UV Curing Systems market is expected to grow from US$ US$ 1163.4 Mn in 2017 to US$ 2409.8 Mn by 2025 at a CAGR of 9.6% between 2018 and 2025.
The UV curing systems offers various types of applications such as bonding & assembling, coating & finishing, and printing for different sectors such as automotive, healthcare, electronics, and others.
High adoption of UV curing systems in printing application and growing demand for 3D printing are providing significant opportunities for the providers of UV curing systems to increase the UV Curing Systems Market share in the regions. Use of 3D printing in today’s market is increasing at a higher level. Many of the companies are increasingly using the technology for creating a three-dimensional structure for rapid prototyping and additive manufacturing. The UV curing process is based photochemical reaction, using light instead of heat, which instantly dries and cures the inks. Therefore, with the high adoption of 3D printing in the global market, the market for UV curing will simultaneously grow and continue to increase in the coming years. For instance, RADTECH is using the UV curing systems for the 3D printing process and additive manufacturing. Arkema Group is using the 3D printing technology using UV curing method for providing superior performance and faster curing material to its customers.
Also, increasing adoption of the system in the developing countries is going to provide better opportunities for the growth of the UV curing systems market in the developing countries of the regions. 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.
High capital investment associated with the UV curing systems can act as a restraining factor in the market. However, with the increasing technological advancements in the UV LED technology, this investment is going to reduce in the coming years.
The overall UV Curing Systems Market size has been derived using both primary and secondary source. The research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the UV Curing Systems Market. It also provides the overview and forecast for the global UV curing systems market based on all the segmentation provided with respect to five major reasons such as North America, Europe, Asia-Pacific, Middle East and Africa, and South America. Also, primary interview were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the UV curing systems industry.