According to a new market report published by Credence Research “UV Cured Resins Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 - 2022,” the UV cures resins market was valued at US$ 2.9 Bn in 2014, and is expected to reach US$ 5.6 Bn by 2022, expanding at a CAGR of 9.0% from 2016 to 2022.
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UV cured resins are polymers which harden quickly when exposed to sunlight. The resin is thick like honey when kept in indoor light which makes it possible for users to work with items or materials which need to be cured. After curing the UV cured resins is dense than its original state because of its resin chemistry. Resin chemistry is used by manufacturers to meet the needs of the customers. In this case both ultraviolet light and visible light are used which are known as curing mechanisms for resin chemistry. Ultraviolet light do possess potential hazards and hence, users working with ultraviolet light compulsory have to wear protective tools.
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Electronic industry is considered to be one among the vital industries worldwide. It is the major sector contributing to strong growth of global U cured resins market. UV cures resins are used on a large scale for various applications such as mobile phones, laptops, game console coatings and automobiles among others. Rapid growth in UV cured resins market is observed due to the increasing capacity of expenditure on electronics by the consumers. This in turn is leading to high demand for other components in the electronic industry. China is the considered to be the major market for electronics. In addition, increasing demand for UV curable inks is also one among the driving factor for growth of global UV cured resins market. Packaging industry is reported to have a significant impact on the growth of UV cured resins market. UV cured resins are majorly used for label printing in the packaging industry. North America dominated the market for UV cured resins due to high demand for packaged food and beverages in the region. Hence, UV cured resins is expected to observe high demand from various end-user industries during the forecast period.
UV cured resins are segmented by compositions into photoinitiator market, Oligomers market and monomers market. Monomers dominated the global UV cured resins market in 2014 and are expected to retain its position in the near future. Oligomers market accounted for second largest composition of UV cures resins market and is expected to experience steady demand during the forecast period. By modes of application, the UV cured resins market is segmented into masking materials, UV cures resins ink market, pre-coated gaskets market and UV cured resins adhesives market. UV cured resins inks market accounted for major share of global UV cured resins market. Growing packaging industry has led to high demand for curable inks in the market. Therefore, strong demand is observed for UV cured resins inks in the global market. Masking materials accounted for second largest application for UV cured resins market due to high demand from building & construction and packaging industry. Other applications are also projected to build strong demand for UV cured resins market during the forecast period from 2015 to 2022.
Useful in manufacturing of electronic components
High demand from packaging, building & construction and automotive industry
Growth of 3D printing market worldwide
Opportunities in the field of epoxy and polyester acrylates
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