December 10, 2024 10:24 ET | Source: SNS Insider pvt ltd SNS Insider pvt ltd
Austin, Dec. 10, 2024 (GLOBE NEWSWIRE) -- The UV Curable Resins And Formulated Products Market Size Growth was valued at USD 5.5 billion in 2023, and is expected to reach USD 12.8 billion by 2032, and grow at a CAGR of 9.9% over the forecast period 2024-2032. Uv Light For Paint Curing
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The UV Curable Resins and Formulated Products Market has experienced significant growth, fueled by technological advancements and expanding applications in coatings, adhesives, printing inks, and varnishes. The automotive, packaging, and electronics sectors are key drivers, benefiting from the resins' speed, durability, and sustainability. Growth in the healthcare and cosmetics industries is notable, with the European Coatings Association (2023) forecasting a 10% annual increase in UV curable resin usage in cosmetics. Additionally, the rise of UV-curable coatings in the automotive and aerospace sectors, coupled with regulatory pressures on VOCs, further accelerates market expansion. Major players like DSM, Allnex, and BASF continue to innovate, meeting the demand for eco-friendly, high-performance solutions.
What are the growth factors of the UV Curable Resins And Formulated Products market?
The growth of the UV Curable Resins And Formulated Products market is primarily driven by several factors:
The UV Curable Resins And Formulated Products Market is experiencing notable shifts driven by emerging consumer trends that reflect a growing awareness of sustainability and health. A rising demand for eco-friendly products is pushing manufacturers to develop UV curable resins that feature reduced volatile organic compounds (VOCs) and sustainable production processes, as highlighted by the American Coatings Association in 2023. Concurrently, there is a marked preference for longer-lasting products, which has led to increased adoption of UV-cured beauty and healthcare products, according to the Global Beauty Industry Report in 2024. Additionally, the demand for UV-cured food packaging is significantly boosting the market for these resins, with higher growth noted in food packaging materials, as reported by the European Food Safety Authority (EFSA) in 2022. The interest in nutricosmetics further contributes to this trend, leading to increased use of UV-cured resins in nutraceuticals and beauty products, as indicated by the International Journal of Cosmetics in 2023. Lastly, the consumer focus on health and wellness is driving growth in UV-curable biomedical applications, as documented by Health Industry Insights in 2024. Together, these trends are shaping a dynamic and rapidly evolving market landscape for UV curable resins and formulated products.
Which segment dominated the Synthetic Paper Market?
In 2023, Acrylate Oligomers dominated the UV Curable Resins and Formulated Products Market with a 70% share. Their fast curing time, high chemical resistance, and excellent adhesion make them ideal for high-performance coatings and adhesives, particularly in automotive, packaging, and electronics industries. Acrylate oligomers' versatility in various formulations for coatings, inks, and adhesives drives their widespread use. For instance, in automotive coatings, they offer the durability and weather resistance needed for long-lasting finishes.
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In 2023, North America dominated the UV Curable Resins and Formulated Products Market with a 40% share. This dominance is driven by strong industrial infrastructure, high demand for eco-friendly coatings, and advances in UV curing technology. The U.S. plays a key role, with sectors like automotive, packaging, and electronics adopting UV-cured coatings for improved production speed, durability, and environmental benefits. Canada also contributes significantly, particularly in automotive and coatings, supported by regulations promoting sustainability. Companies like BASF and Covestro are leading innovation in UV-curable resin formulations, reinforcing North America's market leadership.
The UV Curable Resins And Formulated Products market is set for strong growth, driven by rising demand for eco-friendly products, technological advancements, and growing consumer interest in health and wellness. The market is expanding across sectors like automotive, healthcare, beauty, and packaging, fueled by the demand for durable, sustainable, and energy-efficient solutions.
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