UV-Curable Adhesives Market Size - Segmented by Resin Type, Application, End-user Industry and Geography - Growth, Trends, and Forecasts (2018 - 2023)
The global UV-curable adhesives market is expected to register a CAGR of 10.10% through the forecast period, 2018 to 2023. Superior properties of UV-curable adhesives such as fast curing rates, high bond strength, and low VOC emissions; and increasing demand for these adhesives in flexible packaging applications are majorly driving the market growth.
Acrylic - The Majorly Used Resin
Acrylics copolymers are known to be one of the most widely used polymers for manufacturing UV-curable adhesives. Medium-hard thermoplastic acrylic resin provides good adhesion on plastics, good pigment dispersion, and toughness. This product is well-suited for solvent-sensitive plastics, metals, wood, and vacuum plated parts. Hydroxy functional acrylic resin, designed for cross-linking with polyisocyanates, provides a good air-drying system. It offers excellent mechanical properties, excellent chemical resistance, and good outdoor stability for automotive refinishes. Acrylic resin-borne UV-curable adhesives are highly used in the automotive sector. With growing demand from the automotive and industrial end users, the market for acrylic-based UV-cured adhesives is expected to grow through the forecast period.
Medical - The Dominant End-User Industry
Medical end-user industry segment dominated the global UV-curable adhesives market in 2017 and is also expected to register the fastest growth rate through the forecast period. The rapid technological advancements and government incentives in Asia-Pacific have increased the production of medical devices. This has led to an increase in the number of healthcare providers as well as the existing facilities, mainly in India, China, and Japan. Such advancements are expected to increase the demand for UV-curable adhesives in the region in near future.
Asia-Pacific to Dominate the Regional Market
Booming medical, transportation, packaging, electrical & electronics, and furniture industry in various countries in Asia-Pacific region such as India, China, Southeast Asia countries contributed to the growing market for UV-curable adhesives in Asia-Pacific region. For example, the packaging industry in these countries is rising at a significant rate, owing to the expanding food, beverage, and retail industries. The consumer durables like electronics appliances also have witnessed a tremendous increase in production and sales in these countries, owing to the growing middle-class income, rapid urbanization, and change in lifestyle of the working class. Such positive factors are expected to drive the market through the forecast period.
Key Developments in the Market
- June 2018- Arsenal Capital Partners acquired Epoxy Technology Inc. (Epoxy Tech), a prominent manufacturer of high-performance speciality epoxy, ultraviolet, and hybrid adhesives.
- October 2017- 3M Company has completed the acquisition of Scott Safety from Johnson Controls, for a total enterprise value of USD 2 billion.
Major Players -Henkel AG & Company KGaA, H.B. Fuller Company, 3M Company, Dymax Corporation, DELO Industrial Adhesives, Panacol-Elosol GmbH, Permabond LLC, and Master Bond among others.
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