DALLAS, May 16, 2019 (GLOBE NEWSWIRE) -- According to a new market report published by Lucintel, the future of the global photoinitiator market looks promising with opportunities in UV cured coatings, inks, and, adhesives. The global photoinitiator market is expected to reach an estimated $1.4 billion by 2024 and it is forecast to grow at a CAGR of 7.1% from 2019 to 2024. The major growth drivers for this market are increasing demand of photoinitiator due to its excellent properties like relative stability and range of light absorption.
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In this market, different types of photoinitiator such as UV cured coatings, inks, and, adhesives are used as application. Lucintel forecasts that UV cured coatings is expected to remain the largest application due to its increasing demand in wood coatings, automotive coatings, and powder coatings. UV cured inks is expected to witness the highest growth over the forecast period due to increasing demand in printing, graphic arts, and LED ink curing.
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Asia Pacific is expected to remain the largest region and it is also expected to witness highest growth over the forecast period due to increasing demand for photoinitiators in electronic, packaging, and automotive industries as it improves the overall productivity by reducing cure time and low VOC emissions.
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Emerging trends, which have a direct impact on the dynamics of the photoinitiator industry, include improved performance of UV cured coating photoinitiators in the electronic assembly and Advancement in Light Cure Adhesive Technology. AkzoNobel, PPG Industries, DIC Colour and Comfort, Siegwerk, Dymax, Master Bond, Inc. and others are among the major photoinitiator manufacturers.
Lucintel, a leading global strategic consulting and market research firm, has analyzed and forecasted for the global photoinitiator market by application, product type, and region and has come up with a comprehensive research report entitled “Growth Opportunities in the Global Photoinitiator Market 2019-2024: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions.
For a detailed table of contents, contact Lucintel at +1-972-636-5056 or mail at helpdesk@lucintel.com