Photo curing states certain way of radiation curing wherein several product formulations, including coatings, adhesives, inks and other materials can be cured, rather than using conventional methods which are usually energy demanding and produce harmful discharges. The photo curing technology, utilizes various multi-functional resins that are also called UV curable resins, by showing them to UV light are cross-linked. The UV light activates a photo initiator to generate the polymerization initiating species which very quickly alter the liquid resins to cross-linked coatings. The resins employed in the formulations can be largely classified as monomers and oligomers.
The photocurable resins market is undergoing an era of massive growth which is likely to continue in the near time, majorly owing to largely growing Asia Pacific region and extreme efforts for promoting environment-friendly products. A lot of investments are being made by many industry players in order to balance the supply and demand and grab the high potential opportunities in future, resulting in growth of global photocurable resins market. Asia Pacific is the dominant regional market in the global photocurable resins market, which accounted for more than half of the global demand. Owing to the high growth markets such as China, the region is expected to show further growth in future, thereby driving the demand in global photocurable resins market across the globe.
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Initially coating industry was the dominant application in global photocurable resins market, with the producers/ manufacturers consuming more than half of the total demand. Bourgeoning demand for high performance products complying with the strict emission standards is driving the demand for photocurable resin at a notable pace, which in turn is growing the photocurable resin market.
Photocurable Resins Market: Drivers & Restraints
The growing demand photocurable resins in coating industry across the globe is driving market growth of global photocurable resins market. Rising use of environmental friendly products is the major driving force for the global photocurable resin industry. The use of photocurable resin solution is also increasing in ink manufacturing, consistent with improvements in the industry and growth in application of UV curable ink in packaging printing is acting as a prominent driving factor for the global photocurable resins market. Rising use of photocurable resins in rapid prototyping is also a driving factor for global photocurable resins market.
The major restraint in the global photocurable resins market implies to be the cost/price per gallon. This factor is expected to impose a challenge to the global photocurable resin market.
Photocurable Resins Market: Segmentation
On the basis of end-user the global photocurable resins market is segmented as
- Graphic Arts
- Electronics
- Industrial Coatings
- Adhesives
- Composites
- Others (Wood Coating, Optical Finishing among others)
On the basis of types the global photocurable market is segmented as
- Monomers
- Multifunctional Acrylic Esters
- Others
- Oligomers
- Epoxy
- Urethane
- Polyester Acrylates
- Others
- Photoinitiaters
Photocurable Resins Market: Region-wise Outlook
The global photocurable resin market is projected to register a constructive growth for the forecast period, 2016-2026. Asia-Pacific is estimated to sustain its control on the global photocurable resin market. The key nations in the region are projected to be China and India as an effect of increasing wealth and rising demand for coating resins. China is estimated to be the major opportunity in terms of revenue of the industry. North America and Europe are projected to follow Asia Pacific in global photocurable resin market. Rest of the world is also expected to register a favourable growth in global photocurable resin market.
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Photocurable Resins Market: Key Players
Some of the key market participants in global photocurable resins market are Cytec, Sartomer, Eternal, BASF SE, Arkema, IGM Resins B.V among others.