Ultraviolet (UV)-curable resins, which are made to harden and set by using a light source, are used to formulate coatings, adhesives, and inks. Products formulated from such resins are being used in the industrial coatings, electronics, graphic arts, mining, aerospace, and defense sectors. This can be attributed to the zero emission offered by these products. Unlike traditional inks, coatings, and adhesives, UV-cured products do not release carcinogenic volatile organic compounds (VOCs) due to the absence of hydrocarbons in them.
At present, the automobile sector has emerged as one of the leading consumers of such resins owing to their environmental-friendly nature. Thus, the booming vehicle production and adoption will augment the UV curable resins market at a CAGR of 7.7% during forecast period. The market was valued at $3,473.9 million in 2017, and it is projected to generate $5,403.9 million revenue by 2023. According to the International Organization of Motor Vehicle Manufacturers (OICA), 55,834,456 cars and 21,787,126 commercial vehicles were manufactured in 2020 globally.
According to P&S Intelligence, Asia-Pacific (APAC) dominated the UV curable resins market in the recent past, and it is also expected to adopt such resins at the highest rate in the foreseeable future. This can be attributed to the increasing implementation of stringent VOC emission norms, escalating consumer awareness about UV-curable resins, rising environmental concerns, and expanding consumer electronics industry. Moreover, the burgeoning production and sale of automobiles in China will create a huge requirement for such resins.
Therefore, the mounting demand for automobiles and consumer electronics and rising need for safe and eco-friendly packaging solutions will propel the consumption of resins that can be hardened via exposure to UV radiation.
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