Ultraviolet (UV) Curable Resins Market – Size, Share, Outlook, and Opportunity Analysis, 2018 – 2026
Ultraviolet (UV) curable resins consist of monomers (acts as a diluents), oligomers, initiators (Photo polymerization initiators & co-initiators), and additives (pigments, plasticizers, antioxidants, & stabilizers). Ultraviolet curable resins are gaining popularity over conventional resins, owing to excellent physical & chemical properties offered by UV curable resins.
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Market Dynamics:
Increasing environmental concern & stringent government regulations regarding emission of volatile organic compound (VOC) have led resin manufacturers to focus on developing low volatile resins such as UV curable resins. The US Environmental Protection Agency (EPA), Ozone Transport Commission (OTC), California Air Resources Board (CARB), and South Coast Air Quality Management District (SCAQMD) have set restrictive limits on the Volatile Organic Compound (VOC) content in architectural and industrial maintenance coatings. According to EPA, limit for exterior coatings has been set as 250 grams of VOC per Liter. Such factors are fueling growth of global Ultraviolet (UV) curable resins market.
However, technical limitation of UV curing technology such as oxygen inhibition and initial yellowing are some of the key challenges for market growth.
Global Ultraviolet (UV) Curable Resins Market Outlook:
Among application, coating segment dominated global ultraviolet (UV) curable resins market in 2017. In coating, UV curable resins offers multiple advantages such as less or no VOC emission, high speed curing at low temperature, heat & moisture resistance, less energy consumption, reduced waste. Such factors are boosting demand for ultraviolet (UV) curable resins in metal, plastic, and wood coating applications.
Asia Pacific is projected to be the fastest growing region in global ultraviolet (UV) curable resins market over the forecast period (2018-26). Favorable growth of end use industries of UV curable resins such as paint & coatings and adhesives in China and India is fueling growth of the market. According to Coherent Market Insights analysis, paint & coatings market in Asia Pacific is projected to reach US$ 103.54 billion by end of 2025.
Key players:
Key players operating in global ultraviolet (UV) curable resins market include BASF SE, Hitachi Chemical Co., Ltd, Allnex Group, Arkema Group, Royal DSM N.V., The Nippon Synthetic Chemical Industry Co., Ltd., Covestro AG, IGM Resins B.V., Miwon Specialty Co. Ltd., and Jiangsu Sanmu Group Corporation.
Increasing environmental concern & stringent government regulations regarding emission of volatile organic compound (VOC) have led resin manufacturers to focus on developing low volatile resins such as UV curable resins. The US Environmental Protection Agency (EPA), Ozone Transport Commission (OTC), California Air Resources Board (CARB), and South Coast Air Quality Management District (SCAQMD) have set restrictive limits on the Volatile Organic Compound (VOC) content in architectural and industrial maintenance coatings. According to EPA, limit for exterior coatings has been set as 250 grams of VOC per Liter. Such factors are fueling growth of global Ultraviolet (UV) curable resins market.
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