UV Curable Resin Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 5.05 Billion |
| Market Size (2029) | USD 7.00 Billion |
| CAGR (2024 - 2029) | 6.76 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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UV Curable Resin Market Analysis
The UV Curable Resin Market size is estimated at USD 5.05 billion in 2024, and is expected to reach USD 7 billion by 2029, growing at a CAGR of 6.76% during the forecast period (2024-2029).
The COVID-19 pandemic negatively impacted the market. It was because of the shutdown of the manufacturing facilities and plants due to the lockdown and restrictions. Supply chain and transportation disruptions further created hindrances for the market. However, the industry witnessed a recovery in 2021, thus rebounding the demand for the market studied.
- Major factors driving the market studied are increased usage of environment-friendly industrial coatings and rising demand for UV-curable resins in packaging applications.
- High initial capital costs are restraining market growth.
- Increasing applications in 3D printing, digital printing, and printed circuits offer various lucrative opportunities for market growth.
- Asia-Pacific region represents the largest market and is expected to be the fastest-growing market over the forecast period owing to the consumption from countries such as China, India, and Japan.
UV Curable Resin Market Trends
Increasing Demand from Packaging Industry
- UV-curable resins are widely used in the food and pharmaceutical packaging industry. They include excellent coating workability, and uniform coating films can be easily obtained.
- Acrylated urethanes are anticipated to grow significantly as they are used in coatings for flexible packaging because of their superior durability and flexibility.
- According to the World Packaging Organization (WPO), the global packaging industry's turnover exceeds USD 500 billion, and food packaging is a pillar area.
- China is the world's largest packaging consumer globally, owing to growing per capita income and rising e-commerce giants. India's packaging industry is the fifth-largest globally, growing at about 22-25% per year, according to the Plastics Industry Association of India.
- Packaging and processing food costs can be 40% lower than in Europe because of highly skilled labor and cheap labor costs. The growing population and increasing demand for packaging are expected to drive the market.
- Furthermore, according to FoodDrink Europe Report 2022, the EU food and beverage industry employs 4.6 million people, including a turnover of EUR 1.1 trillion (~USD 1.2 trillion) and a value-added of EUR 230 billion (~USD 244 billion), making it one of the largest processing industries in the EU. At the same time, the EU is the world's largest exporter of food and beverages, with exports outside the EU of EUR 156 billion (~USD 165 billion) and a trade surplus of EUR 73 billion (~USD 77 billion).
- Hence, the factors above are, in turn, driving the market for UV curable resin during the forecast period.
Asia-Pacific Region to Dominate the Market
- Rapid industrialization in the Asia-Pacific region is expected to drive market growth. The growth of industries such as paints & coating, construction, electrical & electronics, and automotive in the region will result in the growth of UV-curable resins.
- The Chinese packaging industry grew rapidly and consistently in recent years, owing to the expanding economy and rising middle class with greater purchasing power. Food packaging is a major player in the packaging industry, accounting for roughly 60% of the total market share in China. According to Interpak, in China, in the foodstuff packaging category, total packaging is expected to reach 447 billion units in 2023. It indicates an increased demand for UV-curable adhesives from the packaging industry.
- Also, the automotive industry consumes UV-curable resins in automotive parts for finishes which are anticipated to boost the market's growth. Asia-Oceania manufactured around 50.02 million vehicles in 2022, 7% more than in 2021.
- Furthermore, China's electronics market is the largest in the world, even larger than the combined markets of all industrialized countries. In 2022, the Chinese electronic industry expanded by 14% and is expected to grow by 8% in 2023.
- The electronics sector in India is seeing rapid growth due to government schemes such as Make in India, National Policy of Electronics, Net Zero Imports in Electronics, and Zero Defect Zero Effect. These offer a commitment to growth in domestic manufacturing, lowering import dependence, and energizing exports and manufacturing.
- The factors above and supportive government regulations are contributing to the increased demand for UV-curable resins in the region.
UV Curable Resin Industry Overview
The global UV curable resin market is fragmented, with major and minor competitors. Some major companies include Arkema Group, BASF SE, Covestro AG, Resonac Holdings Corporation, and DSM, among the key players.
UV Curable Resin Market Leaders
BASF SE
Covestro AG
Arkema Group
DSM
Resonac Holdings Corporation
*Disclaimer: Major Players sorted in no particular order
UV Curable Resin Market News
- Recent developments in the market studied will be covered in the final report.
