Attractive Opportunities in the UV Curable Resins & Formulated Products Market

The global UV Curable Resins & Formulated Products Market size is estimated to be USD 4.2 billion in 2020 and is projected to reach USD 6.6 billion by 2025, at a CAGR of 9.5% during the forecast period. Government regulations in Europe and North America, especially that concerning air pollution, will continue to drive the adoption of the low-emission UV curing technology over the next 5 years. The report analyzes key growth strategies adopted by the market players between 2011 and 2018 to expand their global presence and increase their market share. Allnex (Germany), Alberdingk Boley (Germany), Toagosei (Japan), BASF (Germany), DSM-AGI (Netherlands), Covestro (Germany), Nippon Gohsei (Japan), Hitachi Chemical Company (Japan), IGM Resins (Netherlands), and Miwon Specialty Chemical (South Korea) are the key leading players of the market.

New product launches, expansions, and mergers & acquisitions are the key strategies adopted by the industry players to grow in the UV curable resins & formulated products market. These strategies accounted for a share of 62%, 21%, and 18%, respectively, of the total growth strategies adopted by the market players. The rising demand for environment-friendly wood coatings and the high growth of the plastic coatings industry in developed countries is encouraging companies to adopt these strategies. Market players are focusing on entering new markets by launching technologically advanced and innovative resins for different applications. Allnex Group (Germany), BASF SE (Germany), Alberdingk Boley (Germany), DSM-AGI (Netherlands) and Covestro (Germany), are some of the leading market players that have adopted these strategies to develop their business.

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Coatings application segment accounted for the largest share of the UV curable resins & formulated products market.

In the coatings industry, UV curable coatings segment is one of the fastest growing application segments. This high growth is mainly driven by the “go green” trend and its increasing use of applications in various industries. Asia Pacific leads the UV curable resins & formulated products market in coatings application due to rapid industrialization and the increasing demand for flexible packaging in countries, such as China, Japan, South Korea, and Taiwan. In Europe, the demand for UV curable coatings is fueled by wood coating, plastic coating, and paper coating applications, especially, in countries such as Germany, Sweden, and the UK. In regions such as the Middle East & Africa and South America, the demand for UV curable coatings is expected to grow at a fast pace over the next few years. Brazil is expected to witness an exponential increase in demand for UV curable coatings due to the increasing demand for industrial coatings in the country.

Asia Pacific UV curable resins & formulated products market is expected to grow at the highest CAGR during the forecast period.

China, Japan, and South Korea are the largest consumers of UV curable resins & formulated products in Asia Pacific. Factors such as evolving environmental & regulatory scenario, increasing consumer awareness (including sensitivity to health and safety), and pressure from flagship companies to improve their environmental performance of supply chain have resulted in an increased demand for UV curable resins & formulated products in the Asia Pacific region.

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.