New York, Aug. 15, 2023 (GLOBE NEWSWIRE) -- The global UV adhesive market size is predicted to grow at a CAGR of over ~9% from 2023 to 2035. The market is projected to garner a revenue of USD 2 billion by the end of 2035, up from a revenue of ~USD 800 million in the year 2022. The market growth is attributed to the growing consumer electronics market owing to increased consumer spending on technology. In 2023, consumers are expected to spend around USD 500 billion worldwide, or around 3% more than in the previous year, on new and established technologies. UV adhesives cure immediately when exposed to strong UV light and are often used as adhesives in electronics manufacturing. Therefore, with the growth of the electronics market, it is also expected that the demand for UV adhesives will increase.
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In addition, the demand for environmentally friendly adhesives is also growing. Liquid adhesive residues can contaminate soil and eventually groundwater if not properly disposed of through a hazardous waste collection system. This poses major health risks to anyone who comes into contact with it, and the possible loss of wildlife and plants. There is also potential water contamination from the UV adhesive.
UV Adhesive Market: Key Takeaways
- Market in North America to propel the highest growth
- The medical segment to garner the highest growth
- Market in Asia Pacific to grow at a highest rate
Increasing Demand for Ready-To-Eat Food across the Globe to Boost Market Growth
The proportion of Americans who ate ready meals in 2020 was nearly 35%. Therefore, the demand for UV adhesives for food packaging is growing. Silicone glue is the most commonly used glue in the food industry. Silicone adhesives have several beneficial properties that make them ideal for the food industry. Silicones are suitable for use in wet or liquid environments due to their high resistance to water and moisture.
Another property of silicones is their physical strength, which allows them to withstand frequent use and wear and tear even in hazardous and exposed environments. All of these properties make the diverse and demanding conditions of the food industry ideal for silicone adhesives. India produced about 33 million tons (MMT) of crude oil in FY 2018–19(P). Epoxy resin, polyurethane, and acrylate are necessary raw materials for the production of UV adhesives. Most of these come from petrochemicals and crude oil. It is therefore assumed that the increasing production of petroleum will boost the production of UV adhesives.
UV Adhesive Market: Regional Overview
The global UV adhesive market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding the packaging industry to Drive Market Growth in North America Region
The UV adhesive market in the North American region is estimated to garner the largest revenue by the end of 2035. More than 44 million Americans used a meal delivery app in 2020, up about 24% from the year before. It is therefore expected that this will further boost the demand for packaging and drive market growth in this region. In addition, adhesives are widely used in the construction industry due to their wide range of uses, including roofing and flooring, carpentry, and prefab assembly.
Furthermore, it is estimated that the increase in automobile production is also driving the growth of the UV adhesive market in this region. The design and production of auto and truck parts must meet strict standards for precision, quality, safety, reliability, and repeatability. Any joining technique that does not meet these conditions is discarded. For this reason, car and truck manufacturers often choose to use hot melt adhesives to join parts. Hot melt adhesive is used extensively in automotive and truck manufacturing, providing a reliable and flexible bond in North America.
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Growing Cancer Cases to Propel the Growth in the Asia Pacific Region
The Asia Pacific UV adhesive market is estimated to garner the highest CAGR by the end of 2035. The growth of the market in this region can primarily be attributed to increasing manufacturing activities. The Asia Pacific region is known for its strong manufacturing sector, including industries such as automotive, electronics, and packaging. UV adhesives find wide applications in these industries for bonding, sealing, and coating purposes.
The automotive industry in the Asia Pacific region is witnessing robust growth, fueled by rising disposable income, urbanization, and expanding middle-class population. UV adhesives are used in automotive assembly processes for applications such as glass bonding, interior trim bonding, and structural bonding. According to the International Organization of Motor Vehicle Manufacturers (OICA), Asia accounted for the largest share of global automobile production, with countries like China, Japan, and South Korea being major contributors. This indicates the potential growth of the UV adhesives market in the automotive sector.
UV Adhesive, Segmentation by End User
- Medical
- Electronics
- Automotive
- Cosmetics
- Industrial Assembly
Amongst these five segments, the medical segment is anticipated to hold the largest share over the forecast period. The growth of the segment is due to the increasing manufacturing of medical devices. Medical devices typically include hearing aids, dialysis machines, drug patches, hydrogels, and more. Due to the increasing need for treatment, it is assumed that the demand for these devices will increase. For example, according to the World Health Organization, more than 5% of the world's population, or 430 million people need rehabilitation to fix their debilitating hearing loss (432 million adults and 34 million children). It is estimated that by 2050 more than 700 million people, or one in ten, will have disabling hearing loss. Therefore, the market is expected to grow as the demand for hearing aids increases. In addition, manufacturers are trying to overcome several difficulties associated with medical devices. Some of these difficulties are health-related and the need for a permanent connection and high-precision manufacturing of the materials used for the connection. Medical items must also withstand various sterilization techniques, increasing the need for a strong bond. Therefore, it is estimated that the demand for UV adhesive will increase.
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UV Adhesive, Segmentation by Product
- Silicon
- Acrylic
- Polyurethane
- Epoxy
Amongst these four segments, the acrylic segment is anticipated to hold a significant share over the forecast period. Acrylic adhesives are widely used in the automotive industry for bonding applications such as panel bonding, trim attachment, and structural bonding. The growth of the automotive sector, especially in regions like Asia and Europe, contributes to the increasing demand for acrylic adhesives. According to the International Organization of Motor Vehicle Manufacturers (OICA), global motor vehicle production increased by 4.1% in 2019, indicating the growth potential for acrylic adhesives in the automotive industry.
Many parts of modern industry rely on acrylic adhesives as they provide strong bonds that are good substitutes for blind rivets or various mechanical bonding methods. Acrylic paints can be attached using acrylic adhesives, which are useful for a variety of surfaces. Acrylic adhesives can be made from thermoplastics, which can be molded above a certain temperature, or from thermoset polymers, which cannot be made until they are "cured" and cannot be remolded. Acrylic Adhesives have a long history of use due to their high-performance structural adhesive properties. They could be particularly useful as a low-cost structural adhesive on a variety of projects.
A few of the well-known market leaders in the global UV adhesive market that are profiled by Research Nester are 3M Company, Permabond Engineering Adhesives, H.B. Fuller Company, Dow, and other key market players.
Recent Development in the Market
- DoMo Medical Technologies Inc. is Dymax Corporation's newest distributor and joins the company's growing network of business partners. Dymax is a leading manufacturer of fast-curing materials and equipment. Based in Minnesota, DoMo Medical would focus its efforts on supporting and marketing the distribution of Dymax light-curing products in the Minnesota and Wisconsin medical markets.
- By building a second production facility at the Ludwigshafen site in Germany, BASF SE increased its production capacity for acrylic UV hotmelts, which are marketed under the brand name access. This strengthened the company's position as the industry's leading provider of solutions for complex adhesive applications. The new facility, in which BASF has invested tens of millions of dollars, is fully operational and could accommodate more production.
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