(MENAFN- PR Newswire)
, Dec. 3, 2021 /PRNewswire/ -- After witnessing a moderate growth rate of 6.7% over the past half-decade, the global UV cured adhesives market is poised to expand by 2.1x between 2020 and 2030, opines Fact.MR.
Surging demand from electronics, packaging, optical and medical industries is primarily driving the UV cured adhesives market .
UV cure adhesives use UV light or any other radiation source to initiate the curing process. They are utilized in wide range of industrial applications due to their excellent properties including speed of cure, exceptional stability, low energy use and ability to bond even dissimilar surfaces.
UV curing has emerged as an ideal and cost-effective method for bonding medical devices. Hence, rising demand for medical devices across the globe is accelerating the growth in UV cured adhesives market.
Further, expanding scope of UV cured adhesives in flexible packaging is supporting the market growth and the trend is likely to continue in the future. Manufacturers are employing new UV curing systems to make the process quicker and effective. On account of this, adoption of these advanced systems will bode well for the market.
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As per Fact.MR, acrylic segment is projected to account for around 40% of the UV cured adhesives market, owing to higher product penetration across regions. Besides this, factors such as manufacturers' production feasibility, price points, and range of applications enhance the product stance in the market.
Regionally, Europe is expected to dominate the UV cured adhesives market due to increasing adoption of UV cured adhesives across medical device and electronics industries. However, East Asia is anticipated to take over the spotlight and emerge as the most lucrative market for UV cured adhesives over the forecast period.
'Blooming medical device industry and electronics is creating new growth avenues within UV cured adhesives market. In order to capitalize on this trend, manufacturers are adopting various strategies such as product portfolio expansion, price reduction, and integration of new technologies,' says a Fact.MR analyst
Key Takeaways from UV Cured Adhesives Market Survey
- Europe is projected to lead the UV cured adhesives market, accounting for around 35% of the global demand in 2021.
- East Asia is projected to emerge as the most lucrative market for UV cured adhesives, expanding 2.7X over the forecast period.
- With soaring demand for UV cured adhesives from various end use industries, North America will expand by 1.8x between 2020 and 2030.
- Based on resin type, acrylic segment is likely to capture around 2/5th demand share of the UV cured adhesives market.
- By application, electronics segment is anticipated to account for around 40% of the global demand.
Key Drivers
- Expansion of electronics, automotive, and medical device industries is driving the UV cured adhesives market.
- Various features offered by UV cured adhesives such as fast curing rate and low emission is positively impacting the growth in the market.
- Rising sales of packaged products through online sales channels will create lucrative growth opportunities for UV cured adhesives market.
Key Restraints
- Availability of alternative cured alternatives is restraining the growth in the market.
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Competitive Landscape
As per Fact.MR, the global UV cured adhesives market is highly fragmented in nature with tier-1 market players. Top tier-1 players include Henkel, 3M, Denka, and Delo, accounting for more than 40% of global production of UV cured adhesives.
Key players are rigorously investing in research and development activities to expand their product portfolio. Besides this they have also adopted various strategies such as mergers, new product launches, partnerships, collaborations, and expansion of production plants to dominate the market.
- In November 2021, Dymax, a leading global manufacturer of rapid-curing materials and equipment, introduces the 2000-MW series of light-curable adhesives specifically developed to address customer requirements and market trends within the rapidly evolving medical device wearables market. The new range of structural medical adhesives are the first-of-kind to pass ISO 10993-10 for sensitization and irritation.
- In September 2021, Shurtape Technologies, LLC, Introduces ShurGRIP UV-Cured acrylic adhesive for building envelope applications. The new adhesive formulation is a part of custom solutions offering from Company's Engineered Solutions Group- HICKORY, N.C.
- In February 2020, Techsil acquired Essex based adhesive stockists and distributors Glueline Ltd. the acquisition will help the company to expand its adhesive portfolio including UV cured ones.
Some of the prominent players operating in the UV cured adhesives market profiled by Fact.MR are:
- Dymax Corporation
- 3M
- H.B. Fuller
- Henkel AG & Company KGaA
- DELO Industrial Adhesives
- DOW
- Others
More Insights on the Global UV Cured Adhesives Sales Outlook
Fact.MR provides an unbiased analysis of UV cured adhesives market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for UV cured adhesives with a detailed segmentation on the basis of:
Resin Type
- Silicone
- Urethane
- Acrylic
- Epoxy
- Others
Form
Application
- Optical Uses
- Electronics
- Medical
- Packaging
- Others
Key Questions Covered in the UV Cured Adhesives Market Outlook Report
- The report offers insight into UV cured adhesives demand outlook for 2021-2031
- The market study also highlights projected sales growth for UV cured adhesives market between 2021 and 2031
- UV cured adhesives market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- UV cured adhesives market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
Explore Fact.MR's Coverage on the Chemical & Materials Domain –
Thermal Conductive Adhesives Market - The worldwide thermal conductive adhesives market has seen a lot of use in industries including automotive and electronics. Furthermore, over the long term projection period, the increasing demand for integrated circuits and cutting-edge technologies across the globe is expected to boost the overall volume demand of thermal conductive adhesives market. Rising investments in energy storage solutions, as well as low-cost and efficient materials, are expected to generate lucrative prospects in the global thermally conductive adhesives market.
Silicone Adhesives Market Analysis - The silicone adhesives market will grow in response to increased demand for sealants with excellent chemical and physical qualities in the construction, automotive, electrical, and electronics industries, among others. Silicone adhesives are increasingly being used for structural metal bonding, external interior trim, and glass bonding, which is projected to help the market gain traction in the near future. Silicones also have exceptional adherence to car wrappings and films. Because of their superior conductive qualities, silicone adhesives will continue to gain popularity, particularly in the electronics industry.
Two Component Adhesives Market Scope - Two-component adhesives are well-known for their strong adhesive strength and heat resistance, and they are used in a variety of applications, including automotive and construction. Market companies are capitalizing on the automotive industry's lightweight and strong trend to drive sales of revolutionary two-component adhesives. The two component adhesives market is growing due to increased demand from the construction industry. Two component adhesives have replaced traditional binding and adhering technologies such as mechanical pins, riveting, and welding, resulting in significant growth.
Moisture Curing Adhesives Market Insights - Moisture curing adhesives are expected to grow in popularity because to their widespread use in the construction and automotive industries. Moisture curing adhesives are in high demand in a number of end uses and industrial applications because they are a key part of validated coating solutions such as primers and other intermediate coatings. Moisture curing adhesives' capacity to absorb atmospheric moisture, which prevents corrosion, is a key factor driving market expansion. Depending on the application and formulation, they range from rigid and hard to flexible and soft.
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