UV Curable Resin Market - Explore Key Influencing Factors Responsible for Rapid Growth in the Coming Years

The surge in demand for eco-friendly paint and coatings, particularly in architectural applications, is a key driver for the market.

NEW CASTLE, DELAWARE, UNITED STATES, December 5, 2023 /EINPresswire.com/ -- Allied Market Research recently released a report on the UV Curable Resin Market, projecting significant growth. The industry, valued at $4.74 billion in 2018, is anticipated to reach $9.76 billion by 2026, boasting a Compound Annual Growth Rate (CAGR) of 9.4%.

The surge in demand for eco-friendly paint and coatings, particularly in architectural applications, is a key driver for the market. However, challenges such as fluctuating raw material prices and limited light penetration depth pose obstacles. On the positive side, stringent regulations promoting green initiatives create new opportunities.

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Among resin types, acrylated epoxies dominate, holding over one-third of the market share in 2018. Their high cure rates and excellent adhesion performance contribute to this lead. Acrylated urethanes, with versatile performance characteristics, are expected to witness the highest growth rate at 10.3% CAGR.

In terms of applications, the coating segment maintains a strong position, constituting nearly one-third of the total market share in 2018. The demand for zero VOC content in coatings and increased usage in various applications contribute to its lead. Meanwhile, the printing segment is expected to register the highest CAGR of 11.0%, driven by the adoption of novel printing technologies.

Geographically, Asia-Pacific leads with over one-third of the market share in 2018, driven by the growth of the paints and coatings industry and increased usage in automotive applications. North America follows, contributing to less than one-third of the share. Asia-Pacific is projected to maintain its dominance, with a forecasted CAGR of 10.6% from 2019 to 2026.

Key market players include Hitachi Chemical, DSM-AGI, BASF SE, Allnex Belgium S.A., Jiangsu Litian Technology, IGM, Sartomer, Dymax, Miwon Specialty Chemical, Eternal Materials, and Jiangsu Sanmu Group. The industry's growth trajectory presents lucrative opportunities for these major players.

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