UV Curable Resin Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Increase in Use of Environment-Friendly Industrial Coatings
4.1.2 Rising Demand for UV Curable Inks in Packaging Application
4.1.3 Other Drivers
4.2 Restraints
4.2.1 High Initial Capital Cost
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Resin Type
5.1.1 Acrylated Epoxies
5.1.2 Acrylated Polysters
5.1.3 Acrylated Urethanes
5.1.4 Acrylated Silicones
5.1.5 Others
5.2 Composition
5.2.1 Monomers
5.2.2 Photoinitiators
5.2.3 Oligomers
5.2.4 Coinitiators
5.3 Application
5.3.1 Coating
5.3.2 Printing
5.3.3 Adhesives and Sealants
5.3.4 Others
5.4 End-user Industry
5.4.1 Electronics
5.4.2 Industrial Coatings
5.4.3 Medical
5.4.4 Automotive
5.4.5 Packaging
5.5 Geography
5.5.1 Asia-Pacific
5.5.1.1 China
5.5.1.2 India
5.5.1.3 Japan
5.5.1.4 South Korea
5.5.1.5 Rest of Asia-Pacific
5.5.2 North America
5.5.2.1 United States
5.5.2.2 Canada
5.5.2.3 Mexico
5.5.3 Europe
5.5.3.1 Germany
5.5.3.2 United Kingdom
5.5.3.3 Italy
5.5.3.4 France
5.5.3.5 Rest of Europe
5.5.4 South America
5.5.4.1 Brazil
5.5.4.2 Argentina
5.5.4.3 Rest of South America
5.5.5 Middle-East and Africa
5.5.5.1 Saudi Arabia
5.5.5.2 South Africa
5.5.5.3 Rest of Middle-East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Allnex
6.4.2 Arkema Group
6.4.3 BASF SE
6.4.4 Covestro AG
6.4.5 DIC CORPORATION
6.4.6 DSM
6.4.7 Dymax Corporation
6.4.8 Eternal Materials Co.,Ltd.
6.4.9 Resonac Holdings Corporation
6.4.10 IGM Resins
6.4.11 Jiangsu Litian Technology Co., Ltd
6.4.12 Nippon-Gohsei
6.4.13 SOLTECH LTD.
6.4.14 TOAGOSEI CO., LTD.
6.4.15 Wanhua Chemical Group Co.,Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Application in 3D printing, Digital Printing and Printed Circuits
7.2 Other Opportunities
UV Curable Resin Industry Segmentation
UV-curable resins are types of resin that can be cured upon exposure to UV rays. In UV rays, the adhesives get solid and bond to the substrates required. The UV curable resins market is segmented by resin type, application, end-user industry, and geography. The market is segmented by resin type into acrylate epoxies, acrylate polyesters, acrylate urethanes, acrylate silicones, and other resin types. The market is segmented by application into the coating, printing, adhesives and sealants, and others and by composition into monomers, photoinitiators, oligomers, and co-initiators. The end-user industry segments the market into electronics, industrial coatings, medical, automotive, and packaging. The report also covers the market size and forecasts for the UV curable resins market in 15 countries across major regions. The report offers market size and forecasts for the calcium oxide market in revenue (USD) for all the above segments.
| Resin Type | |
| Acrylated Epoxies | |
| Acrylated Polysters | |
| Acrylated Urethanes | |
| Acrylated Silicones | |
| Others |
| Composition | |
| Monomers | |
| Photoinitiators | |
| Oligomers | |
| Coinitiators |
| Application | |
| Coating | |
| Printing | |
| Adhesives and Sealants | |
| Others |
| End-user Industry | |
| Electronics | |
| Industrial Coatings | |
| Medical | |
| Automotive | |
| Packaging |
| Geography | |||||||
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UV Curable Resin Market Research FAQs
How big is the UV Curable Resin Market?
The UV Curable Resin Market size is expected to reach USD 5.05 billion in 2024 and grow at a CAGR of 6.76% to reach USD 7.00 billion by 2029.
What is the current UV Curable Resin Market size?
In 2024, the UV Curable Resin Market size is expected to reach USD 5.05 billion.
Who are the key players in UV Curable Resin Market?
BASF SE, Covestro AG, Arkema Group, DSM and Resonac Holdings Corporation are the major companies operating in the UV Curable Resin Market.
Which is the fastest growing region in UV Curable Resin Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in UV Curable Resin Market?
In 2024, the Asia Pacific accounts for the largest market share in UV Curable Resin Market.
What years does this UV Curable Resin Market cover, and what was the market size in 2023?
In 2023, the UV Curable Resin Market size was estimated at USD 4.73 billion. The report covers the UV Curable Resin Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the UV Curable Resin Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
UV Curable Resin Industry Report
Statistics for the 2024 UV Curable Resin market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. UV Curable Resin analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
