UV Curable Resin Market: Overview

· UV curing refers to a process of radiation curing through which various materials are cured. These include inks, coatings, and adhesives. UV curing technology enables instant drying or curing in fraction of seconds when ultraviolet light is applied on various products such as coatings, inks, and adhesives to cause photopolymerization.

· With advancements in technology, various types of resins are now available in the market owing to advantages such as low wastage, saving of energy, low temperature treatment, and high productivity. UV is also available for optical molding, as it has high energy density and can thus concentrate on small spot diameters.

Key Drivers and Restraints of UV Curable Resin market
· Rise in demand for green coatings is a key driver of the UV curable resin market. Regulatory authorities have set up legislations for the use of eco-friendly products. This is also expected to drive the global UV curable resin market. However, high installation cost of manufacturing plants for UV curable resin and lack of awareness are restraining the UV curable resin market.

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Global UV Curable Resin Market: Segmentation
· The global UV curable resin market can be segmented based on formulation, application, and end-user

· Based on formulation, the UV curable resin market can be classified into oligomers, monomers, photoinitiators, and others. Monomers used in UV formulations include acrylates, methacrylates, vinyl esters, and others. Acrylates are the oligomers that are used in UV curable coatings. Other types of coatings that play a vital role are unsaturated polyester resins, polyester, polyether, polyurethane and a few other resins based upon chemistry types and linkages.

· In terms of application, the UV curable resin market can be categorized into coating, inks, adhesives, and others. The coatings segment is expected to continue to lead the UV curable resins market, majorly owing to its high performance, and excellent environmental & safety profile.

· In terms of end-user, the UV curable resin market can be classified into industrial coatings, graphic arts, electronics, and others. Industrial coatings has been the largest and the fastest growing application segment since the last two years. It is expanding primarily in developing and emerging countries such as China, Malaysia, India, Thailand, Indonesia, Brazil, and Sri Lanka due to high rate of industrialization in these countries.

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Global UV Curable Resin Market: Regional Segmentation
· In terms of region, the global UV curable resin market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

· North America is one of the key regions of the global UV curable resin market. Significant number of players in automotive and electronics sectors operate the region. This results in high demand for UV curable resin in the region.

· Asia Pacific is a key region of the global market. It accounted for more than 50% share of the global market in 2020. China and Japan are the major consumers of UV curable resins. Rapid industrialization in Asia Pacific is expected to drive the market in the region in the next few years.

· Europe is a highly lucrative region of the global UV curable resin market. The region is expected to offer lucrative opportunities during the forecast period owing to the expansion of electrical & electronics, construction, and automobile sectors. Implementation of stringent environmental regulations regarding the VOC content and increase in infrastructure development are major factors boosting the market in the region.

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COVID-19 Impact on Global UV Curable Resin Market
· The COVID-19 pandemic has adversely affected the global UV curable resin market. Automotive and electronics sectors across the globe suffered temporary shut down during the lockdowns. Measures such as social distancing also impacted operations. However, demand recovery in automotives as well as electronics across the globe after lockdowns is likely to boost the UV curable resin market in the near future.

Key Players in Market
The global UV curable resin market has a highly competitive landscape. It is dominated by the presence of various prominent players across the globe. Prominent players operating in the UV curable resin market include:

· Allnex Belgium SA

· Sartomer USA LLC

· BASF SE

· Eternal Chemical Co. Ltd.

· MiwonSpecialty Chemical Co. Ltd.

· Jiangsu Litian Technology Co. Ltd.

· Arkema Group

· DIC CORPORATION

· DSM-AGI Corporation

· Eternal Materials Co.,Ltd.

· Hitachi Chemical Co., Ltd.

Global UV Curable Resin Market: Research Scope

Global UV Curable Resin Market, by Formulation

· Oligomers

· Monomers

· Photoinitiators

· Others

Global UV Curable Resin Market, by Application

· Coating

· Inks

· Adhesives

· Others

Global UV Curable Resin Market, by End-user

· Industrial Coatings

· Graphic Arts

· Electronics

· Others

Global UV Curable Resin Market, by Region

· North America

o U.S.

o Canada

· Europe

o Germany

o France

o U.K.

o Italy

o Spain

o Russia & CIS

o Rest of Europe

· Asia Pacific

o China

o Japan

o India

o ASEAN

o Rest of Asia Pacific

· Latin America

o Brazil

o Mexico

o Rest of Latin America

· Middle East & Africa

o GCC

o South Africa

o Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

· Customer Experience Maps

· Insights and Tools based on data-driven research

· Actionable Results to meet all the business priorities

· Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

· North America

· Asia Pacific

· Europe

· Latin America

· The Middle East and Africa

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