The global UV curable resins & formulated products market size is estimated to be USD 4.5 billion in 2021 and is projected to reach USD 7.2 billion by 2026, at a CAGR of 9% during the forecast period. The major driving force for the market are the government regulations in Europe and North America, especially that concerning air pollution, which will continue to drive the adoption of the low-emission UV curing technology over the next 5 years. The report analyzes key growth strategies adopted by the market players between 2011 and 2019 to expand their global presence and increase their market share. Allnex (Germany), Alberdingk Boley (Germany), Toagosei (Japan), BASF (Germany), DSM-AGI (Netherlands), Covestro (Germany), Nippon Gohsei (Japan), Hitachi Chemical Company (Japan), IGM Resins (Netherlands), and Miwon Specialty Chemical (South Korea) are the key leading players of the market.
Manufacturers
are investing on collaborations & partnerships, R & D activities, new
product launches, mergers & acquisitions, and capacity expansions to meet
the growing product demand and enhance product usage in multiple applications.
For instance, in July 2020, Allnex, a global leader in
energy-curable technology for industrial, graphics, consumer electronics,
plastics and special purpose coatings and inks, announced the launch of three
high performance multifunctional urethane acrylates: EBECRYL® 8606, EBECRYL®
8314, and EBECRYL® 8315.
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Furthermore,
these strategies accounted for a share of 62%, 21%, and 18%, respectively, of the
total growth strategies adopted by the market players. The rising demand for
environment-friendly wood coatings and the high growth of the plastic coatings
industry in developed countries is encouraging companies to adopt these
strategies. Market players are focusing on entering new markets by launching
technologically advanced and innovative resins for different applications.
Allnex Group (Germany), BASF SE (Germany), Alberdingk
Boley (Germany), DSM-AGI (Netherlands) and Covestro (Germany), are some of the leading market players that
have adopted these strategies to develop their business.
Allnex has a
strong foothold in the UV curable resins & formulated products market. The
company is a strong global player in UV curable resins & formulated
products market, with over 30 manufacturing sites and about 24 research and
technology support facilities around the world.
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BASF SE is
another prominent player in the market. The company develops,
produces and markets a range of high-quality pigments, resins, additives and
polymer dispersions worldwide. These raw materials are used in formulations for
coatings and paints, printing and packaging products, construction chemicals,
adhesives, fiber bondings, plastics, paper as well as for electronic
applications such as displays. With its comprehensive product portfolio and its
extensive knowledge of the industry, the Dispersions & Pigments division of
the company offers its customers innovative and sustainable solutions and helps
them advance their formulations. Its portfolio
is organized into five segments: Chemicals, Performance Products, Functional
Materials & Solutions, Agricultural Solutions and Oil & Gas.
BASF
operates globally through its subsidiaries in 80 countries with six verbund
(integrated) sites and approximately 380 production sites. It primarily
operates in Europe and has an active presence in North America, APAC, South
America, Africa, and the Middle East.
DSM-AGI
Corporation is another leading player in the market which was formed in
2000, after DSM Resins acquired a
majority stake in AGI Corporation, Taiwan in 2011. The company supplies and
produces UV curable resins and other specialty chemicals to its customers
globally. Its products are used in various applications, such as plastic,
flooring, coatings, and inks for wood and graphic arts applications. The
company has two state-of-the-art R&D centers and three manufacturing
facilities. DSM-AGI Corporation is part of the DSM Resins business group.
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