According to a new report published by Allied Market Research, "UV-Curable Resin Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2019-2026," the global UV curable resin market was valued at $4,745.6 million in 2018 and is estimated to reach $9,769.7 million by 2026, growing at a CAGR of 9.4% from 2019 to 2026.
The use of UV curable resins has grown significantly, as they have several advantages over conventionally cured resins in terms of less energy consumption, reduced waste, zero-emission of volatile organic compound (VOCs), and higher productivity (fast curing).
UV curable resins do not contain any organic solvents, which could have adverse environmental effects. However, the light penetration depth, which depends on the wavelength and spectral distribution, does not exceed a few millimetres. Thus, the application of UV-curable resins is restricted to inks, coatings, and adhesives.
The UV curable resin market is segmented based on resin type, application, and region. Based on resin type, the global UV curable resin market is fragmented into acrylated epoxies acrylated polyesters, acrylated urethanes, acrylated silicones, and others. The acrylated epoxies UV-curable resin segment is expected to dominate the market, owing to its fast cure rates and good adhesion performance because of the presence of polar hydroxyl and ether groups in the epoxy backbone structure. However, the acrylated urethane UV curable resin segment is expected to grow at the highest CAGR during the forecast period.
Based on application, the market is categorised into coating, packaging, printing, adhesives & sealants, and others. The coating application is expected to dominate the market and printing application is expected to grow with the highest CAGR in the market.
Region-wise, the market is analysed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific dominates the market owing to the growth in paints and coating industry which is the primary consumer of UV curable resins. Asia-Pacific is further expected to maintain its dominant position in the near future.
"UV-LED curing technology has undergone significant advancements in the past few years. This technology serves as an environmentally friendly solution, as UV-curable resins ensure zero VOC emission, thereby significantly fuelling their demand across the globe," said Eswara Prasad, manager, Material and Chemical at Allied Market Research.
