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UV Curable Resins Market Analysis
- Report ID: GMI381
- Published Date: Jan 2023
- Report Format: PDF
UV Curable Resins Market Analysis
The oligomer composition segment of the UV curable resins market is set to exhibit nearly 7% growth through 2032. Oligomer UV curable resins are gained increasing acceptance, owing to their high adhesion, bonding, elasticity, elongation, and susceptibility to environmental triggers. Apart from excellent weather and solvent resistance, the component can also exhibit self-repairing performance. The mounting investment in EV production facilities will therefore foster the adoption of oligomers for UV-curable protective coatings, given their durability, minimalistic appearance, and low VOC emissions.
The UV curable resins market revenue from the polyester acrylates raw material segment is projected to reach USD 2 billion by 2032, considering superior performance, stability, and cost-effectiveness, among other product attributes. Functional polyesters are also suitable for aerospace, automotive, and other industrial applications to support their versatility, mechanical properties, hardness, as well as chemical and UV resistance. With the rise in funding for transport aircraft manufacturing projects in developing nations, the consumption of polyester acrylates UV curable resins will thus surge to develop high-resistance coatings.
UV curable resins market from the adhesives segment is slated to register 6.5% CAGR from 2023 to 2032. This growth is attributed to the mounting infrastructure development and construction projects in countries including Japan, the U.S., China, and Germany. For instance, in March 2022, the U.S. Department of Transportation announced USD 2.9 billion through 3 discretionary grant programs to support infrastructure projects. Such initiatives will stimulate the utilization of UV adhesives to provide optimum bonding and subsequently bolster the requirement for binders such as UV-curable resins.
UV curable resins market valuation from the front-industry segment is expected to cross USD 2 billion by 2032, led by the product’s adhesion, scratch-resistance, and stain-resistance properties. Despite an initial downturn during the early months of the COVID-19 pandemic, office furniture manufacturers are gradually witnessing a steady recovery with new investment support from leading entities. In April 2022, Branch announced USD 10 million in Series A funding from Springdale Ventures to help address the robust demand for workstations and office chairs. Factors such as these are likely to proliferate the adoption of UV-curable resins for wood coating applications.
Europe UV curable resins market is slated to register USD 3 billion by 2032, due to the economic recovery and the expansion of automobile manufacturing bases. As per statistics from the Germany Trade & Invest, in 2021, automobile manufacturers produced nearly 15.6 million vehicles in the country, with 15 out of 75 top auto suppliers being Germany-based companies. Additionally, with the decline in the unemployment rate, automobile sales are forecast to increase and in turn, stimulate UV-curable resin production for automotive coating and adhesion applications in the region.
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UV Curable Resins Market Scope
