. Coating is one of the main application of UV curing and one of the most popular technique in the paint and coating industry. UV cure coatings have been used for paper in magazines and brochures, and also as a clear coating on printed circuit board for many years. Coating is majorly used in automotive and electronics for the protection of the parts. This is then cured through UV curing system for immediate drying and protection. Coating and finishing segment is the fastest growing application segment in UV curing system market and is expected to grow at a prime CAGR during the forecast period.
Exhibit: UV Curing System Market by Coating & Finishing Application
UV Curing System Market – End User Insight
The end user segment in UV curing system market include into automotive, healthcare, electronics, and other end-users such as aerospace, wood products, graphic & arts, packaging, construction, and others. Due to the advantages provided by the UV curing system over the conventional mercury lamp curing system, it is used in a wide variety of applications where bonding, coating, or printing are done. UV curing in the electronics sector is used for the bonding & assembling of the products used in the electronics segment as well as the faster drying of the coating of the parts in the consumer electronics products for the protection from the heat generated The electronics segment in the UV curing system market is expected to surge at an exponential rate during the forecast period.
The market initiative and new development was observed as the most adopted strategy in global UV curing system market. Few of the recent strategies by some of the players operating in UV curing system market landscape are listed below:-
2018: Phoseon showcased its latest UV LED curing solutions at the upcoming OPTICS & PHOTONICS International Exhibition 2018. This new solution is compact in size, high intensity output, and ease of integration for achieving enhanced LED thermal management
2018: Nordson introduced new xQR41V Needle Valve. This needle can be used to dispense precisely the repeatable amounts of UV-cure adhesives for the bonding module in medical applications
2017: Air Motion Systems, Inc. (AMS) and Baldwin Technology Company, Inc., merged together for creating the leading provider of UV and LED curing technology worldwide
2017: Hanovia signed a partnership with Nirvana Spa (UK), for providing UV disinfection systems to the Spa for keeping spring water pure. This UV disinfection system will allow the chlorine present at certain levels to run and make the water pure
GLOBAL UV CURING SYSYEM MARKET – SEGMENTATION
GLOBAL UV CURING SYSTEM MARKET – BY APPLICATION
GLOBAL UV CURING SYSTEM MARKET – BY END-USER
GLOBAL UV CURING SYSTEM MARKET – BY GEOGRAPHY
GLOBAL UV CURING SYSTEM MARKET - COMPANY PROFILES