Ultraviolet Curable Resins Market: Understanding the Impact of Global Economic Factors

The global ultraviolet curable resin market size is expected to reach USD 8.23 billion by 2030, and is projected to grow at a CAGR of 10.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. Rise in the industrial sector especially in Asia Pacific is one of the major driving factors for the growth of ultraviolet (UV) curable resins market.

Increasing concern regarding growing VOC emissions has resulted in the development of new low emission products. UV curable resins emit minimal to zero VOCs and are not volatile in nature. These resins produce less shrinkage, the line of sight curing and provide many advantages over traditional methods. Development of renewable raw materials for manufacturing these curable resins is anticipated to drive the market.

UV curable resins are widely used in wood coatings, graphics art, automotive and industrial application. With the increase in industrialization across the globe, there is a surge in the demand for eco-friendly products. Manufacturing companies across the world are focusing and investing in R&D activities for the innovation of new technologies to produce environmental - friendly products.

Gather more insights about the market drivers, restrains and growth of the Global Ultraviolet Curable Resins Market

 

Ultraviolet curable resins in industrial segment accounted for the largest market revenue share in 2023. Growth in the construction and electronics & electrical industry particularly in emerging markets of Asia Pacific & Latin American is expected to drive the UV curable resins demand in the industrial segment.

Ultraviolet Curable Resin Market Report Highlights

  • The global ultraviolet curable resin market size was valued at USD 4.14 billion in 2023 and is projected to grow at a CAGR of 10.5% from 2024 to 2030
  • In 2023, monomers held the largest market and were worth over USD 2.01 billion. Monomers are the major components in manufacturing UV curable resins which are further used in coatings, adhesives, and inks.
  • Photoinitiators are expected to witness the fastest growth rate over the next eight years. The companies are trying to develop new photoinitiators for manufacturing curable resins and expand the breadth of objects to be cured.
  • Asia Pacific is expected to be the fastest growing market over the next eight years. The region has been witnessing a remarkable growth in the construction and electrical & electronics industry, especially in India, Indonesia, Thailand, South Korea and other countries in the region. The growth in these industries is the major factor in the rising demand for these curable resins in the region.

Key Ultraviolet Curable Resin Company Insights

Some of the key companies in theUV curable resins market include BASF SE, Astorg (IGM Resins), Covestro AG, DSM,Resonac Holdings Corporation, and others.

BASF SE specializes in chemicals. The company is grouped into six segments chemicals, materials, industrial solutions, surface technologies, nutrition & care, and agricultural solutions. It offers coating products in automotive OEM, marine, off road & commercial vehicle, vehicle refinish, and other coatings & finishes.

List of Key Players of Ultraviolet (UV) Curable Resin Market

  • BASF SE
  • Covestro AG
  • Arkema Group
  • DSM
  • Resonac Holdings Corporation.
  • Astorg (IGM Resins)
  • Jiangsu Litian Technology Co., Ltd.
  • Mitsubishi Chemical Europe GmbH (Nippon-Gohsei)
  • SOLTECH LTD
  • Geminor
  • TOAGOSEI CO., LTD.

Order a free sample PDF of the Ultraviolet Curable Resins Market Intelligence Study, published by Grand View Research.

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