The global UV curable resins & formulated products market is expected to grow from USD 4.6 billion in 2021 to USD 7.3 billion by 2026, at a CAGR of 9.7% during the forecast period. Government initiatives emphasizing on adoption of clean fuel and growth in number natural and fuel cell electric vehicles are expected to drive the market.
The presence of
VOCs in a coating’s formulation or during application and the drying processes
is undesirable because of hazardous air pollutants (HAP) and negative effects
on workers. VOCs are usually formaldehyde and organic solvents. In recent
years, coating formulators and manufacturers have been seeking environmentally friendly
green coating alternatives that have similar or better performance than the
conventional solvent-borne systems because of government regulations and public
environmental awareness and concerns. UV curable resins have many advantages,
such as little-to-no VOC, low odor, non-toxicity, non-skin irritation, and
safer production.
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Browse 282
market data Tables and 40 Figures spread through 217 Pages and
in-depth TOC on "UV
Curable Resins and Formulated Products Market by Composition (Oligomers,
Monomers, Photoinitiators, Additives), Chemistry (Non-acrylated Oligoamines,
Acrylate Oligomers), Application, Technology, and Region - Global Forecast to
2026"
Waterborne UV curable coatings have been
developed recently to reduce the use of VOC and reactive diluents. Water is
used as a diluent or dispersing medium in these coatings as it can decrease air
pollution and the risk of fire as well as improve occupational health and
safety. It is easier to control the viscosity of water-based formulation and
convenient to apply and clean. For the waterborne UV curable system, viscosity
can be managed by controlling the concentration and molecular weight of
oligomers. Waterborne UV curable coatings permit excellent gloss and viscosity
control, and therefore, can be applied easily with minimal or no process issues
VOCs/HAPs.
The major advantage offered by waterborne UV
curable coatings is that the end user/applicator has a larger time window to
work within the application process. Another added benefit of these coatings
over traditional solvent coatings is drying time. When combined with heat and
good air movement, waterborne UV coatings dry quickly. Once the water is
removed from the coating, which usually takes four to seven minutes, depending
on the coating and drying equipment, the coating can be cured with UV light.
Once cured, the parts can be stacked, sanded, or handled without blocking, thus
increasing production in a smaller footprint. Cleanup is easily possible by
flushing the coating with water. A secondary rinse can be undertaken if any
stubborn and dried deposits of materials remain.
UV
resins are the key to innovation in coatings, which have influenced the major
trends in the coatings industry. The coating industry is largely influenced by
stringent regulations set by authorities, including the European Union (EU),
for reducing the VOC content of UV curable resins. Consequently, the demand has
shifted from solvent-borne UV to environmentally friendly products, such as
waterborne UV and 100% solids UV.
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UV curable resins are materials that are
cured and polymerized in a short time by the energy radiated from
UV irradiation devices, for instance, UV lamps. They are especially used as
industrial materials for adhesives, printing inks, and coatings. One of the
major advantages of UV curable resins is that they are solvent-free and,
therefore, non-polluting. The UV curable resins and formulated products market
is also driven by the improvements in formulations, manufacturing technologies,
and application equipment. Diluting monomers are added to achieve the right
properties (viscosity and rheology) and allow easy application of the
formulations. The need for environment-friendly and healthier systems,
necessitated by new stringent government regulations; need to reduce system
costs; and the rising need for improved performance, durability, and ease of
use are the key factors contributing to the growth of the waterborne UV curable
resins market.
APAC is the largest
UV curable resins and formulated products market in terms of both value and
volume. The
UV curable resins and formulated products market in APAC is segmented into
China, Japan, South Korea, India, Vietnam, Malaysia, and Rest of APAC. It is
one of the world’s fastest-growing markets for UV curable resins and formulated
products. The market is projected to register a high CAGR in the next five
years. The region offers significant commercial opportunities for the growth of
the UV curable resins and formulated products market.
Due
to COVID-19, UV curable resins and formulated products producers and numerous
companies have halted their production sites across various countries that has
led to reduced demand for UV curable resins and formulated products, which
affected the demand in APAC countries. The recovery in the end-use industries
with restoration in the supply chain would drive the titanium demand during the
forecast period.
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