NEW YORK, Sept. 20, 2021 /PRNewswire/ — As per Fact.MR analysis, the global ultraviolet (UV) cured adhesives market is poised to register impressive growth through 2030. In response to the rising demand for high-performance bonding solutions across leading industries such as medical, electronics, and automotive, the market is estimated expand at a robust CAGR during the forecast period from 2021 to 2031.
In last few years, UV cured adhesives have gained immense traction in the radio-frequency identification (RFID) inlays sector, due to the increasing inclination towards the use of fast curing adhesives to cope up with the robust assembly lines.
In addition to this, the rising use of UV cured adhesives in various electronics devices such as computer motherboards, smartphones, boards, and others is expected to accelerate the market growth.
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The UV cured adhesives market registered growth at a CAGR of 6.7% in the last five years. Sales also plummeted due to the outbreak of the COVID-19. Nonetheless, the increasing applications across medical sector in the manufacturing of medical equipment such as electrocardiograms (ECGs), ventilators, and others is expected to push the sales in the market by 2.1x through 2030.
According to Fact.MR, acrylic resin is forecast to dominate the resin type segment, accounting for nearly 40% of the market share through 2030. The segment owes its dominance to the higher penetration of this product category worldwide and their cost-effectiveness.
“Leading manufacturers are emphasizing on innovation and technological developments to use light-emitting diode (LEDs) instead of UV radiation. This is expected to create growth opportunities for the market,” says a Fact.MR analyst.
Key Takeaways from Fact.MR’s UV Cured Adhesives Market Study
- Driven by the increasing electronic and technological advancement in Germany and the U.K., Europe is expected to account for 35% of the global demand share.
- The U.S. is estimated to lead the North America UV cured adhesives market, driving by high demand for medical equipment such as ventilators and ECGs in the country.
- East Asia is forecast to capture the highest share in the global market by 2031, owing to increasing production and sales of electronics devices in countries like China and Japan.
- Based on application, the demand in the packaging sector is projected to rise considerably through 2030.
- Electronics industry application is anticipated to capture around 40% of the overall demand by the end of 2030.
Key Drivers
- Surging demand for medical equipment such as ventilators and ECGs across the U.S. and China is propelling the demand for UV cured adhesives.
- Increasing use of UV cured adhesives in the manufacturing of computer motherboards and smartphones is expanding the growth of the electronics segment.
Key Restraints
- Implementation of government regulations such as Registration, Evaluation, Authorization and Restriction of Chemicals (REACH) and Significant New Alternatives Policy (SNAP) regarding the use of eco-friendly products in the manufacturing process is hampering the market growth.
- Volatility in the cost of raw material such epoxy and polyurethane is posing a challenge for the growth of the UV cured adhesives market.
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Competitive Landscape
As per Fact.MR, the market for UV cured adhesives highly fragmented with the Henkel, 3M, Denka, and Delo being the only leading players in tier-1. These companies are estimated to account for more than 40% of the overall share in 2031.
Key players in the landscape are adopting organic strategies such as new product launched and product approvals to expand their product portfolio and revenue share. For instance,
- In 2020, Dymax, a global leading manufacturer of advanced light-curable adhesives, convert the coronavirus outbreak from a disaster into an opportunity and leveraged medical UV cured adhesives to ventilator assembly lines in the U.S.
- In October 2019, Panacol, a German manufacturer of high-tech industrial adhesives and UV adhesives, announced launching its new orange fluorescent UV adhesives for bonding plastics. The product is United States Pharmacopeia and National Formulary (USP-NF) Class VI standard certified making it an optimum solution for bonding medical devices.
Prominent players in the UV cured adhesives industry profiled by Fact.MR are:
- Henkel
- Permabond
- Dymax Corporation
- ITW Devcon
- MasterBond
- 3M.
- Denka
- Delo
More Valuable Insights on UV Cured Adhesives Market
Fact.MR, in its new report, offers an unbiased analysis of the global UV cured adhesives market, analyzing forecast statistics through 2020 and beyond. The survey reveals growth projections on in UV cured adhesives market with detailed segmentation:
By Resin Type
- Acrylic
- Epoxy
- Cyanoacrylate
- Silicone
- Polyurethane
- Others
By Application
- Medical
- Electronics
- Packaging
- Glass Bonding
- Industrial
- Transportation
- Others
Key Questions Covered in the UV Cured Adhesives Market Report
- The market survey also highlights projected sales growth of the UV cured adhesives market between 2020 and 2030
- The report offers insight into UV cured adhesives demand outlook for 2020-2030
- UV cured adhesives market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
- UV cured adhesives market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Explore Fact.MR’s Coverage on the Chemical & Materials Domain –
Adhesives Market– The usage of high-performance adhesives in interior and exterior automotive applications has fueled the expansion of the adhesives market. Adhesives are finding more and more uses in the construction industry, which has aided market growth. The packaging industry’s demand has been steadily expanding. Adhesives will be used more in the sector as consumers’ preferences for low-cost and flexible packaging solutions shift. The market has seen a significant increase in research and development spending.
Silicone Adhesives Market– The silicone adhesives market will grow in response to increased demand for sealants with excellent chemical and physical qualities in the construction, automotive, electrical, and electronics industries, among others. Silicone adhesives are increasingly being used for structural metal bonding, external interior trim, and glass bonding, which is projected to help the market gain traction in the near future. Silicones also have exceptional adherence to car wrappings and films. Because of their superior conductive qualities, silicone adhesives will continue to gain popularity, particularly in the electronics industry.
Two Component Adhesives Market– Two-component adhesives are well-known for their strong adhesive strength and heat resistance, and they are used in a variety of applications, including automotive and construction. Market companies are capitalizing on the automotive industry’s lightweight and strong trend to drive sales of revolutionary two-component adhesives. The two component adhesives market is growing due to increased demand from the construction industry. Two component adhesives have replaced traditional binding and adhering technologies such as mechanical pins, riveting, and welding, resulting in significant growth.
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