UV Curable Resins and Formulated Products Market Value to Reach $8.0 billion by 2027, at a CAGR of 9.7%| MarketsandMarkets™
The presence of VOCs in a coating’s formulation or during application and the drying processes is undesirable because of hazardous air pollutants (HAP) and negative effects on workers. VOCs are usually formaldehyde and organic solvents. In recent years, coating formulators and manufacturers have been seeking environmentally friendly green coating alternatives that have similar or better performance than the conventional solvent-borne systems because of government regulations and public environmental awareness and concerns. UV curable resins have many advantages, such as little-to-no VOC, low odor, non-toxicity, non-skin irritation, and safer production.
The global UV curable resins and formulated products market size is expected to grow from USD 4.6 billion in 2021 to USD 7.3 billion by 2026, projecting a CAGR of 9.7% during the forecast period between 2021 and 2026.
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Companies operating in the UV curable resins and formulated products market have strengthened their position in the global UV curable resins and formulated products market by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions from 2016-2021. However, the novel coronavirus pandemic has created ripples across the global supply chains. These factors have affected the demand for UV curable resins and formulated products. The demand is expected to recover bounce with natural gas and fuel cell vehicles sales picking up momentum by 2021.
Allnex Netherlands B.V. (Germany), Alberdingk Boley GmbH (Germany), BASF SE (Germany), Covestro AG (Germany), Wanhua Chemical Group Co., Ltd. (China), Miwon Specialty Chemical Co. Ltd. (South Korea), Showa Denko Materials Co., Ltd., (Japan), IGM Resins (Netherlands), are some of the key players in the UV curable resins and formulated products market.
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Allnex Netherlands B.V. is an independent company that came into existence through the divestiture of the coating resins business from Cytec in 2013. It is one of the leading global producers of coating resins. The company also supplies resins and additives for industrial, protective, architectural, automotive, and special purpose coatings and inks. It offers innovative liquid resins & additives, radiation cured and powder coating resins & additives, and cross linkers that are used on metal, plastic, wood, and other surfaces. The company operates through its 33 manufacturing and 23 research & technology support facilities globally.
BASF SE is one of the leading chemical companies that produces and sells a wide range of chemicals and intermediate solutions. It operates through six business segments that include chemicals, materials, industrial solutions, surface technologies, agricultural solutions, and nutrition & care. BASF’s chemicals segment comprises the intermediates, inorganics, and petrochemicals divisions. The company, under its petrochemicals division, offers various acrylic monomers. BASF operates globally through its subsidiaries in 80 countries with six verbund (integrated) sites and approximately 380 production sites. It primarily operates in Europe and has an active presence in North America, APAC, South America, Africa, and the Middle East.
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APAC dominated the global UV curable resins and formulated products. The growth is due to rapid industrialization and increasing demand for flexible packaging in countries such as China, India, Japan, South Korea, Taiwan and other countries. This region is offering various growth opportunities and attracting global players due to raw material availability and cheap labors.
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