Newark, NJ, Feb. 20, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global UV adhesives market is expected to grow from USD 714.13 Million in 2017 to USD 1,472.8 Million by 2025 at a CAGR of 9.47% during the forecast period 2018-2025. Rising demand for flexible packaging applications and increasing demand for compact electronic devices are the factors fuelling the UV adhesives market.
UV adhesives are resins that polymerize in other words, cure when exposed to UV light. These types of adhesives are widely utilized for industrial applications due to their fast curing property which helps in ramping up the production rate. UV adhesives are also known for their less VOC fumes emission properties thus making them preferred choice over other types of Adhesives.
Emphasis on lowering the cost of production as well development of newer eco-friendly adhesives are increasing the global demand for UV adhesives. On the other hand the advent of LED curing adhesives as well availability of cheaper alternatives and high manufacturing cost is hampering the market. The challenges for the UV adhesives market are sluggish adoption pace due to the high cost and advent of LED curing adhesives.
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Key players operating in the global UV adhesives market include The 3M Company, Henkel AG, H B Fuller, Permabond, BASF SE, Dow Corning, Ashland, Dymax Corporation, DELO Industrial Adhesives, Sika AG, Three Bond Co., Panacol-Elosol GmbH, MasterBond, Huntsman Corporation and The Dow Chemical Company among others. To enhance their market position in the global UV Adhesives market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- Curing is the most important process in application of UV adhesives. To impart uniform and quality curing, various firms are launching specialised curing equipment to serve the industry better. For instance Dymax Corporation in 2016 launched their newest WIDECURE conveyor system designed to offer consistent, fast, and safe curing. Equipped with a 25”-wide belt, this system is ideal for curing UV-curable materials on larger parts or larger quantities of smaller parts.
- Electronics industry is increasingly demanding improved UV adhesives to maintain the quality and production cycle time. Therefore to serve this specific need DOW Chemical Company has launched DOWSIL Adhesive. It is a one-part silicone based adhesive with Hybrid curing (UV cure with secondary moisture cure), which provides water and dust-proof reliability and process-ability for PCB system assemblies. It offers a controlled flow and reparability for optimized dispensing processes and allows consumer device manufactures to save the cost. Faster UV curing improves productivity during manufacturing as the product and components can be handled in short time right after UV curing. Also, low cure shrinkage provides stable sealing and its elasticity provides vibration and impact resistance in assembly application.
Silicone segment is anticipated to grow at a CAGR of 11.89% in 2018-2025
Resin type segment is classified into epoxy, acrylic, cyanoacrylate, silicone, polyurethanes and others. Silicone based UV adhesives are being increasingly utilized in healthcare and dentistry fields on account of their excellent surface tension, high chemical & temperature resistance and waterproof properties. Improvement in healthcare facilities in developing economies is expected to fuel the demand for Silicone based UV adhesives at a CAGR of 11.85% over the forecast period. Acrylics based UV adhesives segment dominated with a 41.85% share of total revenues in 2017. Properties of high dielectric strength, chemical resistance and mechanical strength make acrylics UV adhesives an excellent choice for consumer electronics and automobile applications.
Electronics emerged as a leader with a 34.02% share of market revenue in 2017
Applications is segmented into medical, electronics, automotive, packaging, industrial assembly and others. Medical segment is projected to grow at the highest pace owing to widespread utilization of UV adhesives for manufacturing of medical and healthcare instruments as well as devices. Electronics segment emerged as the market leader with 34.02% of total market revenue in 2017. Global rise in sales of electronic devices and smartphones is leading the demand for UV adhesives globally. Automobile segment is projected to grow at a robust pace due to rising automobile demand worldwide.
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Regional Segment Analysis of the UV Adhesives Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. Asia Pacific region dominated the global UV adhesives market with 48.16% share of total global volume followed by North America. Asia Pacific region is known as global manufacturing for electronics devices and smartphones. Countries like China, South Korea, and Taiwan have huge electronic manufacturing capacities thus generating constant demand for UV adhesives. This region is also a home for the largest population on earth thus coupled with increasing per capita disposable income and standard of living has created a burgeoning demand for electronic devices and smartphones propelling the demand for UV adhesives. Increasing number of healthcare facilities as well as rise of medical tourism industry in the region is also one of the major contributing factor towards the market growth. Increasing environmental restrictions pertaining to VOC emission has shifted North American adhesives markets in favour of UV adhesives. Due to its well-developed healthcare, automobile and manufacturing sector North America is projected to contribute significantly in demand for UV adhesives.
About the report:
The global UV adhesives market is analysed on the basis of value (USD Million), volume (Kilotons), consumption (Kilotons), imports (Kilotons) and exports (Kilotons). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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