Ultraviolet Curable Resins Market Analysis, Share, Growth and Future Scope

The global UV-curable resins market is predicted to generate revenue of $5,403.9 million by 2023.
By: P&S Intelligence
 
NEW YORK - Jan. 11, 2021 - PRLog -- The need for environment-friendly products is growing all across the globe, and there is no reason why the industrial sector should be left behind. The industrial sector is characterized by the use of harmful chemicals, which makes it among the major culprits behind the rising air and water pollution levels. However, now the industries are also turning toward environment-friendly ways and focusing toward reducing their carbon footprint. Coatings, inks, and adhesives are utilized extensively in different industries, but these products contain hydrocarbon solvents and release hydrocarbons into the atmosphere upon being cured. Hydrocarbons contain volatile organic compounds (VOC) that are carcinogenic and cause health problems.

According a report by P&S Intelligence, in 2017, the global UV-curable resins market reached a value of $3,473.9 million, and it is predicted to generate revenue of $5,403.9 million by 2023, advancing at a 7.7% CAGR during the forecast period (2018–2023). There are primarily three types of UV curable resins, in terms of formulation, namely photoinitiators, oligomers, and monomers. The largest demand in the past was created for oligomers, owing to their superior properties, such as good chemical resistance, fast curing, relatively low cost, and high gloss, over other formulations.

Ascribed to the increasing requirement for these resins from the electronics sector, adoption of strict VOC emission norms, and rising consumer awareness and environmental concerns, the in Asia-Pacific region is the largest UV curable resins market (https://www.psmarketresearch.com/market-analysis/uv-curab...). The construction industry in countries including Indonesia, China, and India is registering significant growth. Moreover, China is the largest automobile manufacturer in the world, and the large-scale production of automobiles is predicted to result in a rising utilization of coating materials that make wide usage of UV-curable resins.

In conclusion, the demand for UV-curable resins is growing due to the rising concerns regarding the environment and expansion of different industries.

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Tags:Ultraviolet Curable Resins
Industry:Business
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