Jersey City, New Jersey, June 1, 2020 /PRNewswire/ -- Verified Market Research recently published a report, "UV Curable Resins & Formulated Products Market by Composition (Monomers, Oligomers, Additives, Photo-initiators), by Chemistry (Non-Acrylates & Oligoamines, Acrylates), by Technology (Solvent Borne UV Curable Resins, 100% Solids UV Curable Resins, Waterborne UV Curable Resins, Powder UV Curable Resins), by Application (Coatings, 3D Printing, Overprint Varnishes, Printing Inks, Adhesives)". According to the report, the Global UV Curable Resins & Formulated Products Market was valued at USD 4.27 Billion in 2019 and is projected to reach USD 8.66 Billion by 2027, growing at a CAGR of 9.2% from 2020 to 2027.
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112 - Pages
31 – Tables
56 – Figures
Global UV Curable Resins & Formulated Products Market Overview
The increased command and awareness about safety and use of U.V resins, the health regulations, guidelines related to the use of U.V cure resins have driven the market growth. The use of the U.V. cure resins and formulated products has gained popularity over the past and recent years. Certain benefits and advantages are less energy being consumed, less equipment space, less amount of VOC released, good flexibility, the amount of heat and emission released is minimum, the curing takes place at low temperature and there is high output and efficiency. The main factor responsible for the increase in market growth is the unique characteristic of resin being coated on U.V. and having the ability to be applied on virtually any substrates, such as plastic, metal and composites. While working with waterborne products, it is possible to formulate Zero VOV lacquers, for spraying applications, since it has outstanding chemical resistance and fast curing efficiency. The opportunities which will bring an improvement in the economy growth in the market is 3D printing, digital printing and printed circuit applications.
The technological innovations are also fueling the market growth. In February 2020, Sartomer, a subsidiary business unit of Arkema, had introduced innovative resin solutions that progress the UV/EB curing performance for 3D printing, graphic arts, coatings, electronics and personal care applications at the RadTech UV+EB 2020 Technology Expo and Conference. Sartomer will also introduce 3 new N3xt Dimensions engineered resins for U.V. curable 3D printing.
However, there are certain restraints and challenges which will hinder the market growth. The escalated cost associated with the Research and Development disbursements, the scarcity of expertise for handling the U.V. coated resins, the amount incurred for setting up the infrastructure, the amount of U.V. released which can affect the health conditions, initial funding of manufacturers, strict guidelines being adopted and variation in costs and expenses associated with raw materials will tamper the market growth. The challenges which will pose as a hindrance to the market are the environmental changes in the environment due to waste water effluent and discharge treatment, the flaws caused due to improper drying. The major players in the market are Allnex Group, Arkema SA, Royal DSM, Covestro AG, Nippon Gohsei, Hitachi Chemical Company Ltd., IGM Resins B.V., Toagosei Co. Ltd., Miwon Specialty Chemical Co. Ltd., and BASF SE.
Verified Market Research has segmented the Global UV Curable Resins & Formulated Products Market on the basis of composition, chemistry, technology, application & geography:
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