UV Curable Resins Market anticipated to exceed $8.5 billion by 2026, Says Global Market Insights Inc.
The growth of the UV curable resins market is driven by rising environmental concerns, health and safety awareness, as well as stringent VOC emissions regulations for the manufacturing of industrial inks, adhesives, and coating, says this report.
SELBYVILLE, Del., June 17, 2020 (Newswire.com) - According to Global Market Insights Inc., the global UV curable resins market is likely to exceed a valuation of nearly $8.5 billion by 2026, registering a CAGR of 10% from 2020 to 2026. The report provides a detailed study of the top winning strategies, key investment avenues, overall market estimations & size, drivers & opportunities, competitive scenario, and wavering industry trends.
As per market analysis and trends, increasing product usage in plastic & packaging, electronics, graphic arts, automotive, shipbuilding, and wood industries is likely to promote industry growth. The product boasts of several persuading features, which include durability, low cost, eco-friendly, and wear resistance, which is likely to drive the UV curable resins market demand.
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As per the market analysis, the UV curable resins based industrial coatings segment is projected to grow over 9% through the analysis timeline. Increasing demand for low pollution coatings, wood coatings, and chemical resistant finishes will stimulate UV curable industrial coatings business. The global industrial coatings market size is likely to exceed $130 billion by the end of the analysis period, an indicator of the industry witnessing healthy growth opportunities along the way. These products provide numerous beneficial characteristics such as waste reduction as well as enhanced productivity in lesser time, and resistance to coating thickness loss, which would drive the UV curable resins market share.
Key reasons for UV curable resins market growth:
- Rising electrical and electronics product adoption across Asia-Pacific.
- Economic benefits like long lifespan, energy efficiency, and low maintenance costs.
- Rapidly expanding the automotive sector in Europe.
2026 forecasts anticipate the ‘wood industry’ showing appreciative growth:
The wood industry is anticipated to grow at a CAGR of over 10% over the forecast timeframe. The industry ad experienced tremendous growth over the past years and is further likely to grow due to the growing demand for wooden furniture from residential as well as commercial segments.
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LATAM & Europe UV curable resins industry to witness appreciative growth:
UV curable resins market of LATAM is anticipated to grow more than $340 million by the end of the analysis timeline. Rising paints & coatings industry in Latin America due to the immense demand from automotive & industrial sectors is likely to stimulate industry growth. Furthermore, the various supportive infrastructural development initiatives by governments in the region will also drive regional growth through the building and construction sector. Citing an example, in 2019, the Ministry of Infrastructure, Brazil, had unveiled plans to develop nearly 50 infrastructure projects which include highways, airports, and ports.
The UV curable resins market of Europe is expected to grow at over 10% over the projected time period owing to the region’s rapidly expanding automotive sector.
Leading market players:
The key market players analyzed in the global UV curable resins industry report include Jiangsu Litian Technology, BASF SE, DSM-AGI, Jiangsu Sanmu Group, Allnex Belgium S.A., Miwon Specialty Chemical, Dymax, IGM., Sartomer, Eternal Materials, and Hitachi Chemical among others. They have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level, and cross-sectional statistics that make our offering a stand-out for decision-makers.
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Source: Global Market Insights Inc.
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