Market Size of Photoinitiator Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 10.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Photoinitiator Market Analysis
The photoinitiator market is anticipated to register a CAGR higher than 10% during the forecast period.
The COVID-19 pandemic negatively impacted the market for photoinitiators. Major market participants are from Asia-Pacific and Europe, among the most hit by the viral pandemic. Revenue for the companies fell from 7% to 10% in 2020 compared to the previous year. The diminishing gains deterred new entrants into the photoinitiators industry and adopters in their work processes. The photoinitiator market recovered from the pandemic and is growing significantly.
- Over the short term, with promising growth in end-use industries such as adhesive, coating, ink, and paint along with eco-friendly alternatives for volatile organic compounds (VOCs) as photoinitiators may be dissolved in water using oligomers, producing little or no environmental impacts on the applications are projected to fuel market growth throughout the forecast period.
- However, safety concerns, as the photoinitiators' production necessitates the toxic chemicals used for human health and high prices. They are the significant factors likely to hamper the photoinitiator market size growth.
- Nevertheless, creating non-hazardous photoinitiators for use in the dentistry industry will likely create lucrative delivery opportunities for the market over the forecast period.
- Regarding revenue, Asia-Pacific is expected to dominate the global market during the forecast period.
